Overpricing – is the price right? Overpricing is the most common reason homes don’t sell. Overpriced homes tend to become stale on the market and are usually being ignored by buyers and agents. The reasons for setting your price too high range from an eager-to-list agent to unrealistic seller’s expectations.
Inaccurate or missing information – accuracy, precision and good quality pictures in the MLS listing is mandatory for successful marketing. Wrong, disorganized bits of information along with poor photos could have a fatal effect on the marketing process.
Ineffective marketing – placing a sign on the front lawn, posting the house on the MLS and then praying for a sale doesn’t work! A winning marketing plan requires a multi-level strategy: Strong internet presentation on multiple sites, virtual tours, open houses for realtors, newspaper ads, public open houses, listing flyers, postcards, door to door listing announcements and more.
Ineffective price reductions – a price reduction must be noticeable enough to create commotion among agents and their buyers: An untimely and insignificant price reduction will not reenergize the selling process!
Home doesn’t “show” well – all houses, even newer ones, need some makeover in order to attract qualified buyers. It is important to present a spacious, clean living space, an environment that potential buyers can picture themselves living in. Preparing the home for sale is an important prerequisite for successful marketing.
Location – is not viewed in terms of geography only: In real estate, location means school system, crime rate, proximity to main roads, railroads and commercial facilities, the visual appeal of a neighborhood and more. When location is at issue, accentuating the positive and minimizing the negative, along with a proper price adjustment, can help.
Lousy listing agent – you have an agent nobody likes! The agent’s personality could break or make the process. If the agent is abrasive, arrogant and difficult to work with, other agents may avoid showing the listing to their prospective buyers.
Communication – or the lack of it: Sellers should be continuously informed throughout the process. Keeping the seller in the dark and being unresponsive to other agents is a recipe for failure.
Accessibility – make it easy for the agents to show the house. Be flexible and allow showings without piling unnecessary hurdles on the showing agents.