5 Reasons Homes Don't Sell
If you've ever sold a home before you may be familiar with the standard sales plan. You go through the process of hiring a REALTOR®, said REALTOR® snaps some pictures and makes some notes. Then you sign the listing agreement and everyone crosses their fingers.
A couple of days go by. You have a showing or two, but no offers. Then a couple of weeks go by without any more showings. Before you know it, it’s been 90 days and your listing is about to expire and you’re left confused, upset or even angry.
This is a scenario that plays out every single day in the Richmond, Virginia real estate market. On any given day, there are ten to twenty listings that expire in Richmond. That’s over a hundred or more expired listings per month and while you're not alone if you end up on the "expired" list we believe your home should make it to the "sold" list long before that. So you can avoid the "expired" list let's look at a few reasons homes don't sell from the get-go.
5 Reasons Home Don’t Sell
Reason #1: Bad Ph?t?gr??hy
If you’re selling your home, then at one point, you were a home buyer. Do you remember browsing the listings on Zillow or in your REALTOR’s search emails? Do you remember what you were most excited to look at when you found a home you liked? That’s right— the pictures.
Professional quality pictures are an absolute must for capturing the most excited, most serious buyers out there. Even though mobile smartphone camera capabilities have improved greatly over the years, photos taken with a mobile phone are nowhere near the quality of professional cameras with HDR capabilities. Make sure your agent is taking high quality pictures with a professional camera and is paying attention to details like lighting, angles and staging.
Reason #2: Poor Preparation
In many cases, once you make the decision to sell, you'll want to move forward quickly and get your home listed as fast as possible. That can mean listing a house that isn’t ready for pictures or showings. A good REALTOR® will give you pointers on things to do to make your home and photos show perfectly. Small things like getting rid of the magnets on the refrigerator or personal items on the floor in your closets have a major impact on how your home is perceived.
Make sure you’re working with an agent that has the experience to help you get your home prepared to sell, even on a fast schedule.
Reason #3: Lack of M?rk?ting
Gone are the days when a REALTOR® could simply post a listing on the MLS and pray that another agent had a buyer waiting for it. Sure, sometimes that works, but generally speaking, that is a lackluster strategy that results in very few views of your home. There are others ways your REALTOR® should be marketing your home, especially if you want to get it sold quickly.
The biggest influence for marketing your home is the number of views it receives, whether that's online or in person. The primary job of a REALTOR® is to get eyeballs on your home. If enough people come through the front door— and the home is priced right— your home will sell itself. And the only way to get eyeballs is through massive exposure. When interviewing agents inquire how they plan to market your home. Some potential marketing questions to ask are:
- What online platforms do you use to market my home?
- Will is be listed on Zillow, Trulia, and Realtor.com? If so, where will it fall in the search pages? (We suggest you be on pages 1-3 of a search)
- How will my neighbors know that my home is for sale? (This should be a longer answer than "a sign in the yard")
- How do you connect with other agents about my property?
Learn More about The Hogan Group Marketing Plan
Reason #4: Communication
Are you receiving feedback from your REALTOR®? Many agents show homes without offering feedback to the listing agent— and then you’re left wondering why those potential buyers left without putting in an offer. It’s the job of your REALTOR to get that feedback for you. If they contact the showing agent directly, they will typically tell you what their clients thought of the property, which you can use to make improvements.
Once you have that feedback, use it. If the buyers felt the home was cluttered, get a storage facility and move some personal belongings out of the home. If they thought the family room was too dark, brighten the room with new light bulbs or maybe a fresh coat of light colored paint. These small changes can make the difference that pushes the next person who views your home to make you an offer.
Your REALTOR® should also be communicating with you frequently and proactively to inform you of how your home compares to your competition. They should be watching closely as competing listings become available and be making any adjustments necessary.
Reason #5: Poorly Pri?ed
The last of the reasons homes don’t sell is a very important one. Your home needs to be priced appropriately. Did you price your home a little high with the plan to reduce it later if you didn’t get an offer? I mean, the buyer could always negotiate down, right?
Unless you are in an incredibly hot seller’s market we always suggest starting with pricing your home within market value. Homes priced high from the beginning typically keep potential buyers from even looking at the home, especially early on. The first two weeks are absolutely crucial for a new listing. If the home is priced high during this time, you are likely keeping good, solid buyers from even looking at your home. And by the time you lower your price, those buyers have moved on to other properly priced homes.
Talk with your REALTOR® to price your home correctly from the beginning so that the right buyers come to you, ready and eager to make a purchase.
Wondering why your home isn't selling? Let's chat! We're happy to review your current home strategy and see what we can do to help you get your home sold. Connect with us here!