Sellers have a tough time coming to terms with the fact that their home didn’t sell during the first listing period. Don’t lose heart if your listing fails!
Even when the market is super-hot, roughly 1 in 4 home listings don’t get sold during the first listing period. Generally speaking, lower end properties have higher chances of getting sold. High end homes, on the other hand, have a much less success rate.
What to do if your listing didn’t get sold
Don’t despair. The first thing you need to do is to find out why your listing failed. A listing can fail for several reasons. In some cases, it may be hard to pinpoint a reason. However, there are certain factors that make selling a home difficult.
Inadequate or improper marketing
When the market is hot, sellers and listing agents often overlook the need to promote the listing. This will backfire. Adequate marketing is essential to ensure that the listing gets noticed by potential buyers.
Don’t assume that the listing will get sold just because you have put it on MLS. MLS is a great platform to promote your listing, and in many cases it may be sufficient. But if the listing doesn’t receive the kind of response you expected, you need to consider other marketing channels as well. Promote your listing online and in newspapers and magazines. If the listing receives maximum exposure, you will have no difficulty getting it sold.
Inexperienced listing agent
Choosing the ‘right’ listing agent is equally important. Don’t hire inexperienced agents who need time and money to promote themselves. Super successful agents may charge a higher fee, but the service they provide is well worth the money.
Selling the home in ‘as-is’ condition
Another mistake that sellers often commit is that they expect the house to be sold in ‘as-is’ condition. If the home is in good condition, this will not be a problem. But if there are problems, you need to fix them. There may be faulty insulation or leaking faucets. Fix them before you list the house. You will probably be able to fix minor issues on your own, but if the home requires extensive repairs, don’t hesitate to hire a contractor. Renovation can be expensive, but you will be able to recover most of the costs when you sell the home. Apply a coat of paint. This is imperative. If the home looks dilapidated, who will bother to buy it?
The asking price
The asking price should be reasonable. If you quote an exorbitant sum, your listing will fail. Consider comparable sales in your area. Your asking price can’t be significantly higher than the sales price of similar homes in your locality. If the buyer can get a similar home for a lower price, why should they buy your listing?
Your presence at showing
When potential buyers come to see the home, you shouldn’t be present there. Many home sellers don’t get this point. Buyers want to inspect the house in peace with their agent. If you are present, they will probably rush through the showing. This is unlikely to help your case. In addition, your presence may make them uncomfortable. Let them take their own time to see the property and discuss features or issues with their agent.