Did you know there are 35 Reasons Why a Property Doesn’t Sell?
It’s pretty annoying when your listing expires. All of these agents are calling to tell you how great they are, yet they really just want to get your listing and reduce the price.
They don’t even care what the real problem is. The only solution they have is the one that costs you the most money.
But – price is only one of the 35 reasons!
It’s easy for the agents because no matter what the real reason is, if you price it low enough, it will sell.
But that costs you money! Wouldn’t it be better to find out what the real reason is and address that? Sellers want to blame the agent, or the advertising. Agents want to blame the price or the market.
Don’t throw your money away! Find out what the Real Problem is, and then you can make decisions based on reality, and keep more money in your pocket!
35 Home-Selling Mistakes To Avoid
Process of Elimination:
Buyers don’t look for a home to buy; they look for reasons NOT to buy this home! Before they even look at homes in person, they are looking online for reasons not to go see your home at all. Every step along the journey offers opportunities to capture and hold the buyer’s attention, or lose them forever.
Review this list to maximize your prospects and reduce the pitfalls.
35 Reasons why properties don’t sell:
- Not enough photographs: Buyers assume that if you don’t show pictures of the home, it must be ugly and there is no reason to come see it (unless they want a fixer-upper!). Photos also boost online ranking.
- Poorly shot photos: Photos taken “into the light” or very dark; Listings that lack a full complement of photos, compelling narrative, robust descriptions and no calls to action are “web white noise”. No one sees or cares about them. Both the photos and the description are vital to sell your home. It’s the image your visitors will see once they begin their search online. The first impression matters!
- Missed Target Market. The most likely buyer must be identified and the property should be positioned to attract them. This is a huge issue!
- Incorrect data or information: Subdivision names misspelled; Tax IDs that are incorrect; Data entry errors in the databases reduce buyers and agents finding the home in their searches. Beds, baths, price, location, square footage etc… online search is data-driven.
- Lost in the shuffle: Some agents carry huge listing inventories of unsold homes. You want a Realtor with the experience to get the job done, and the time to give your sale the attention you deserve.
- Secret listings: Pocket listings, in-house, off-market and “coming soon” listings cost sellers money and sales! Restrictions of advertising to other REALTORS or the public reduce the number of potential buyers for your home. Only full market exposure brings full market value! I offer a Full Market Exposure Guarantee.
- Extravagant decorating or unusual floor plan. The costs to remedy must be reflected in the pricing strategy.
- Poorly written marketing/advertising materials: Words and pictures combine to attract the right buyers for your house. Marketing Matters!
- Agent skill set lacking. Ineffective or undeveloped communication, negotiation or networking skills; 70-75% of agents in Florida are part-time, doing real estate on the side or as a hobby to supplement their retirement.
- Key features not highlighted effectively. I utilize a simple strategy to capitalize on every showing, regardless of experience and skill of the agent.
- Listing isn’t found where 90% of the buyers are. We utilize syndication agreements, IDX internet data exchanges, and VOW virtual office websites to obtain worldwide internet exposure on thousands of websites!
- Agent is not technologically savvy. Technology is a blessing and a curse! We are combining the best of today’s technology with enhanced listings on the most popular websites, and good old fashioned customer service.
- Incentives are not properly structured to enhance the success of the listing.
- Ineffective timeframe of listing agreement: Not researched well enough to allow the proper time to market the property.
- Agent didn’t discuss absorption rate with the Seller. The majority of homes do not sell during the first listing period. Do you want to list your home, or sell it? Don’t be another statistic.
- Agent isn’t skilled in the type of property that they listed. Qualifications matter.
- Poor planning, poor systems, poor execution, poor Sellers!
- Hope as a strategy. When a REALTOR rests on their laurels, the result is a seller with a languishing listing. It’s just lying around, too. Get Action.
- The house wasn’t presented in the best light. Property is not staged for a quick sale. Personal items should be packed up and the property must be depersonalized. Make it as easy as possible for your visitor to visualize himself/herself living there.
