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Why A Property Doesn't Sell

2 Reasons Why a Property Doesn't Sell

There are only two reasons why a property doesn't sell. They are:

  • The Property Isn't Getting Enough Exposure; or
  • The Asking Price is Too High

Marketing / Exposure

The initial marketing of your property is critical. A marketing plan should be designed and implemented to give your property the edge over your competition and to make your property stand out from the crowd. Your property should be advertised at least once a week and your property should be exposed to multiple websites.

Pricing

The Initial Asking Price Is Crucial

  • The property has to compete with all others on the market in the same price range.
  • Most buyers will come through your home in the first 6 weeks of marketing. It is critical that your initial price is not out of touch with the market indication of its value.
  • The very best buyers will be brought to your home in the first couple of weeks.

What Price Should I Ask?

The most important question facing you after we discuss our Appraisal Report concerns the price you should ask for your home. We certainly do not want to sell it too cheaply, nor do you want to prevent it from being sold by overpricing.

In simple terms, the price your home will bring is determined by what someone is prepared to pay. This is influenced by recent sales in the area, other properties currently for sale, and the way in which your property is marketed.

Overpricing is the surest way to kill a sale because the majority of buyers are afraid to make an offer that is too far away from the asking price. Properties that sell quickest are usually those listed at the market price. Over-optimism with price usually ends up costing you more, as overpriced properties usually fall into a stigma bracket which see them hanging around on the market for months. The first question that potential buyers ask is "how long has it been on the market?" So if it has been hanging around people start thinking something is wrong if no one has wanted to buy it yet. The property that has been overpriced quite often finally sells for less than what would have been a realistic price in the first place.

Our Responsibility

The easiest way for us to take your listing is to promise you whatever figure you have in mind. Not only could this cost you money because it ruins that initial marketing edge, but further down the track you may have to sell at a price below the true market value.

Our responsibility is to supply you with facts about properties that have recently been sold in your area for you to make an informed decision on the current market value of your property.

"Of all the things that will determine whether or not you sell on time, it's not the marketing, advertising, signboards, or whatever, the main determinant is the PRICE."

Benefits of Proper Pricing

1. Faster Sale
When your home sells faster, you save carrying costs, mortgage payments and other ownership costs.

2. Less Inconvenience
If you've moved before, you know the energy it takes to prepare for inspections: keeping the home clean, making child care arrangements and altering your lifestyle. Proper pricing reduces these demands on you, by helping your home sell faster.

3. Exposure to More Prospects
At market value, you open your home up to more people who can afford the price. Sellers who list at a high price in the hope they'll find the one buyer who will pay it, often do not realise that they have discouraged many potential buyers who could have afforded the price they end up accepting at a later date.

4. Increased Salesperson Response
When salespeople are excited about a home and its price, they make special efforts to contact all of their potential buyers. Knowing that it is priced properly for its market, they expect it to sell soon and encourage their prospects to act quickly. Their excitement is contagious!

5. Better Response Off Ads and Calls Off Signs
Ad calls and sign calls to agents turn into inspections when price is not a deterrent. Most serious prospects are well educated about asking prices in the areas they are seeking, and will not waste time on a home they consider overpriced.

6. Attracts Higher Offers
When a home is priced right, buyers fear they might lose out on a good home, so they are less likely to make "low ball offers". Quite often, a full price offer is achieved.

"The essential part of placing a property on the market is a carefully considered price recommendation."

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