What do you do when you have a home that just won’t sell? It’s that dreaded listing that every real estate agent fears. No one is immune, and these dud homes can happen at all ends of the residential listing spectrum.
So what do you do when you have a home that refuses to sell? You change things up! After all, why would you keep repeating the same tactics if you’ve already learned they don’t work?
Try these ideas to get that stubborn home sold.
Why It’s Not Selling
There are a few common reasons that a home isn’t selling. Before you start making moves, it is best to take a hard look at the home and listing to determine why the home isn’t selling.
It could be that the price is too high. This is the most common mistake realtors make. If you think it might be the price, look at other current listings and feedback from buyers. This will give you a good indication if you’ve priced too high.
Another problem could be that the home doesn’t fit the mold. Maybe it has some unique features that need just the right buyer. If this is the case, you might need some new marketing to position these features better.
It could be that your residential listing photos aren’t of professional quality. While some sellers are skilled with a camera, others are not. If your photos aren’t professional quality, then you are doing the home a disservice.
New Marketing Approach
One of the best things you can do is have new photos taken. Ask the photographer to take a new approach to the home.
People love pictures. When it comes to looking at online listings, 87% of buyers want pictures and found them useful in their home search. With that in mind, it might be time to give buyers some new pictures to look at.
This could mean taking the photos from a new angle. Or maybe you have the home staged differently for the photos. You could also try a twilight photo.
If the property is sizable or the home is two stories then you should consider elevated or drone photography. This will give potential buyers a whole new perspective on the home.
If the original photos weren’t great quality, simply hiring a professional photographer will make a world of difference. A professional will know how to adjust the lighting and angles to showcase the home in the best way possible.
You should also have more than one photo for the home. Homes that only have one photo spend an average of 70 days on the market. While homes with 20 photos spend only 32 days on the market. Remember though, it isn’t only how many photos you have, but the quality of the photos you use.
Create a Video
If you only have photos for the home, you could try creating a video instead. Work with a photographer who can create a walkthrough video.
Not only will it breathe new life into your listing, but you’ll be on the cutting edge of marketing strategies. Video is the most engaging form of online content.
Add a Floorplan
This one can get tricky since you’ll need the floorplan to be accurate, but many floorplans are owned by someone else. If you can secure the right to use a floorplan, it will boost your listing’s appeal to buyers.
A survey by the NAR found that 55% of buyers found having a floorplan useful. Agents reported that it was in the top three most requested features by potential buyers.
Drop the Price on Your Residential Listing
This is a dangerous road to go down, but sometimes a home just won’t sell at the original price and it needs to come down. There is a basic formula successful agents go by:
price + condition + exposure = sale
You need the right mix of these three things to achieve the sale. If adjusting your marketing didn’t fix the exposure aspect, then you may need to try adjusting another element such as price.
Change the Condition
The final thing you can do to get a home sold is to change the condition of the home. This is the third element of the formula we mentioned.
If the home has outdated furniture, decades-old carpet, and walls that haven’t seen a paintbrush in years, then it is time for a face-lift. You don’t need to spend a fortune remodeling the home.
Bring in a stylist or stager to revamp the furnishing in the home. This will help potential buyers to imagine themselves in the home. You want to create a fantasy where buyers come in and fall in love with the life they imagine they could have in the home.
On average, for every $100 you spend on staging, you can expect a $400 return. So not only will you move a stagnant home, but it will sell for more. That’s a very good return when you consider that you can successfully stage a home for less than $1,000.
Staging a home can also reduce a residential listing’s time by one-third to one-half. It can also increase the home’s sale price by 6-20%.
A fresh coat of paint can change the look of the entire home. It will make it look cleaner, brighter, and more welcoming. If you stick with neutrals, you’ll have the broadest appeal.
Let’s Get That Residential Listing Sold
If you have a residential listing that you are struggling to sell, we can help! Since photos are the most important part of a listing, let us give you the best photos possible.
We’ll help you bring life to the home and get buyers excited. This could be new photos, elevated images, drone photography, or even a video walk-through.
Reach out today and let’s work together to get your stubborn home sold!