House Not Selling? Tips for When a House Won’t Sell
This is not a fun conversation to find yourself in.
But it’s an occasional reality of today’s market.
For whatever reason – location, price, quality – certain homes seem to be overlooked.
And when it’s your real estate listing, it’s up to you to offer some solutions.
So let’s dig into two different directions you can go…
What to Do When a House Won’t Sell
First Things First: Do Your Homework
Before we get to those two options, you need to do a little research and data collection.
I recommend you go back through everything you’ve done for the property, from your initial listing launch to videos you’ve posted, to social posts you’ve used to promote it, to feedback from showing agents… anything pertaining to that home, collect and analyze the data.
Then you can present that to the seller and show the work you’ve done, and also “show” them what the market is essentially telling you… That in its current state, the home at this price is not generating interest.
It goes back to the great Steve Harney line, “If the home’s not selling, the price isn’t compelling.”
Now onto the two options…
Your Two Options for When a Real Estate Listing Won’t Sell
Raise the Price (with a Caveat)
So, option one is to propose raising the price of the property…
…but to do so, you’re going to have to make it worth it.
You need to make it scream “wow” to every potential buyer who sees it online or walks through the front door.
This means cleaning it out, staging it properly, doing some upgrades, creating a killer new real estate listing video, and eventually 30-45 days later, re-launching the listing.
That is one option to present to the sellers. I don’t suspect many will take that option, but it illustrates to them what needs to happen if they want to stick with their inflated price.
Now on to a more realistic option…
Lower the Price to Create a Bidding War
Option two allows you to demonstrate your strategic resourcefulness, especially if the sellers demanded the higher price to begin with.
The plan here is to lower the price BELOW the most recent comps in the neighborhood, and then market it uber-aggressively.
Tell the homeowners you will blitz every agent in town, and you’ll create a new listing video positioning it like this (props to Tim Smith for this idea)…
“What’s the most important lesson in real estate? To buy the least expensive home in the nicest neighborhood. Ladies and gentlemen, let me introduce you to the lowest priced home in [neighborhood].”
The more buzz you can generate around this low-priced property, the more offers you’re going to create, and a bidding war will ensue.
What’s Your Tactic?
House not selling? In summary, when a house won’t sell, two key tactics can be used. The first tactic involves creating a powerful narrative that highlights the property’s unique features and benefits, effectively capturing potential buyers’ attention and emotions. The second tactic emphasizes the importance of leveraging digital marketing tools and strategies, such as targeted ads and social media campaigns, to reach a broader audience and generate more interest in the property. By implementing these tactics, real estate agents can overcome challenges in selling listings and achieve successful outcomes for their clients.
So… are you going to dress it up, create a stunning new listing video, and raise the price?
Or lower the price and create a bidding war scenario?
Let me know in the comments below!
