Why is my property not selling (Part 2)

Why is my property not selling - part 2

Previously, we have discussed the reasons why your property may not be selling and some cosmetic tips to follow. If by some reason, you still find your property sitting in the market for a couple of more days, there may be a few more things to consider.

The price may need some reevaluation

It is most likely that you have checked the prices of the properties sold around your neighbourhood. Although that helps, it is also important to consider the combination of a few factors: the market condition, the condition of your home and your circumstances. Is today's market a seller or a buyer's market? What further improvements do you need to do to your property? How soon do you want to sell your property?

Aside from checking the price of the sold properties in your neighbourhood, ensure that you find similar properties with almost the same features as your property; that would help in filtering your search. If you have conducted several open for inspections previously, collect the feedback from the attendees and start from there. You would get insightful ideas on which parts of your property could do a little more touch up. Combine all the information you gathered and get the advice of at least three real estate agents. This way, you'd get the range of prices you can go with.

Elevate your marketing strategy

It is always a good idea to put a sign outside your property but who could see it? As mentioned in the previous post, people are now more tech-savvy. Interested homebuyers are smart with their time - they utilise the internet to shortlist properties that they want to see in person. If your property is not listed online, you are already missing half the battle.

The other half of the battle is getting your property noticed in the pool of properties in listing sites. realestate.com.au states that 57% of potential buyers do not check the page 2 of search engine results page. If your listing is buried underneath the properties in page 1, it's most likely to stay there and remain unnoticed.

Professional photography services, 360 degree videos, carefully thought of property descriptions optimised for web search and a lot more digital marketing efforts are now offered by experienced real estate agents who understand the pulse of the buyers market. Apart from showing off the highlights of your property in a creative way, they also know the right channel where to put it. Having a great deal of network gives them the advantage to reach out to more potential buyers.

Alternatives are not explored

As mentioned above, it is also important to know the market trend. Factors such as population, economic conditions, housing demand and supply are something that you cannot control. But that doesn't mean that you are powerless - the property is yours, you just have to know when to sell it. An experienced agent can help you with your timeline.

Alternatively, if your need to sell the property is time-sensitive due to the mortgage, it might be a good idea to explore the rental market. Until the seller's market stabilises, worthy renters can help you cover your mortgage costs. Discuss this option with your local agent expert and expect sound advice from them.

Real estate agents are trained to negotiate well and provide you insightful ideas to possibly resolve your predicament. With their years of experience in the industry, they surely have tricks up their sleeves that would best answer your problem.

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Posted in Blogs on 29th November, 2021