It can be incredibly frustrating for your property to sit on the market. You may have entertained a few interested buyers, or none at all. This can be disheartening as you start to wonder why your property isn't selling, especially if you've invested money into renovations.
Also, it can become exhausting for the seller when you've already planned the next phase of life. Your next step in life may be dependent on the sale closing, and what you'll do with the money.
If your property is one of the 20 to 30% properties that aren't selling, know that there is certainly hope. In this article, I will describe what your next steps should be to generate interest in your unsold property.
Going through your advertising again
To see if your advertising is working or not, is totally dependent on the number of visits you get on average.
Mostly, it is your real estate agent who takes care of the advertising. However, a real estate agent may not necessarily help to sell your house quickly, and is more interested in the maximum list price at expense of your time.
However, I will advise you to discuss with your real estate agent how you can creatively advertise or market your property rather than sticking to the traditional ways. You also have the option of cutting out real estate agents entirely, and going through a property buying service that will give you a much faster sale compared to traditional real estate agents.
While your agent may be focused on traditional home listings, it's good to utilize social media to your advantage. Try to find local buy/sell groups that allow you to advertise properties for sale, this is a common strategy on Facebook for example.
Upgrading
You have to keep this in mind that buyers always go for quality and are willing to pay a fair price for quality as well. The first step is to go through the exterior of your property and make sure that the aesthetics are pleasing.
You don't need to renovate your property extensively. However, trimmed grass, clean tiles, a fresh coat of paint and some indoor plants can create a huge difference in the aesthetic look of your property.
Consulting friends and family
You might find yourself wondering and questioning a lot about the exact reason why your property isn't attracting any buyers, even when it is the perfect deal according to you.
In this case, it is best to take a second opinion from someone you trust, preferably your friends and family. Sometimes, you are so much attached to your property that you aren't able to find any flaws in it.
So, it is better to let someone you trust walk through the property and give you a second opinion. Most of the time, the issues are so small such as the wrong color of the walls or an ugly piece of furniture.
Withdrawing your property
It is best to withdraw your property from the market if it has been there for a long time. Buyers tend to ignore the property which has been present in the market for quite a while.
Even if a buyer shows interest in your property, they'll typically make an offer which is quite lower than your listing price. According to real estate agents, if your property hasn't sold within the 90 days of being in the market, you will not be able to sell it for your desired price.
If this happens, you should probably withdraw your property from the market and use that time to upgrade it. Also, you can list it after a while when the market is floating with more buyers and less properties.
Review and reduce your price
This is the last thing you should do after going through every other strategy. If nothing is working for you, then it's probable you've overvalued the property, perhaps for sentimental reasons. It's important to be objectively honest with yourself on the value of the property.
Always make sure that your demand should align with the market. Asking an unrealistic value for your property will get you nowhere. Know that the market determines the value of property and you alone, cannot.
Moreover, the psychological price setting is also essential when setting a price. For example, buyers will be more attracted to the price of £199,999 than £200,000.
