What needs to change to sell a slow property, the price or the marketing?
Most people believe their homes will command the best possible price, but the value of a property depends on numerous factors. Is the market forging ahead, or a bit sluggish? Is your home priced to sell, or just too expensive?
Some homeowners believe that their property is not selling, so instantly reduce the price. But this should be the last resort. Start by talking to your agent. Ask for honest feedback – what can you do to sell your home faster? What is your plan B?
An experienced agent should give this advice from the outset, but multiple viewings may highlight some recurring criticisms. Some things you won’t be able to change (location or mobile phone reception), but other things will be within your control (kerb appeal or clear out the clutter). A simple tweak may mean the difference between a deal or no deal. Coming up with a plan of action with your agent is essential. It is a collaborative process, where you try different tactics to attract a buyer.
But what happens if your home still fails to sell? Is it then time for a price reduction? A major contributing factor is a change in the housing market. Property prices are relative to market forces, as well as local changes, so an adjustment may be necessary to reflect the current conditions. Even more pertinent are personal circumstances – the more quickly you need to sell, the more necessary it may be to reconsider pricing.
On the other hand, if your house is valued correctly and you have time on your side, dropping the price may not be your best strategy. A decrease in the value, takes money out of your pocket, whereas choosing to market a property more astutely, may increase the chances of achieving a better price.
The lawns are trimmed, carpets are clean, and the house smells fresh. Now how can you get people through the door? This is where a strong marketing strategy is key. Selling a home quickly at a top price isn’t something that just happens, it requires plenty of planning and patience.
The best marketing effort will combine a traditional approach with online and social media activity, to help overcome a slow response. Professionally designed brochures are an effective way of increasing awareness when they are produced in both a physical and electronic form. A hard copy will generate interest in more traditional markets, while most people will expect a digital version. It is worth emailing the brochure to friends and family for their opinion, too.
Canvassing cards can also increase exposure, particularly within a carefully selected demographic. According to the National Association of Estate Agents 50 per cent of buyers move within a five mile radius and 70 per cent move less than 15 miles. Reaching this audience increases your chances of a sale.
House hunters are also looking for a lifestyle. A short video tour of your home is a compelling way to provide a glimpse of what it might be like to live there. Videos can be distributed through email or social media (YouTube and Facebook) for maximum exposure.
Remember, a property is only worth what someone is willing to pay for it, but if your home is not selling there is no need to reduce the price straightaway if you property is correctly priced. Go to plan B.
Are you looking to buy or sell a property? Get in touch with your local Fine & Country office. Visit www.fineandcountry.com/uk/contact-us/contact-us or call 020 7079 1515.