Selling a property is a tough job for both property owners and real estate agents. It requires a lot of time and effort. Many times, the process can extend up to months. In some cases, Buyers may back out from the deal after having engaged the sellers for weeks. Omit, sometimes buyers may not even respond to the property listing for months. In such circumstances, it is easy to get frustrated and give up on selling the property. Yet, giving up on selling the property is the last thing that you should be doing even if you believe that the deal is not going to happen. Who knows, the right buyer may be waiting around the corner. Give it time, and give it all you’ve got.
A hot seller’s market does not mean that every house will sell. Like all products and services, real estate is also a competitive market. Some houses may take longer to sell than others. Due to a variety of factors such as design, durability, locality, pricing and more. If you feel like your house isn’t getting any love from the buyers, alter your strategy a bit. Get them interested in your property. Don’t give up until you’ve given it all you got.
Following are the 4 things that you must do before you give up on selling your property:
1. Analyze the Numbers
If your house has been on the market ltnger than all the other houses in the vicinity. It is time to reevaluate the numbers. Understand the way your house is priced, and compare it with the active competition. This will give you a better perspective of how you can market the property more as compared to other houses on the market. Most of the times, sellers value their homes a lot more than its actual worth. This scares away the buyers.
Inspect the market once again, and lower the price if you have to. It is recommended to get an expert’s opinion on repricing your house. Consult your real estate agent, and help him/her find you the right price that will sell your house.
2. Revamp your marketing
Next, check how your house is being marketed by your realtor. Has it been listed? Is your property being shared on the realtor’s social media page? Does the social media page of the realtor have good enough traffic to bring traction? All these are important questions that you should be asking your realtor if you do not seem to be getting attention from the market. It is also a good idea to host an open house, so you may be able to gather more prospective buyers at your place.
If you think your realtor isn’t doing a good job of marketing your property, have an open discussion with them about your concerns. If things don’t seem to work out, try working with another realtor who may have a different marketing approach.
3. Collect feedback from prospective customers
Make a list of all the prospective buyers who visited your property. Try to find the reason that turned off these prospective customers and correlate these reasons with each other. Over time, you will start to see a pattern in the feedback of people about your house. This will allow you to work out the problems that hinder people from buying. Knowing these problems will help you find solutions for them.
4. Fix all the nooks and corners of your property
You might be surprised to know that little things like a creaking door or a chipped tile can be major deal breakers while selling a property. Clients are very observant about the appearance of the home or apartment that they are planning to buy. Minor flaws like these signal that the seller has been careless in maintaining the house. It may raise suspicions about other maintenance issues. The buyers may perceive that the house is valued higher than its worth. Minor issues like a creaking door may make the house look a lot older than it actually is.
Replace the old door knobs with the new ones. Get the washroom’s broken tile fixed. Fix the ripped window screens. Replacing the dull light bulbs can be a few fixes that you shouldn’t miss when you’re putting your house on the market. Remember, all these fixes are inexpensive but they can change the perception of the prospective buyers. They’ll see a house that has been cared for and maintained well, and thus they’re more likely to buy the house.
The points mentioned above will help you understand the concerns of the buyers, and they’ll bring you one step closer to sealing the deal on your house. Sometimes, there may be nothing wrong with your house or your strategy, but it still won’t sell. In this case, it is probable that the real estate market is slow. It may not be the buying season. Consult your real estate agent they can help you understand the real estate market trends better. Remember it is never the property that won’t sell, it is always the strategy that won’t work. Keep experimenting with your strategy until you find the one that works.