What to do when your property won’t sell!

Unpack Helpful Strategies if you can’t sell your house!

Selling a home can sometimes be an emotional rollercoaster, especially when your property has been advertised online for a while without success. If you find yourself in this situation, keep hope. There are several strategies you can employ to improve your chances of making a sale. Here’s a comprehensive guide to help you out.

Review and Adjust Your Asking Price!

One of the primary reasons homes fail to sell is due to overpricing. Buyers have access to a wealth of information and can easily spot an overpriced property. Reevaluate your asking price by comparing it with similar properties in your area. Consider obtaining a new professional valuation or a comparative market analysis to ensure your price is competitive.

Accommodate Property Showings.

Home buyers have busy lives, so there might be little chance of them inspecting your open homes. To meet buyers’ schedules, try accommodating private inspection requests, offering evening open homes and weekend showings, specifically on Saturdays & even on Sundays.

Update your Marketing Strategy!

If your home isn’t selling, it might be time to revisit your marketing plan. Social Media Platforms like TikTok & Instagram are absolutely crucial now. One of our recent videos just received over 1 million views on social. High-quality photos and videos are essential in today’s digital age. Consider virtual tours or drone footage to give potential buyers a comprehensive view of your property. Additionally, ensure your home is listed on all major real estate platforms such as REA and Domain and consider targeted social media advertising to reach a broader audience.

Writing a compelling and detailed description of your home can go a long way. Highlight unique features, recent upgrades, and the location’s benefits. You can also include your or your family’s milestones while living in the property to capture buyers’ emotions.

Be Aware of the Current Property Market Conditions.

Understanding the current state of the property market is crucial. Market conditions fluctuate due to various factors, such as economic conditions, interest rates, construction costs, and seasonal trends. Stay informed about the market trends in your area:

Research Recent Sales: Look at comparable properties that have sold recently to gauge the market.
Market Reports: Read market reports from reliable sources to understand broader trends.
Consult Your Agent: A knowledgeable real estate agent can provide insights into the current market conditions and how they impact your sale.

Take a read of this article to understand the macro Melbourne market – https://www.industryinsider.com.au/melbourne-market-update-eofy-2024/

Work with an Experienced Vendor Advocate.

Consider a new approach if you’re unsatisfied with your current real estate sales agent. A vendor advocate does not cost you anything extra, their fee is paid from the fee that you pay the selling agent. They are independent and will provide you with a non-biased view of your property. We help sellers all over Melbourne with our vendor advocate services. A skilled vendor advocate can offer a different approach and valuable insights, enhance your marketing efforts, and negotiate effectively on your behalf. You can learn more about a vendor advocate in the link below. https://www.industryinsider.com.au/services/vendor-advocacy-melbourne/

Improve the overall Appeal to Buyers.

A simple touch-up can make all the difference. Minor renovations and updates can significantly enhance your home’s saleability. Have your selling agent collate feedback from potential buyers to identify and fix overlooked issues. Update your advertising with new professional photos to highlight these improvements, ensuring your home captures buyers’ attention.

Stage your Home Professionally.

Staging will transform your home and help potential buyers envision themselves living there. This can involve rearranging furniture, decluttering, and adding tasteful decor. In most cases, it is worth hiring a professional home stylist who can bring out your home’s best features and make it look more eye-catching.

Re-position the timing of your sales campaign.

Determining the right time to sell your property involves considering seasonal trends and the current phase of the property market cycle. While spring and summer typically attract more buyers due to blossoming greenery, much sunlight and favourable weather, autumn and winter can offer advantages with less competition.

Timing is imperative. To capitalise, aim to sell before the market peaks during an upturn. Seeking advice from a vendor advocate will provide valuable insights into market conditions and help you make an informed decision about when to sell for the best possible outcome.

By carefully assessing these factors and seeking professional guidance, you can optimise your chances of selling at the desired price.

Withdraw the Property.

We know this is the least ideal strategy for vendors, given you have spent money styling and renovating the home. However, this needs to be considered when the property has been on the market for a long while.

Properties that have been on the market for a long time become less attractive to homebuyers and, hence, will be at the bottom of the competition. Buyers who do make an offer will negotiate and lowball the property’s value in hopes you will take their offer.

Taking the property off the market and waiting for the right time to showcase it to new buyers could be a wise decision.

In conclusion, navigating the real estate market in Melbourne demands strategic thinking and adaptability. By implementing these strategies and staying attuned to market trends, you can elevate your home-selling journey from challenging to rewarding!

Remember, every property has its unique story, and with patience and persistence, you’ll find the perfect buyer. So, whether you’re adjusting your asking price, enhancing your online presence, or considering alternative selling methods, stay proactive and focused on achieving your goal.

At Industry Insider Property, we understand the ins and outs of the Melbourne property market and can guide you every step of the way. Our vendor advocate service is designed to give you an independent voice and help you achieve your ideal selling outcome.

Our experienced team of advisors will guide, execute, and deliver the best possible results to our clients. That’s why we have over 282, 5-star Reviews on Google!

Watch our video, where Andrew addresses some essential questions that sellers need to know before selling their home or investment property in Melbourne.

From providing advice on improving your property’s value to selecting the best agent, we’re here to help. And the best part? Our service is FREE as we charge the selling agent a percentage of the sale fee you normally pay.

Contact us today via phone at +61 8374 7652, or email us at admin@industryinsider.com.au, or text message at +61 402 346 810 to learn more about our services and how we can help you buy or sell.

Industry Insider Property
Level 3, 489 Toorak Road, Toorak 3142
+61 8374 7652
+61 402 346 810
industryinsider.com.au