Listing not moving? Here’s what to do.
As a real estate agent, you may come across a property in your career that doesn’t budge when you put it on the market. It can be difficult to know what to do and how to handle it, especially as the market can fluctuate often. For tips on how to re-list a property that isn’t selling, read on.
Firstly, you need to determine why it isn’t selling. Perhaps the homeowners are too unrealistic with their sale price, perhaps they need to remodel to attract the right buyers, or perhaps you need to dig deeper into why it’s not compelling possible homeowners.
Next, you’ll want to do the following three steps:
- Talk to the homeowners face to face. Make sure all the decision makers will attend.
- Know your audience. Before the meeting, make an effort to understand the seller’s point of view. If you don’t, you may be out of rapport with their perspective.
- Make sense. Let the homeowners know the national, state, and city stats versus what is happening locally in the market. Show them what is happening right on their doorstep.
You’ll want to give the homeowner three options. Instead of simply presenting comps to a homeowner and mutually agreeing on a price, it’s advisable to utilize this three-option pricing strategy to make the home as compelling as possible.
Above Fair Market Value (Not compelling) – Talk about pricing above the fair market value, and how having the higher pricing strategy hasn’t worked so far.
Fair Market Value (Compelling) – Pricing at the fair market value is based strictly on the comps. This will make the property more compelling, and that certainly has its advantages.
Below Fair Market (Most compelling) – What really makes a property more compelling? When you set a price that is competitive for the local marketing. You may spark a bidding war and feeding frenzy around the property.
Talking to the homeowners will help you to understand their expectations and move forward in the re-listing process.
Re-listing a home can be a minefield. Luckily, the team at Dean Rathbun can help homeowners and agents alike. Whether you’re looking for the right home loan or resources to expand your agency, we’re here to help. Visit our team to learn more.