- The home has incurable defects. “There’s a buyer for every home, but at the buyer’s price” is an old but very true real estate motto. Some residences have incurable defects that cannot be corrected, and these defects must be considered when setting the asking price.
- Ineffective use of Virtual Tours. Some tours discourage showings.
- No feedback from agents and buyers, or a failure to act on market perceptions and realities.
- The curb appeal needs help. If buyers don’t like the state of your house from the outside, they’re not as likely to come inside to see the rest of it. Many times a buyer has decided against a home before they get in the door. It can even be difficult to complete a scheduled showing if they are turned off when the agent pulls into the driveway.
- You’re trying to go it alone. Real estate agents’ fees can take a decent amount out of your total sale proceeds, it’s true. But if you go the DIY home-selling route, you run the risk of getting zero proceeds when it doesn’t sell at all. If you’re having trouble selling your home on your own, it may be time to call in a qualified pro.
- You’re smothering buyers. As much as you may want to see “how things are going” or be around to answer questions or offer insights, you need to let your real estate agent handle things. Go out for coffee, go see a movie, go do anything that gets you out of the house (and out of buyers’ hair!) when your home is being shown. Not only will this put less pressure on buyers; it will enable them to feel free to voice their real opinions – which can help your agent identify sticking points you need to work on to make your home more appealing.
- Mapping problems: Property doesn’t appear in the proper location online.
- Low commission splits to agents? They are only humans trying to make a living.
- Is the home Clean, Uncluttered, Tidy, and Smelling nice? – C.U.T.S. There is no quicker way to repel a buyer than to present an untidy, cluttered, unloved home. If you don’t show that you love it, the buyer won’t either. If it doesn’t CUTS it, you are definitely handicapping the chance of a quick, well-priced sale. Inside and out, it needs to look its absolute best! The seller controls the condition.
- Owner doesn’t actually want to sell. Is the owner clear on the benefits of selling now, or just fishing? Unrealistic expectations hinder sales.
- The listing agent is the obstacle. As in any profession, there are top-quality people and “others”. To be polite, some agents are “out of touch” and are more of a hurdle to home sales than a help. If an agent is hard to get along with, arrogant, or has otherwise made herself unpopular, well… It’s just human nature to tend to skip over someone you don’t like when scheduling showings. You want a knowledgeable, likeable, full-time professional representing you and managing your sale.
- Agent doesn’t want the home to sell; it is “Buyer Bait”. Overpriced listings and discounted commissions may indicate the agent is more interested in generating buyers to sell other homes to.
- It is difficult to show your house to your audience: “If the house isn’t getting shown, it isn’t going to get sold.” Make every effort to accommodate showing requests.
- Seller interference in the selling process. Hire someone you trust and then let your agent do his/her job.
- Market conditions and external forces. Sometimes this is just an excuse. If legitimate, then marketing and positioning strategies must be utilized.
- The last possible reason why: The house wasn’t priced correctly. Price point must be clearly determined and communicated to the right buyer pool.
Consequences of overpricing:
- Limits the number of qualified buyers
- Results in fewer prospects & showings
- Reduces the number of offers
- Creates lack of interest in the home
- Limits financing options
- Causes appraisal issues
- Increases the sales time
- Less net revenue for the seller
All the Best!
Jim Sweat, ABR, CLHMS, CRS, CDPE, GRI, e-PRO
- Featured in Scene Magazine’s Men on the Scene 2016 issue
- Author of REAL ESTATE CSI: CONTROVERSY, SECRETS, INSIGHT (coming 2017)
- Jim Sweat – Helping Buyers & Sellers Choose Wisely Since 1995 ™
- 22 Years Experience ~ A Proven Professional Working for You!http://myfloridahomesmls.com/JimSweat (Home Search)https://jimsweat.wordpress.com/ (Blog)
- www.linkedin.com/in/jimsweat (LinkedIn)
Re/Max Alliance Group