Every agent has had them at one time or another despite positive market conditions – that one listing that sits on the market for longer than normal. The reasons are usually one of a few things whether it is a higher price, less than optimal condition or challenging location. While you cannot change all of these things, there are some strategies on how to deal with them. Here are a few tips….
First, start with upping your correspondence with the sellers.
Make sure they are aware of all activity and feedback both positive and negative. Set up a regular call or even a consistent email template of what your efforts are, the results and feedback. Emails can be best as you will accrue a documented report for all of your collective efforts to prove you are marketing the listing as best as you can.
Adjust the price and promote it.
Get as much mileage out of a price adjustment as possible. Plan an event in advance such as a broker or public open house and lead up to it with a marketing plan. Email blasts, Facebook ads and the like can be effective. Consider rearranging listing photos to support the new campaign as well.
Update the CMA.
Depending on how long the listing has been active, it may be time for an updated CMA. As time goes on, other properties sell making it appropriate to revisit where the home stands within the marketplace. This may be an opportune time to review all of your efforts for the listing thus far. Include a report on all marketing efforts, number of showings, open houses, number of parties that have seen the home, number of hits on websites, etc. In some cases this may help you win a price adjustment.
Update the photos.
Are you in a new season now where exteriors need to be updated? Did any rooms get painted or staged since the listing’s launch? Make sure that the photos are current and professional. Getting new ones with the lead photo being changed can help its online image.
Speaking of your photo strategy, in addition to changing or refreshing them make sure the order makes sense. Don’t have countless exteriors for buyers to sort through before getting to interiors. Have 1 or 2 exteriors then feature all of the key rooms in order of how one might tour the home finishing with backyards or other highlights.
“Acknowledge and suggest.”
In other words, don’t gloss over the home’s obvious faults. Perhaps appliances may be on the older side, but make sure they are in tip top working order and clean. Maybe the home’s HVAC system is older, but if there is a home warranty that covers them be sure to point that out.
It may not always be obvious for every listing. For suburban listings it can be helpful to know how accommodating driveways are for a specific number of vehicles. If the home falls short on parking, you may want to point out nearby options. This holds true especially for urban dwellings that don’t include a spot with the listing.
Review the home’s curb appeal. Make sure things like fresh mulch, potted plants and landscaping are looking perfect and well maintained. Washed windows, freshly painted exterior doors and well kept walkways are also key to making a great first impression.
Finally, there may be one or two common objections that all that have toured and provided feedback may have reported. Maybe it is something more involved like an outdated kitchen or maybe it is as simple as price. Whatever it is, have a frank conversation with the sellers and hold them to a plan on how to combat the challenge.
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