When you really want to move, but your property is just not selling
Category Property Tips
Many sellers are experiencing a level of frustration as the slow market conditions has resulted in properties taking longer to sell. Although we are beginning to see some green shoots and the market is expected to improve gradually over the coming months, it is perhaps a good time to reflect on what sellers can do if their properties are just not selling.
Not all properties sell the first time they're listed, even in a hot market. The demand for a particular property and how long it will take to sell depends on a combination of factors such as the price, location and condition, but is also influenced by the prevailing economic climate.
In most markets, there will always be a level of demand as people need to sell and buy for a range of reasons. Although a slower market generally results in properties taking longer to sell, there are still sales taking place. If you find that your property has been on the market for a while without selling, it is best to put emotional issues aside and understand why it is not appealing to buyers.
Listen To The Market - It is important to be objective; emotions get in the way of the sales process. Your agent will advise of the feedback that she is getting from the market about your property, how it is perceived in relation to the asking price and will recommend steps that can be taken.
Review your Pricing - There is no point in sticking to an unrealistic asking price. Price is arguably the most important factor as it relates to the perceived market value. Setting the correct asking price matters at all times, but it is imperative in a depressed seller's market, or if you need to sell within a specific time frame. Don't waste time by gambling on a high price that will extend your time on the market and allow your property to be used as a comparative property to others that may be similar, with regards to position, condition and accommodation offered but at a lower price.
Choose the Right Agent - Be cautious of agents promising unrealistically high prices and be aware that despite the claims made by online agencies, local area specialist agents still sell properties at a faster rate and for higher prices. Local expertise and experience play an essential role, choose an agent with a strong track record of success in your area.
Stick to a Sole Mandate - An open mandate is not going to sell your house faster because no particular agent will be focusing on your property. A Sole Mandate is a contractual agreement and a proven tool for achieving the best results since the agent will focus their energy and marketing on your property.
Don't Dismiss Offers too quickly - Many offers can be negotiated up and a sale achieved. A good agent will guide you in terms of whether a particular offer is worth pursuing with a counter-offer. Consider the time-value of money and what the real cost might be for holding out when you could already look forward to your next move.
Trust Your Agent - Be upfront with your agent about your reasons for selling. If you are comfortable with your agent, trust their advice. Your agent only has one goal in mind and that is to sell your property in the shortest possible time for the highest possible price as she has a reputation to uphold.
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Author: Gina Meintjes
