1. MARKET REJECTED PRICE
We must appreciate the market determines the price, not us. No one likes a price ▼. However, we have to listen to what the market is telling us. If the listing goes weeks in between showings, no traffic at Open Houses and months with no offers, 99% of the time it is price. Buyers have access to more information than ever. A well thought out pricing strategy in advance that contemplates the above scenarios will keep the property positioned competitively. A property priced just 5% ▲ market value will only appeal to 50% of buyers (see chart below).
2. PRESENTATION OF HOME
If the home is priced competitively and showings are slow from the start, it may be the presentation of the home. Take a step back and review curb appeal, landscaping, decluttering, full or partial staging, fresh paint, and deep cleaning. Once completed, invest in reshooting professional photos. By reviewing and prioritizing, together a plan and budget can be developed to position the property appeal to buyers.
3. BUYER CONCERNS
If there are many showings, strong Open House attendance and no offers over the first weeks to month, there may be buyer concerns. Request and listen to buyer feedback. This will help address the objections that are causing them to move on. Some solutions may be as simple as providing clarity on a concern like a quote for the cost of insurance or proof of a warranty on an item. Other solutions may require replacements, repairs or updates to review. By proactively addressing these buyer concerns, buyers now can see themselves living there and making an offer. Once again, review and prioritize concerns to then plan and budget.
4. INEFFECTIVE MARKETING PLAN
If in the first week or two of the property listing showings were low, no neighbors at the open house, the property may not have reached or appealed to buyers. Every listing starts with the photos. Professional photos represent the first showing. Showcase videos and 3D Interactive Tours allows prospective buyers experience the home. Next, a 360° targeted marketing approach includes print flyers/brochures, direct mail, email, online and social media, video, signs and open houses. The property’s lifestyle, features, updates, community and location all represent storytelling opportunities through the property descriptions, images, and videos.
Key Marketing Stats
5. RESTRICTIVE SHOWING REQUIREMENTS
If showings are very slow from the start, review access to the property showing restrictions. Buyers are consumers. As consumers we have been conditioned to “easy.” Buyers like to see properties on their schedule, which often means late afternoon or evenings after work and weekends. They want to view the property soon after they find it online. The property is most competitive if it can be viewed with little or no notice. Buyers will choose to view the less restrictive properties they found online. Restrictions like no weekday evenings, limited weekend access or 24 hours’ notice, may leave buyers choosing to skip the property, altogether.
6. MARKET CONDITIONS
Current conditions of the market can cause properties to sell for a ▼ price and ▲ the days on the market. Markets are driven by the law of supply and demand, and real estate is no exception. When demand outpaces supply, it’s considered a Sellers’ market, and home prices ▲ and days on the market ▼. In a Buyers’ market, however, there are more homes for sale than active buyers so, there is ▼ pressure on the price of homes and ▲ days on the market. The market is not controllable, but it is important to understand its impact on supply, demand and price. In understanding the market, strategies can be adjusted. Current market conditions, like ▲ mortgage rates, can be addressed through a combination of strategies including incentives, improvements and/or pricing.
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See additional useful listing and relisting insights: "360° Property Marketing" "8 Tips To Find Right Real Estate Professional"
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