Of all the questions I get asked by agents, this one is always in my Top 3 list. Agents are good at giving me all kinds of reasons, excuses, and theories as to why their listings may not be selling. But there really are only two reasons: #1: Presentation and #2: Price.
Imagine that you have a listing that you feel is perfect but it is just not selling. Your gut tells you that you priced it perfectly, but the lack of offers has you concerned. If you’re not ready to look at the price, then you need to analyze the property’s presentation.
In order for a property to sell, it needs to be presented well. Have a look at the photos, and be objective. Are they of high quality and are they high definition? Do they accurately portray the property? Are they in the right order? And do they create any kind of emotional connection with the buyer? What about video? Does your listing have a video? Is it good quality? And does it accurately reflect the layout, size and location of the property? Is the property’s marketing aggressively presented? Do you have a proven marketing campaign for the property that is getting the right exposure that the listing deserves? If the answers to these questions is yes, then there is only one other reason that the property is not selling and that is price.
As hard as it is for agents to admit, if the market is not responding with an offer, there’s a very good chance the property is overpriced. There are times when markets slow down and properties sit on the market a bit longer, but if your property continues to increase its “days on market” number without offers – and your presentation is perfect – then you have an overpriced listing that you need to reduce.
Every property can give you strong clues about why it’s not selling. When agents ask me to help them determine why their listing hasn’t sold, I first examine the presentation of the listing and I then compare the price to other available homes on the market.
Being able to objectively compare your listing to the competition is essential in getting your property priced well and sold quickly. Don’t be that agent who defends their overpriced listing and refuses to take action!