Top Reasons a Home Does Not Sell
.... and how we help prevent that!
As the residential real estate market begins to shift more towards a buyer’s market than a seller’s market, more and more homes for sale are coming off the market unsold. When a property is listed for sale and doesn't sell during the listing contract, it is known as an expired listing. The bottom line is that it is going to get harder for sellers to sell their homes.
Here are the top reasons why homes don’t sell and also what we do to help our clients get their home sold.
1. NOT INTERVIEWING AGENTS
There are many Realtors that simply put up a FOR SALE sign, and enter the home online, and hope it will sell. But Sellers should make sure to interview Realtors, have great questions lined up and ensure they are the best realtor for the job.
Solution – Our Team is prepared to show you our effective marketing plan of action, with proven results, and testimonials from satisfied clients. We know our clients want proof and our Team has a 30 year Trusted Reputation for Results. Check out these great interview questions.
Solution – Our Team is prepared to show you our effective marketing plan of action, with proven results, and testimonials from satisfied clients. We know our clients want proof and our Team has a 30 year Trusted Reputation for Results. Check out these great interview questions.
2. PRICING ERRORS VS SEARCHES
Most homes are listed at prices that have 9’s instead of whole numbers. For example, it is extremely common for a property to be listed at $399,990 instead of $400,000. Doing this is a major mistake! Most real estate websites and apps have price bands that end in whole numbers. For example, Zillow’s price bands are $350,000 to $400,000 and $400,000 to $450,000.
When a home is priced at $399,990, none of the buyers searching from $400,000 to $450,000 would see the home in that search. What makes it worse is that the lower price band buyer is at his/her limit. Whereas, the higher price banded buyer would be at his/her beginning point. If the property is on the market for $400,000, both sets of customers would be able to see the home in their search.
Solution – We always suggest to our sellers, to list in whole number increments, for example: $400,000 instead of $399,990. We want to double the number of buyers and agents seeing your home!
When a home is priced at $399,990, none of the buyers searching from $400,000 to $450,000 would see the home in that search. What makes it worse is that the lower price band buyer is at his/her limit. Whereas, the higher price banded buyer would be at his/her beginning point. If the property is on the market for $400,000, both sets of customers would be able to see the home in their search.
Solution – We always suggest to our sellers, to list in whole number increments, for example: $400,000 instead of $399,990. We want to double the number of buyers and agents seeing your home!
3. NOT HAVING THE RIGHT NETWORKS OF BUYERS AND AGENTS
The average agent will email blast every client and every Realtor on his/her list on every listing they have for sale. It may sound like a good idea, but it is the worst idea. There will be a large number of people on an email list that aren't interested in the email, not local, not in the right price range, etc.
When people see emails from a sender that they aren’t interested in, many times they will ignore the rest of the emails sent over time, even the ones that they would have been interested in.
When people see emails from a sender that they aren’t interested in, many times they will ignore the rest of the emails sent over time, even the ones that they would have been interested in.
Also, if enough reports of spam are communicated by those receiving the emails, that sender can be blacklisted which means that their emails will go to spam.
Solution – We have a HUGE contact list of local homeowner, renters as potential first time homebuyers, along with the the top agents, local agents, business contacts and more. The key is we have them organized to be able to reach out directly to the best fit potential buyers for your specific home.
PLUS we have many existing buyers and leads already searching in the area, that our high tech Follow Up Program can show us exactly who is searching for a home like yours. So we save time and market your home with a purpose directly to these clients!
Solution – We have a HUGE contact list of local homeowner, renters as potential first time homebuyers, along with the the top agents, local agents, business contacts and more. The key is we have them organized to be able to reach out directly to the best fit potential buyers for your specific home.
PLUS we have many existing buyers and leads already searching in the area, that our high tech Follow Up Program can show us exactly who is searching for a home like yours. So we save time and market your home with a purpose directly to these clients!
4. TARGETED SOCIAL MEDIA MARKETING:
The majority of agents have very few sales that they made from a direct social media advertisement.
First, most put too much information online, and the potential buyer has no reason to get more details from the Realtor/seller. The strategy would be ok if the property sold itself, but hardly any properties sell themselves.
Second, is knowing your audience and the most likely potential buyers for the home, and directly your advertising and paid facebook ADs towards them. Plus time of day to post, for most engagement, even matters.
Solution – Tis solution is a lot more complicated than the other solutions. One of the most important things to do is not to give all of the information in the ad. Think of it like a movie preview that teases the buyer into contacting the agent for more details. We share links to video sites, and our site to capture more buyers, Plus investing towards reaching the best fit / most likely to purchase the home!
5. SPENDING THE TIME TO STAGE / PREP
Plus, for vacant homes, we help with digitally staging! Many buyers have a hard time picturing themselves in empty homes, therefore we take the initiative to help them see how the home could look!
6. PHOTO ORDER:
Solution – Tis solution is a lot more complicated than the other solutions. One of the most important things to do is not to give all of the information in the ad. Think of it like a movie preview that teases the buyer into contacting the agent for more details. We share links to video sites, and our site to capture more buyers, Plus investing towards reaching the best fit / most likely to purchase the home!
5. SPENDING THE TIME TO STAGE / PREP
Most agents worry about the average days their listing is on the market before it has an offer accepted, they speed up the process to get the home online. The majority of the time the home isn't ready to be shown or photo-ready.
You only have ONE chance to make a first impression to buyers.
Solution – We don't rush out clients, but market all of our listings as COMING SOON. Plus with help staging, professional photos and building interest until it is listed, helps create a great first impression! Contact us to request a copy of our Staging Guide.
