After many months of hard work from your real estate agent, thoughtful marketing, numerous open houses and what feels like the right price, your home still lingers on the market. Even the most experienced real estate agent and a motivated seller can struggle in a challenging marketplace.
You can’t control market conditions, but what should you do when you really want to sell and move on with your life? Consider a few key strategies to implement in a tough market when it seems like nothing is working.
Here are five things you should re-evaluate before dropping your asking price on your home:
- Photography and decor.
- Social media.
- Open houses.
- Real estate agent.
1. Photography and Decor
The photos online are what bring customers and other agents to the property. Does it need to be re-photographed? Perhaps it was listed in winter, but now the sun is shining and green now appears through the windows.
How does the decor appear in the photos? This impact is critical and not to be underestimated. Many listings do not need a complete overhaul, but by adding bright-colored pillows, or swapping out the art or a carpet can go a long way. Changing the comforter to colorful, happy bedding will give the bedroom a huge lift and will photograph much better than traditional white bedding. When selling any product, especially a home, appearances are critical.
After many months of lingering on the market, how do you drive energy back to the listing? Unique homes with good views can be refreshed with a renovation, new decor from a noteworthy designer or even holding an event at the home. Showpiece homes attract customers and agents to the property by hosting creative events like book signings, readings or cocktail parties. These events may not bring the buyer right away, but they will bring buzz and get people talking about the property.
This marketing technique can be a fun way to show off a luxury home that’s sitting on the market. But the reality is, for the majority of properties, this is not really an option.
3. Social Media
Has your agent tried featuring your property on social media? Perhaps a marketing strategy on Instagram or Facebook might spark interest. A listing posted on Instagram can catch the eye of people outside the area – or even the country – who are starting the process of looking for a property to buy. Social media can be both a powerful and personal way of reaching consumers who may be considering a new home.
4. Open Houses
Reevaluate your open house strategy. Contrary to popular belief, open houses do not always bring real customers and in many cases wear out both the listing and the seller. Open houses “by appointment” are often a better way to go when trying to attract buyers looking to make an offer, as opposed to those who are just looking. It is more likely that a serious buyer will get organized and make an appointment.
5. Real Estate Agent
The vast majority of real estate agents are hardworking and care deeply about doing a great job for their sellers. When a listing agreement is about to expire, think carefully about what a new agent can do that your current agent has not done. Was it the fault of the agent, or as a seller were you resistant to many of the suggestions the agent made? If the agent is still committed and working hard and doing all the right things, think carefully before assuming a new face is the answer.
In the end, when all best practices are in place, the last and most powerful lever to pull is the price. Rest assured, there is always a price where someone will pull the trigger and make an offer – but if that is not the price you have in mind or you feel is fair, this may not be your market. Sometimes, when all else fails, patience is the best course of action.