As we've been regularly emphasizing in this blog, the current market for homes is exceptionally lively, especially for this late in the year. If your home has been listed for a while now and hasn't sold, you'll understandably be asking yourself "why?"
It's a sad fact in the real estate world that not all agents dedicate an equal effort on behalf of their clients. Here are some strong indicators that it's time to accept the inevitable and hire someone else:
Poor communication - If your realtor isn't regularly updating you on the status of your home sale, no wonder you're feeling somewhat lost in the process. The usual subtext here is that almost nothing or indeed nothing at all is being done to aggressively promote your home, so what is there to report? Every client deserves better than this and if this sounds like your situation, it's time to move on.
Part time agents - With approximately two million licensed realtors in the USA, it goes without saying that not everyone working in real estate treats it as a full time occupation. Like any professional activity, a "24/7" attitude is vital if homes are to be consistently sold. Don't be shy and ask your agent a direct question about daily activity levels. Let's face it, it's your home sale and future plans that are on the line here.
Absence of a strategic marketing plan - When you hired the realtor, he/she should have given you a detailed outline of a structured, multi-faceted marketing plan to sell your home. If this is not happening then your home will not be obtaining the right levels of market visibility to attract interest from accurately targeted buyers.
Are the wrong "buyers" viewing your home? - It's obviously positive if your realtor has shown the home to a number of potential buyers. However what are the credentials of these people? Viewers should at least be pre-qualified to prove to you that they actually have the financial capability to buy your home. If not, then there's a strong likelihood that your realtor is showing the home to anyone who likes the idea of an afternoon out to look at the homes of their dreams, creating a false impression of meaningful sales activity. Challenge your realtor about his/her buyer vetting process and reach your own conclusions as to what is happening here.
Low commission rates
- A low percentage commission may initially seem attractive but, as ever, you
get what you pay for. Homes listed with "discount" agents are
statistically more likely to expire and end up unsold. There's little science
to putting a house on a multiple listing service (MLS) and placing a sign in
the front yard. Regrettably, however, that's all the service you may be
afforded. Standard agent commissions are a fair reflection of the exhaustive
efforts made to sell a home. If you have agreed to a very low commission and
your home remains unsold, alarm bells ought to be ringing. What might seem like
a worthwhile saving can actually end up costing you a lot of money and delaying
Broken promises - It sometimes transpires that the realtor who promised you endless marketing and communication simply hasn't kept his/her side of the bargain. Bottom line: time to look for someone else!
Unrealistic pricing - You're noticing "Sold" signs for similar homes all around you, but your home was listed beforehand and is very competitive in terms of condition and features. Try to establish what these homes sold for - your realtor should have access to this information. If your asking price is significantly higher then you may of course be acting as a measure of value for buyers of homes accurately priced to match what the market will currently accept. It may even be that you tried to get the realtor to price high but, as your professional real estate consultant, it's his/her duty to inform you as to what is a sensible price, based on experience and local knowledge. If there hasn't been any feedback from your realtor about the pricing of your long term unsold home, we would again suggest that you draw your own conclusions.
Don't wait for an inactive realtor to contact you - If your home has been on the market for several months, demand that your realtor demonstrates how many homes he/she has sold in the past 90 days or so. If a strong track record can be properly demonstrated, it may be that you and your realtor will work together better after a frank conversation to review precisely why your home isn't selling. If there has been little or no sales activity, here's another sign that insufficient effort is being made. Once again, it's probably time to walk.
At The Nicoli Group, we are 100% performance motivated. We employ a culture of hard work, creativity, relentless customer service and careful attention to detail and challenge ourselves to constant and never ending improvement, measuring our results through customer experiences and feedback. We use a step by step process, cutting edge technology, years of experience and training to ensure our clients’ homes sell for the highest possible values.
If your home sale is becoming a protracted and frustrating experience call us today for a full credentials presentation and explanation of our strategic marketing success plan.Dominic Nicoli