WHAT TO DO WHEN YOUR LISTING ISN’T SELLING
- Be honest with your estimation of value – I tell my sellers “by giving you my honest opinion of your home’ value, I can sleep at night. I would love to sell it for more and I hope it does. But I know you’d want me to be straight with you rather than tell you what you want to hear, right?”
- Inform them what needs repaired, improved, staged, etc – I don’t want to be the bad guy in this relationship so I hire a stager to do a 2 hour consultation and deliver any critical feedback to improve the property. I let the stager address the bad smell, the cleanliness, and tribute to Elvis throughout the home.
- Let them know up front when to expect to hear from you. At the listing appointment, I inform them that I will be in touch with an update every two weeks. This goes back to setting expectations.
- Prepare a professional update. I sent out a report through http://infogr.am highlighting the showing activity, hit count from the various websites and portals, comparable new listings, pendings and solds that have occurred since the last update and finally my comments and recommendations moving forward.
- Grease the hands of the agent. Rather than take $2000 off of the sales price, it may be more effective to apply that $2000 towards a real estate agent commission bonus. If an agent can generate an additional 30% income by selling your home verses another, you might find a pick up in traffic and a desperate agent convincing their clients to purchase your home.
- Improve the home mid-listing. If you are getting constant complaints about the carpet or paint, don’t simply drop the price by $10,000, but instead install new carpet or paint. Since generating traffic isn’t likely your problem, focus on improving the showing experience.
- Offer a Buyer Incentive. Offer closing costs, decorating allowance, new countertops, etc. If you present to buyers that you are flexible with potential improvements, you’ll increase your chances receiving an offer.