Solution – We don't rush out clients, but market all of our listings as COMING SOON. Plus with help staging, professional photos and building interest until it is listed, helps create a great first impression! Contact us to request a copy of our Staging Guide.
Plus, for vacant homes, we help with digitally staging! Many buyers have a hard time picturing themselves in empty homes, therefore we take the initiative to help them see how the home could look!
6. PHOTO ORDER:
According to a 2015 Microsoft study, the average attention span for a person is eight seconds (one second less than a goldfish). Each year it gets shorter and shorter. The way most real estate apps and websites are setup is to show only the first photo of a home.
The problem is that almost all Realtors and For Sale By Owner (FSBO) sellers put the front of the home as the first photo. Nearly all homes’ BEST photos aren’t the front of the house. The problem is that with an eight-second attention span, most potential buyers may never have the patience to get to the best photo or features of the home and will click to the next property.
Solution – On top of impressive professional photography, we take the time make sure the photos are in the best order and limit the total number of photos. The best five pictures of the home should be the first five photos. Most people that have clicked thru the property's top five photos will continue to click away to see the others.
The problem is that almost all Realtors and For Sale By Owner (FSBO) sellers put the front of the home as the first photo. Nearly all homes’ BEST photos aren’t the front of the house. The problem is that with an eight-second attention span, most potential buyers may never have the patience to get to the best photo or features of the home and will click to the next property.
Solution – On top of impressive professional photography, we take the time make sure the photos are in the best order and limit the total number of photos. The best five pictures of the home should be the first five photos. Most people that have clicked thru the property's top five photos will continue to click away to see the others.
7. NOT HAVING PROFESSIONAL PHOTOS AND MARKETING
The rest does not matter, without great photos and video. Many realtors will take the photos themselves on their iPhones, Androids, or their own cameras. As mentioned earlier in this article, a seller only has one chance to make a great first impression and the photos matter most.
Solution - We ensure your photos look stunning, including taking the opportunities to include "sunset" or "twilight" photos, and aerial photos, to show off everything your home has to offer. PLUS we utilize Zillow's walk through videos to boost your home to the top of search results, plus we receive daily inquiries from more buyers just off YouTube!
8. POOR RESPONSE TO LEAD INQUIRIES
Most online inquiries and phone calls don't end up going to the actual listing agent/team. It's an upgrade/feature on most sites, or your inquiry is sold off to another agent in the area. Knowing what you're talking about and what to say to buyers matters in
Quick response time is also key to converting buyers into appointments, especially in an every growing impatient society that has everything at their fingertips. You would think Agents would be eager to answer incoming buyers. But not all agents have great availability or systems in place to be able to respond quickly AND follow up to all inquiries they receive. It also takes an average 6 calls to reach a buyer back.
Solution - First, we upgrade our Realtor.com and Zillow, so that our team receives the inquiries on your home. You want the person answering, to know your home inside and out. Therefore, our team of Buyer Agents also previews your home so they know all about your home and what it offers. Our team is trained to respond to all buyers right away in 5-10 minutes, plus all incoming calls reach the whole team, so someone is always available to answer/respond quickly.
Solution - We ensure your photos look stunning, including taking the opportunities to include "sunset" or "twilight" photos, and aerial photos, to show off everything your home has to offer. PLUS we utilize Zillow's walk through videos to boost your home to the top of search results, plus we receive daily inquiries from more buyers just off YouTube!
8. POOR RESPONSE TO LEAD INQUIRIES
Most online inquiries and phone calls don't end up going to the actual listing agent/team. It's an upgrade/feature on most sites, or your inquiry is sold off to another agent in the area. Knowing what you're talking about and what to say to buyers matters in
Quick response time is also key to converting buyers into appointments, especially in an every growing impatient society that has everything at their fingertips. You would think Agents would be eager to answer incoming buyers. But not all agents have great availability or systems in place to be able to respond quickly AND follow up to all inquiries they receive. It also takes an average 6 calls to reach a buyer back.
Solution - First, we upgrade our Realtor.com and Zillow, so that our team receives the inquiries on your home. You want the person answering, to know your home inside and out. Therefore, our team of Buyer Agents also previews your home so they know all about your home and what it offers. Our team is trained to respond to all buyers right away in 5-10 minutes, plus all incoming calls reach the whole team, so someone is always available to answer/respond quickly.
9. POOR ACCESSIBILITY FOR SHOWINGS
Since inventory is increasing quite a bit each month, Realtors and buyers have numerous choices to select when viewing homes. The agent is typically selecting additional homes to view with the buyer.
If an agent is scheduling four or five showings for his client and a home isn’t available to be seen with the others, the odds of that real estate agent to come back on another day just to see that home is highly unlikely.
Solution – Sellers should do what they can to make the house show ready at all times and have a plan (including for pets) that allows the home to be viewed with as little notice as possible.
If an agent is scheduling four or five showings for his client and a home isn’t available to be seen with the others, the odds of that real estate agent to come back on another day just to see that home is highly unlikely.
Solution – Sellers should do what they can to make the house show ready at all times and have a plan (including for pets) that allows the home to be viewed with as little notice as possible.
We also have an appointment staff, helping to schedule online, by calls, text and emails. They're available to agents super early and late so we don't miss any appointments, and have helpful reminder confirmations.
IT IS STILL POSSIBLE TO SELL!
CONTACT US TODAY TO GET STARTED WITH THE RIGHT MARKETING STRATEGY PLAN.
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CLICK HERE to Contact Us or Email us at PeterHewittTeam@kw.com
