Reasons Your Home Didn't Sell

The field of real estate has changed drastically in the past 20 - 30 years; with the advent of the internet, like most industries, the way we do business has been forever altered. Even now, with the invention of AI, the field continues to evolve. That said, there is nothing more disheartening than when the home that you have loved needs to be sold, yet no one buys. After all, you love it, why doesn't anyone else? So, when you have tried to sell on the open market and it has not found it's buyer, what do you do?

Why didn't my home sell?

If you ask most real estate agents out there, the number one reason a home didn't sell is price. That said, while I believe price MAY be a factor, it is most certainly not the only factor, and before I mess with price, I would want to explore these other possibilities first. For example, I started off by sharing that the face of the real estate industry has changed - so, one of the questions I would also ask is - did your real estate agent's marketing tactics change? 

Many operate under the old 3 P's - Place a sign on the property, Place the home in the MLS and, well, Pray. On the other hand, I use a new set of P's - Prepare the home for the market, Price the home appropriately, and the biggest one, Promote the home to interest the highest number of people. In fact, I even developed an 8-week marketing plan! You can request that here!

Preparation

In order to sell the home for the highest amount of money, in the fastest time, the home MUST be prepared for the market. There are a multitude of items to checklist over, which your agent should advise you upon - things like painting, AC, roof, etc., that can play a huge factor into a buyer's mind. Depending on the market, in other words, what other homes exist in the same price range, your agent should be able to dictate to you the necessary items that need to be done before entering the market, as well as go over with you the return on your investment in doing so. Sometimes, for example, a roof NEEDS to be replaced, but others, it could just be easier to give the buyer a credit for it - after all, maybe there are still some years of life on it and the buyer doesn't have to replace it right away. Having sold residential real estate for over a decade, I have seen a lot of homes and conditions, and been through a lot of inspections - identifying these items are a skill I have developed as a result, and they have helped me prepare owners like you to successfully sell their home, even when others couldn't.

Pricing

The condition of the home, as well as the desired speed of sale, what homes and conditions exist in the area and what homes have sold in the last 90 days, as well as their unique characteristics, all play a factor into the appropriate pricing of a home. Since each home is truly unique, having an agent go over how your home's unique qualities play a factor into pricing should absolutely be discussed. A seller should never go into a sale not knowing what to expect at all. Such lack of clarity is why many agents have issues justifying their commission. If you cannot share a plan or scope of value with clear insight, then you simply are not truly the area expert. When interviewing your next agent, be sure to ask these questions to truly determine their expertise. And the best thing? Even though your home expired, you can still get another home valuation! To request one from me, click here - there is no cost for me to come out to your home, help you create a plan, and provide you with an estimated value.

Promotion

As mentioned, the face of the industry has changed and continues to evolve. You cannot simply rely on only posting on the MLS and placing a sign on the property. A healthy mixture of analogue and digital marketing techniques need to be employed, as well as passive and assertive techniques. Social media platforms such as YouTube, LinkedIn, Instagram and Facebook add a whole other realm to reaching the right buyers. A recent survey by the National Association of Realtors revealed that a majority of home buyers are using the internet to find their home. If your agent is not marketing there, your home is not being exposed to most amount of buyers! Then, keeping the home top of mind becomes the next most important thing! Additionally, with the noise the internet has brought, how can you make sure your home cuts through and is different? My creativity from the world of the arts has come into play many times, resulting in the highest exposure rate to buyers. I never forget the joy on a seller's face or in their tone of voice as they learn about an offer that has come in on their home. It means so much more when that joy comes from an expired home seller - they are so much more appreciative to know that I helped them find the right buyer.

Finding the right agent

Not all agents are created equal, as I am sure you have found out! Since you found your way to this article, then you at least know you are headed in the right direction! I love working with homes that didn't sell initially, not just because of the intrinsic value of a person's happiness, but also because I believe every person deserves to be happy - whether that happiness comes from moving IN to their next chapter, ie your home, or whether that happiness comes from being able to turn the page into YOUR new chapter, as you safely get the money you have earned, having taken care of one of your largest lifetime investments. As such, I wrote this e-book for anyone like who just want more answers. Click Here to access the online version!

If you or someone you know is looking for an expert in listing not just homes, but homes that have expired, don't hesitate to contact me here, as well!