What Should You Do If Your Listing Doesn’t Sell Even In Today’s Sweltering Marketplace

What Should You Do If Your Listing Doesn’t Sell Even In Today’s Sweltering Marketplace

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"However, from what we've heard, the market is irrational... Everything is selling quickly and for a high price. "How come you haven't been able to sell our home?"

This is not a pleasant conversation to be involved in.

However, that is an unfortunate truth of today's industry.

Certain homes appear to be missed in what is otherwise a "super hot" market for whatever reason - location, price, or quality.

It's also up to you to provide some remedies if it's your listing.

So, let's take a look at two potential paths you could go.

 

First And Foremost, Complete Your Homework

You'll need to do some investigation and data collection before we get to those two possibilities.

I advocate collecting and analyzing data from everything you've done for the property, from the initial listing launch to videos you've put, social postings you've used to promote it, feedback from showing agents... anything related to it.

Then you may show the seller the work you've done while simultaneously "showing" them what the market is essentially telling you... That the home is not generating interest at this price in its existing state.

"If the house isn't selling, the price isn't enticing," as Steve Harney famously said.

 

Now, let's look at the two possibilities...

 

Option 1: Raise The Price On A Stagnant Listing (With A Caveat)

Option one is to recommend boosting the property's price...

But you'll have to make it worthwhile in order to do so.

Every potential buyer who views it online or walks through the front door should be able to say "wow."

That involves cleaning it out, staging it properly, making some modifications, creating a fantastic new listing video, and re-launching the listing 30-45 days later.

One alternative to present to the sellers is this. I doubt many people would choose that option, but it shows them what they need to do if they want to keep their overpriced price.

Now for a more practical option...

 

Option 2 for A Stagnant Listing: Lower The Price To Initiate A Bidding War

Option two allows you to show off your strategic resourcefulness, especially if the sellers initially sought a greater price.

The strategy is to drop the price BELOW the neighborhood's most recent comps and then sell it aggressively.

Tell the homeowners that you're going to blitz every agent in town and make a new listing video placing it like this (thanks to Tim Smith for the concept)...

"What is the most essential real estate lesson?" To purchase the cheapest house in the greatest area. Ladies and gentlemen, allow me to introduce you to [neighborhood's] cheapest home."

The more publicity you can create around this low-cost property, the more bids you'll get, and a bidding war will break out.

So… Will you spruce it up, make a great new listing video, and increase the price?

Or reduce the price to encourage a bidding war?

Experience The Difference

With Therealestateuno