Expired: Why did your property not sell?
4 important points that will allow you to sell your property.
If your property has just been taken off the market and hasn't sold, don't be discouraged! The reason why your property did not sell may have no direct connection to your home or the current market. In fact, your property was probably one of the most desired and sought after for sale in your area.
Where should you start?
Start by committing to doing whatever it takes to maximize the marketing of your property in order to sell it. With the right system, the sale of your property will be easy.
Why did your property not sell?
Revise your previous sales plan and you will find that an expired listing usually reflects an issue in one or more of these four major areas:
The asking price
The state of your property
Marketing (the marketing plan)
Your property is an important financial investment, and your relationship with your real estate broker must be a true partnership, where your needs and wishes are heard, and where you must receive detailed and reliable information on the progress of your sales process. Your real estate broker is responsible for providing you with all comments following visits from all buyers on your property. It is with the help of this information that you and your broker can make the right decisions to maximize your sales success. Did you have this team spirit the last time your property was put on the market?
2- Set the asking price
Did the price asked during your previous sale help you or, on the contrary, did it harm you? The 'right' price depends on market conditions, competition and the condition of your property. Pricing too high is as dangerous as pricing too low. If your property cannot compare favorably to others in the price range you have set, you will not be taken seriously by buyers as well as real estate brokers. You will get the facts by seeing the statistics. To help you establish a realistic selling price for your property, ask your broker to provide you with a market analysis that includes:
Current comparables as well as those that have sold in your industry.
An overview of the number of times in the comparables market in order to calculate an average time to sell in the current market.
An overview of properties whose contract has expired in order to see what may have been involved.
*** Note: It does not matter how much you paid for your property or its improvements. Like any other investment, market value is determined by what a buyer is willing to pay and a seller is willing to accept. ***
3- The state of your property
Is your property the idea of a dream home for a potential buyer? When visitors enter your property are they inspired? They think: I love this house !! Remember, the decision to buy a property is based on emotion, not reason. A turnkey property is conducive to a sale. You should therefore consider:
The repair of all small imperfections.
Keep the property spotless during visits.
Brighten up the property
Pay attention to the exterior appearance of the property
. PLUS: Consider taking care of major aspects such as painting the property, offering buyers a fee to do the work doesn't have the same impact as doing it for them. When buyers try to imagine the magnitude of the work they have to do, they may ask you for a larger amount due to other imperfections noticed when evaluating the work to be done.
** A property that looks great will sell for a better price because it overshadows the competition in the market. **
"Ask your broker if it is possible to perform a no-obligation inspection of your property to help you assess the above."
4- Market in order to sell your property.
Here are the questions you need to ask yourself.
One of the first steps in your marketing plan is to find the real estate broker who will represent you the best. When you meet real estate brokers, assess their knowledge and do not hesitate to ask them to demonstrate to you how they will market your property. Compare what each budget allocates to advertising and in what media you will be displayed. Ask them the efficiency rate of each of the media. Remember it's not just how much you spend that matters, it's how. Say goodbye to all the brokers who use the oldest, traditional methods of marketing because they don't work in today's market. To be competitive in today's market, real estate brokers who use new and innovative marketing methods are the ones who get the most deals, at the best price and in a short period of time.
The buyers are present in the market ... And they will come !!
Before putting your property back on the market, remember:
Effective communication is essential between you and your real estate broker.
Set the asking price based on market conditions, competition and the condition of your property.
Make sure your property is inviting, inspiring, and spotless for potential buyers.
Have an innovative marketing plan in place.
All sellers can increase the visibility level of their property.
1- Make your property easy to access for visits: - Consider installing a key box - Allocate visiting hours that are convenient for buyers
2- Use the signs as a tool
3- Create a good first impression:
By depersonalizing the decor so that buyers can visualize themselves in your space.
Emphasize the most beautiful attractions of your property.
Keep pets away when visiting.
** Remember that the next people who visit your property could be your future buyers. Be prepared for them. **