If you’re one of the hundreds of Edmonton home owners who’ve recently had you’re listing expire I bet you never thought that after months on the market your listing would end by expiring instead of selling.
So what happended? Many times I get asked this question (more and more frequently it seems these days). Usually with the seller’s frustration directed at the previous agent. Reality is there are two sides to every equation but there are several reasons a property may not sell:
- Initial Pricing – This is the obvious one but not the only factor. It may have been the initial pricing strategy that caused the home to be left behind the market. Regardless of how much information is out there on the market some sellers believe things will bounce back in the fall. Just like last fall many people thought it was going to bounce back in the Spring.
- Poorly timed price reductions - If you reduce your price when no one is looking or at a time when it may not make an impact there is no point in lowering your price. During a long weekend is an example of a poor time to make a price reduction (or to come on the market for that matter).
- Poorly planned price reduction - A price reduction itself is not helpful if a property is still way over the market value, or it is simply reduced to where it should have started – especially if that price may no longer be applicable.
- Ineffective marketing - poor or few pictures, incorrect information and poor marketing strategies can totally nullify a properly priced property.
- Service – a buyer’s call unreturned or slowly returned can be as bad as poorly handling your contact with your potential buyer. Improperly qualifying a buyer and accepting their offer could result in a missed opportunity while your property is essentially tied up and off the market.
- Accessibility – getting potential buyers into the home is the only way it’s going to sell. If your pricing and marketing are working and getting appointments, it’s now up to you to make sure they can view the home. If you refuse showings or have uncooperative tenants you are decreasing your chances of selling.
- Slob factor - yes it does happen. I’ve booked my appointment with the seller a day or so in advance and the besides the impressive array of bongs and empty liquor bottles is random piles of laundry, the weekly used dish collection and the always popular ruffled sheet look. No matter what the price or the marketing this can kill a buyers mojo for your property.
- Improper negotiation strategy – Hey you’re new on the market and you got an offer and now its time to play hardball. Maybe a good idea maybe not. One thing is consistent with people who contact us regarding their unsold property…they received an offer on and rejected it and wished they had it back now.
One thing is for certain, if you re-list with the same pricing and marketing strategy you’re just heading down the same road you were already on.
Tomorrow a Simple checklist to help you review your salability…
