Why Has Your Property NOT Sold?
Let’s Review 15 Factors that Influence a Sale?
1. PEOPLE Selling the Property
Are known as Vendors. Are/ were you motivated, unmotivated, really looking to sell? What’s your main purpose or compelling reason to sell?
or Are/ were you just testing the market? (then see pricing)
or If you just want to get YOUR PRICE regardless of what the Market is saying? then ‘Congratulations’ as You’ve Outbid Everyone Else & Bought Your Own Home!
If you are prepared to consider what the Market is saying… We can Certainly Help You to SELL!
Location, Location, Location!
Where is the property situated? How is it located? Is it close to the city, sea, hills, special places, parks or reserves? Is it on the high or low side? Is it flat, sloping, undulating? Does it have views? What’s the neighbourhood like?
**Are/ were these clearly articulated to the purchasers?
3. PROPERTY or The PLACE Itself
What’s the size of home, it’s amenities, number of bedrooms, living areas, block size or age?
Does it have additions, extras, improvements? What is the overall quality like?
Is there a northerly aspect? What are the views like?
**Are there special places? Where’s its heart?
Is it Land only or does it have subdivision potential?
**Are/ were the benefits conveyed to the buyers?
You cannot change the location but you can make the property look its best!
Does/ did the Interior & Exterior look fabulous?
How is/ was the preparation? Is it Bright, clean and airy?
Does each room show its Purpose, without mixed messages?
What are surrounding homes or the neighbourhood like?
How is/ was the street appeal? Is/ was it Staged? Does/ did it need an Interior Designer to help?
It should be as Outstanding as it can get within your budget.
Put yourself in the buyers’ shoes & try to see the house from their perspective.
They need to walk in and think it looks good, feels good and smells good… because any mess, leaves the wrong impression.
A Quick checklist for a viewing:
- Home – Clean and Smells good
- Temperature – Heated or cooled for comfort
- Lights – Left on in all rooms to brighten the home and welcome guests
- Snacks, water or soft drinks – A nice touch
Is/ was your home kept showroom-ready?
Is/ was the impression, Warm, inviting and comfortable?
Did you give yourself enough time to get the home ready for market or did you start too soon without being completely ready?
**Do any of these need to be fixed?
5. PLACE in the MARKET
Where is the Property Cycle Right Now?
**Is it a Sellers’ Market or Buyers’ Market or is it a Balanced one?
You can think of this like the Tides…
Is it a Low tide, High tide or a Dodge tide?
On average, how many days on market does it take to sell?
How many other homes are for sale in area and surrounding suburbs?
What are the Market trends like now? What about whilst you were selling?
Is/ was it rising, falling or fairly level?
6. PRICING on the MARKET
The 3 Pricing Options are; No Price, Fixed Price or Price Range of up to 10%.
**What is/ was the Asking price?
Based on what? Guesswork? Hope? Agent Bids? or Real Data?
**Is/ was your price making the other homes on the market, look better value than yours?
Agents do not control the market
A ‘Logical Price’ is the Likely Sales Price (It can however, change in a moving market.)
An ‘Emotional Price’ can be used as the Asking Price.
Remember – ASKING Price is not the same as the SELLING or GETTING Price!.
Consider getting a PROFESSIONAL certified Valuation by a Licenced VALUER if this is an issue.
If you had jewellery insured, you’d have a valuation.
Either way, Getting the Price Right is the KEY.
7. PROCESS of Sale
**What is/ was the Method of Sale?
- For Sale by Private Treaty
- Set Date Sale
- Expressions of Interest
- Price on Application (POA)
- Partner Program
It is the ‘Process of Selling‘ Not the ‘Promise of a Price’ that actually gets you Top Dollar.
8. PROACTIVE PROMOTION
Is/ was there Great Exposure with a strong Marketing Plan?
What is/ was the standard of advertising, signage, brochures, Internet, quality of words, pictures, & enhancements?
Are/ were they the best they could be? Premium promotion is a must.
Did you employ Modern Marketing Methods or did the agent use Back to the Basics ABC’s?
This is the public face of your property being seen.
Have you had Open Inspections or Inspection By-Appointment Only?
**Is/ was ‘Your Marketing Machine’ being utilized fully?
9. PERSONNEL in Company
**How is/ was the Real Estate Agency?
Does/ did it use ethical practices? Is/ was it authentic with real honesty, not the faked kind?
Is/ was there company support?
Are/ were there other outsourced experts, people, systems & procedures to help?
Is/ was their actions in congruence with their stated brand?
Do/ did they have a consultative approach with complete transparency?
You want a Pilot not a Person taking you for a ride on a Bus.
You Need to be a VIP not a Passenger.
10. PERFORMANCE of The Salesperson
**How is/ was the Agents energy, dedication & drive?
What about qualifications, expertise and ability?
Is/ was there some personality, perseverance and persistence?
What is/ was the level of communication like? Are/ were they being real?
11. POWER of NEGOTIATION
There’s more to it than thinking your only options to an offer are simply:
Accept it, Reject it or Make a Counter-Offer!
3 Phase negotiation is Far More Than That.
These are learnt and trained skills, used when it really counts to secure a sale.
12. PURCHASERS Motivation to Buy
How is/ was their capacity to borrow?
Are/ were they realistic about selling their own place if it’s subject to sale?
Are/ were the buyers actively looking or just passive?
Are/ were they attracted to your property?
Are/ were the right buyers attending opens?
What was their feedback?
**Did they make offers?
13. PROVISION of FINANCE
How is/ was the economy right now/ then?
Are/ were Banks, Building Societies, Credit Unions & lenders easy or tight with their money?
How hard is/ was it for buyers to get access to a loan?
Were any of your buyers Pre-Qualified or Pre-Approved?
Not all ‘buyers’ are able to buy
Pre-qualified means they’ve just talked to a lender and said, ‘I have good credit and I make X number of dollars per year,’ The lender responds that the buyer can reasonably expect to borrow a certain amount of money.
Pre-approved however, means they’ve already applied for the loan, the bank has verified their financial information and if nothing changes, undertakes to loan a specific amount at a specific interest rate.
14. PRE-CONDITIONS of Sale
Includes Subject to Finance/ sale/ settlement, building or pest inspection.
These must happen or the process starts again
15. PINCH OF MAGIC FAIRY DUST
As you can see, there are many factors involved.
Any number of things can go well and at times so wrong.
Sometimes, the planets don’t/ didn’t line up or Pot Luck is/ was against you.
Then it’s onto to Having Perseverance, Never Giving up & a New Plan.
You and I cannot Control the Price as that is up to the ‘Market‘…
However, We Can Manage and Monitor the Process.
If ALL This is/ was in Place, Your Property Should Have SOLD!
The ‘LOGICAL’ Price is the Likely Sales Price!
If EVERYTHING ELSE IS FIXED
You Have Tried the ‘EMOTIONAL’ Price
There are FEW or NO OFFERS