The Traditional Reasons that a Property Doesn't Sell
May 12, 2010
For at least the 30+ years that I have been selling real estate and attending seminars about selling real estate, the instructors have used the same five criteria for why a property isn't selling. Perhaps present frustrated sellers (and their agents) need to revisit these criteria.
Usually, when a house has been on the market for longer than 100 days, a review of these five criteria may be enlightening.They are, in alphabetical order: accessibility, condition, location, marketing and price.
Accessibility: Do agents have to call your agent to make an appointment? Do they have to pick up a key at the listing agent's office? Do the agents gave to make an appointment with you and you will be there to let them in? Are the agents using a combo box that they must call the listing agent to get the combo? Are the agents using a Supra lockbox which they can use after they leave a message about when they will be showing?
If the answer is yes to the last question, a seller has met the accessibility criteria.
Condition: Is your property crisp and clean? Have you removed all the items that you do not need for basic living? Have you packed up personal items such as family photos and collections? Have you "staged" the property? Are your shrubs and trees trimmed?
If you answered yes to all of these, you meet the condition criteria.
Location: Obviously you cant change the location of your property, but it is important to know that location can effect the desirability of your property. When you are reviewing a comparable property analysis, compare your property with those in similar locations.
Marketing: Is your property on the various real estate web sites? Is it advertised in the print media (newspapers)? Did your agent do a virtual tour? If all of these marketing tools were used, you meet the marketing criteria.
Price: Did you review a market analysis with your agent? Did you agree on a price based on the high end or the low end of the market analysis? Were you willing to revisit the price and make adjustments if market prices were changing - either up or down?
Price is the most difficult criteria to judge, because each property is unique. However, there is always a range, both high and low, where buyers will act. If the price may seem right on, but no one made an offer, for sellers who want to sell, lowering the price is what has to be done if the property is to sell.
The current market is particularly price driven. Buyers are viewing properties on the web and in a short time, they make a judgement as to whether a property is listed high, low or reasonably close to present value.
If a property meets the first four criteria, all the extra "prettying up" will not bring an offer. A that is very competitive (5-10% below a current market analysis) will stimulate buyer's interest.
In almost all instances, it will work.
For at least the 30+ years that I have been selling real estate and attending seminars about selling real estate, the instructors have used the same five criteria for why a property isn't selling. Perhaps present frustrated sellers (and their agents) need to revisit these criteria.
Usually, when a house has been on the market for longer than 100 days, a review of these five criteria may be enlightening.They are, in alphabetical order: accessibility, condition, location, marketing and price.
Accessibility: Do agents have to call your agent to make an appointment? Do they have to pick up a key at the listing agent's office? Do the agents gave to make an appointment with you and you will be there to let them in? Are the agents using a combo box that they must call the listing agent to get the combo? Are the agents using a Supra lockbox which they can use after they leave a message about when they will be showing?
If the answer is yes to the last question, a seller has met the accessibility criteria.
Condition: Is your property crisp and clean? Have you removed all the items that you do not need for basic living? Have you packed up personal items such as family photos and collections? Have you "staged" the property? Are your shrubs and trees trimmed?
If you answered yes to all of these, you meet the condition criteria.
Location: Obviously you cant change the location of your property, but it is important to know that location can effect the desirability of your property. When you are reviewing a comparable property analysis, compare your property with those in similar locations.
Marketing: Is your property on the various real estate web sites? Is it advertised in the print media (newspapers)? Did your agent do a virtual tour? If all of these marketing tools were used, you meet the marketing criteria.
Price: Did you review a market analysis with your agent? Did you agree on a price based on the high end or the low end of the market analysis? Were you willing to revisit the price and make adjustments if market prices were changing - either up or down?
Price is the most difficult criteria to judge, because each property is unique. However, there is always a range, both high and low, where buyers will act. If the price may seem right on, but no one made an offer, for sellers who want to sell, lowering the price is what has to be done if the property is to sell.
The current market is particularly price driven. Buyers are viewing properties on the web and in a short time, they make a judgement as to whether a property is listed high, low or reasonably close to present value.
If a property meets the first four criteria, all the extra "prettying up" will not bring an offer. A that is very competitive (5-10% below a current market analysis) will stimulate buyer's interest.
In almost all instances, it will work.
posted by shirley harry at 8:40 AM
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