30 Nov 3 Reasons Your House isn’t Selling
When you’re selling your home or investment property, you don’t want it to be sitting stagnant on the market – you want to get it sold!
In Brisbane’s current housing “climate”, you should expect that your property will have had inspections and offers within 30 to 60 days of being on the market.
If this isn’t the case, then it’s time to reassess and see what can be done differently to get your house sold.
In almost every situation, if your house isn’t selling, there’s a good chance you have a problem with one of these three things…
The biggest reason houses properties don’t sell is price.
When potential buyers make offers or leave feedback about what they’re willing to pay, it’s important to listen. If several buyers are making offers around the same price range, then the reality is that that’s where the price is at. If they’re offering $600,000, give or take a few thousand, but you’re asking for $700,000, you’ve set the price too high.
In addition to lowering your chances of selling, setting a price that’s too high actually hurts you a second time over. That’s because buyers shopping in the same price bracket will be more likely to buy other properties in that bracket after comparing them to yours. In other words, you’re actually helping other people sell their houses.
You’re in the property market to sell your house, not someone else’s, so why would you let bad pricing hurt you like that?
If price is to blame for your house not selling, the solution is simple: rethink it and adjust to meet the market.
If the price is right but your property still isn’t selling, you may find that your marketing is holding you back. To determine if this is the case, ask yourself (and your agent) the following questions:
- Are you using professional photos in your marketing?
- Do you have a floor plan?
- Do you have an aerial shot of the property?
- Do you have any videos?
- Is your marketing targeted at the right market?
If the answer to any of these questions is “no”, you’ve probably found the problem.
When people are looking at your property listing, they’re not looking in isolation. Instead, they’re comparing your listing to dozens of others online and offline. As such, your property’s marketing must be not only professional – it must stand out from the crowd. At an absolute minimum, to be professional, your listing must include professional photography, floor plans and an aerial shot. But to stand out, you need to invest in video.
Video is a particularly powerful tool for marketing your property. Videos are easy to share and elicit emotional responses from buyers. They should be produced in English and any other language relevant to your market.
If you’re in an area with a large number of Asian buyers, make sure your property’s marketing materials are also available in Chinese. Chinese speakers make up a large segment of a number of markets in Australia today. Many tourist attractions, airports and even car dealerships have Chinese marketing and writing in order to appeal to a wider demographic. Why wouldn’t you do the same thing when selling your house?
If your property’s marketing needs improvement, speak to your agent and revamp it with premium listings, professional images, videos and Chinese marketing materials.
If your price is right and your marketing is great, you should consider whether your agent is up to scratch.
One of the most important things your agent can offer is prompt communication. When a potential buyer contacts your agent, they should be back in touch within 6 hours maximum – preferably just a couple of hours. If your agent doesn’t get back to potential buyers promptly, they’re going to go with another agent selling another property.
Ideally, your agent should also have connections to people looking to buy in your suburb or area. This makes it easier to get your property in front of the maximum number of eyes as quickly as possible. A well-connected agent may even be able to sell your property “off market” without ever advertising it.
If you feel that your agent isn’t prompt when communicating with buyers or that they haven’t been leveraging their connections effectively, speak to your agent and, if necessary, change agents.
Want to know more?
In summary, if your home or investment property isn’t selling, you may need to rethink your price. If that’s not the problem, determine whether you need to rethink your marketing or agent.
If you have any questions about anything we’ve covered in this blog, please don’t hesitate to ask! Simply call Henry today on 0412 471 588.