You pushed through showings for months, expecting to receive offer after offer on your home. You knew that selling would be a process, but you never expected it not to sell.
Now, your contract has expired with your listing agent, and no offer ever arrived. Cue frustration, anger, even panic. It’s time to ask yourself, whose fault is it that my home didn’t sell? If it’s your agent, you’ve got an opportunity to list your home with a new agent without any penalties.
But whether you stick with your current agent or hire someone new, consider three key steps to move closer towards a successful sale:
1. Review Your Agent’s Marketing
It’s one of the easiest ways to debunk your home sale problem; what exactly was your agent’s marketing plan? Look at their plan step-by-step to determine whether they dropped the ball. Discuss the frequency of ad calls, showings, digital advertising, open houses, etc. Your agent’s key role in marketing your home is to expose as many potential buyers as possible to your listing.
If your agent doesn’t have all this information readily available, it’s a red flag that may indicate you need to consider working with someone new. If they aren’t presenting your home in a way that appeals to buyers, or if the information a potential buyer needs isn’t readily available, you won’t receive offers. Period. Your agent should understand the value of staying up to date with the latest technology, social media, and internet marketing trends. If they’re not, they have a much lower chance of getting the home sold.
While you’re reviewing their marketing, look at the photos they’re using to promote your home. More than 75% of potential home buyers start with an agent’s website when beginning the home search process. If they find a bad listing photo on that site, they’ll click away from your home immediately if they even bothered to click on it at all!
2. Consider Your Home’s Condition
If your agent’s marketing efforts seem thorough, it’s time to turn your attention to the house you’re offering. Review similar homes in your market, then compare them to your home. It’s very important that you make this evaluation with as little bias as possible to be sure you identify anything that could be an obstacle to getting your home sold.
Potential buyers will notice every single flaw in your home, and odds are, they’re noticing even more than you’ve identified. It’s understandable that you cherish every nook and cranny of your space. But if your home isn’t on par with or superior to other houses in your neighborhood, you need to allocate resources towards improvements. You can find useful tips here: Home Improvement Tips to Sell Fast.
If you’re confident that your home’s in great condition, look at your home decor or staging. Empty spaces feel smaller than they are, and they’re especially difficult for potential buyers to envision it as a “home” for their family.
Heading outside, how’s your curb appeal? If it doesn’t look attractive, it may prevent buyers from entering the space altogether. Once again, objective opinion is critical here. Your agent needs to be able to see all the positives as well as the negatives to give you the best advice. If you identify and improvement need, correct it immediately or make sure the price is adjusted accordingly to compensate. Watch this video for more detail tips on Preparing a Home For Sale.
3. Evaluate Your Home’s Pricing
If your agent’s marketing was thorough, and your home’s in great condition, then it’s time to reevaluate the one detail you’re likely most hesitant to adjust: your home’s pricing.
Like it or not, the market dictates the correct price, so when you fail to receive offers, you may need to conform to the current market with a price reduction. An experienced, thoughtful agent will provide a comparative market analysis to help you determine the price that will move the needle. If the number isn’t what you want to hear, take your personal bias and emotion out of the mix. A buyer will view the value of your house differently and probably more objectively than you. The buyer is comparing your home to all of the other options on the market.
Is your price the figure your agent recommended, or did you determine it? An overly enthusiastic, inexperienced or maybe even a dishonest agent may tell you the number you want to hear simply to get the listing, which means you miss out on potential buyers altogether. Use a comprehensive marketing analysis as the basis of the final figure you and your agent agree to list the property.
Agents who have been certified by AdvantageU Home Sellers’s Resource are experts in managing expired listings.