Five things to consider when your property does not sell
Your property has been up for sale and nothing happens? If your house does not generate any genuine interest from prospective buyers, it is time to lift your game. Everyone knows it’s a buyers’ market; however we have a few aces up our sleeves that will help your house stand out. Learn about five things to consider when your property does not sell.
1) Drop the price
Your real estate agent properly advised this already: If your house does not sell, the most common reason is your pricing is wrong. It’s stating the obvious and, he does get his commission either way. But for you it makes a great difference, if you drop your price by $20,000 or more. So yes, you need to consider your pricing. The best way to go about it is, to get a couple of quotes first. Don’t just rely on the real estate agent you hired – obviously his pricing is not working out. So get a few others in and ask for their opinion and pricing.
If you get four to five different agents in you will get a good feeling for the real value of your property. It is normal that some are way above and way below the price of the others. But they are not all wrong – so you can easily figure out where your advertising price sits compared to others.
2) Do your own research
Talking about comparison: One of the five things to consider when your property does not sell, is to check the market yourself. Pop on to realestate.com.au and search for a property like yours. Simply enter the figures: the number of bedrooms, bathrooms and carports; the suburb, the size of your block. Check out what similar listings offer and what the key features are. Is your house standing out or rather at the bottom end? It sometimes helps to ask a good friend for his opinion here as one tends to be biased on the own property.
If you find that your home is on the pricy end of the scale, it might be worth to re-evaluate the listing price.
3) Welcome offers and negotiate
It is frustrating to get offers way below the asking price. Nevertheless we cannot recommend to simply brushing them off. Negotiate instead. Make them a counter offer. At least you have someone who is interested in your property, so it is worthwhile talking to them. For one they might have just been bluffing to see if you react to a low offer. For two, you get a good feeling about what people really think about your property. Finding out the pros and cons from a buyer’s perspective will be a key asset in future negotiations.
So you have done your research, got alternative pricings in and you are not happy. You feel your pricing is right and your house lives up to its competitors in the suburb? The looks of your home make and break the deal when selling. If you haven’t yet, then now is the time: declutter. Before you can sell your house or even show your property to potential buyers, you need to present it in a way that appeals to them, not you. Clutter (you might call it memories) will make your house look unorganised, dysfunctional and smaller than it actually is. So make sure you present your property from its best side.
5) Give your home a make-over
If you have done all of the above and come to accept, that your house does not currently live up to the price you need to achieve? Don’t take it from the market just yet; maybe it’s time to sweeten the pot. There are key areas that potential buyers look out for: the kitchen and the bathroom are the top two because they are the most expensive ones to renovate. Exactly you think. This is why you don’t want to invest tens of thousands of dollars to improve a property that does not sell. The good news is you don’t have to. What’s a bluff in poker is a makeover in real estate. Instead of spending $30,000 or more for a first class kitchen, put on your poker face; invest $3,000 and make it look brand-new. Freshly painted cupboards and new handles will give your kitchen a new lease on life and attract buyers.
Add a fresh coat of paint for the walls, a pleasant canvas print, some matching cushions, throws and rugs and you have turned the game around. Of course there is no guarantee for a quick sale. But you have changed the odds for sure. Want to make your kitchen stand out? Now that you know about the five things to consider when your property does not sell, give us a call on 9303 2176 or click here to book a complimentary quote appointment.