What To Do When Your Home Isn’t Selling

Sellers | 5-minute read

Everything is subject to change. Some change is good, and some is beyond our control. The real estate market is one of those things.

So what do you do when your home isn’t selling? How do you position yourself and get the results you want (and need!) faster when yours is one of three within the block? Read on. I’ve got a few points!

1. Reducing The Price May Not Be Your Best Choice

It’s logical to assume that if something isn’t selling, it’s probably overpriced. But … imagine the following scenario - and I admit, I embellished it a lot to drive the point across - but here goes:

 This 1 1/2-storey home, located at the end of a dead-end street in a fairly desirable neighbourhood, had been vacant for a few months. The sign, which was installed on the day of listing, blew over within a few days and has not been maintained ever since. The online posting of this home showed an incorrectly marked location along with a very short write-up and just a few outside photos that were taken on a rainy day. After three months on the market with hardly any calls and no showings, the sellers, who had the home rented out, are baffled at the apparent lack of interest in their home.

What should they do to get some activity going? Drop the price?

Here’s the thing: There are really only two reasons homes don’t sell.

Most people think that the number one reason is that they are overpriced, but that is actually the second reason. The number one reason that homes don’t sell or don’t sell for as much as they could be selling for is that they are under-marketed.

Here’s how you know:

If you have tons of showings on your property and no offers – or just lowballs - it’s overpriced. And you might be thinking, yeah, but what if it’s just a tough layout or location, or ... you name it? And I would say, absolutely! But the reason it’s not selling is that it’s overpriced for that particular property and location. To get some action, you either lower the price or raise the value by improving the condition of the home.

If you have had barely any showings and it’s just overall … crickets … it’s likely under-marketed. Perhaps even a combination of both.

It’s like the GoDaddy commercial. You could be the best shoemaker in the country; if people don’t know about you, however, and you’re not findable in the marketplace, you’re not going to be making too many shoes.

Marketing is anything and everything we do to get the right people in the door - quite literally - to view your home. If your home is hard to find online, incorrectly mapped and poorly photographed and described – which is just the basics – it doesn’t matter what it’s priced at.

And then there are agents who are able to deliver results on a whole different level, and I call that magnetic marketing. The results can be mind-blowing, and I’m thinking that’s what you want … which brings me to the next point:

2. Whom You List With Matters

Not every real estate brokerage is the same. You want an agent who doesn’t just talk about themselves and how awesome they are. Obviously, it’s a highly competitive industry and what really matters to you are results. You’ll be able to recognize the agent that has weathered the storms, has a solid reputation, and a zero drama tolerance. Your cousin’s brother-in-law, who just got his license a month ago, might not be your best choice. You know what I’m saying?

 You want a world-class agent who knows how to position your home in the best way, get you on all the right platforms and in front of the right people and get the job done. Also, consider the advantages of working with a local professional. While that may not apply as much in the hustle and bustle of the great big city, it can make all the difference in the small town or rural community, where the inside scoop and the right connections of a local agent are invaluable.

3. Show Me The Money

It’s the universal motivator. Every single day people all over the world, in some way or another, trade their most valuable commodity - their time - for money. Agents are no different. You may not have thought of it that way, but … they, too, have to somehow feed their families.

Most sellers look at the commission as a liability. Their focus when hiring a professional is to get the lowest commission rate possible because, naturally, they assume that the lower the rate, the more they net. And there’s a whole conversation that we can have one day but imagine you arrive at work tomorrow … bright and early … and your boss announces that if you’re able to finish this new project twice as fast and achieve the results they expect - your pay would be doubled!

What would you do? Would you work extra hard and be a lot more creative in your approach to get the bonus pay? That’s entrepreneurship 101, I guess.

The bottom line, I think, is that the commission is actually an asset. And since we typically get what we pay for - if you want world-class results, hire a world-class agent!

After all … you can’t drive a ‘Caddy’ at a ‘Volkswagen’ price.

So! If you’re finding yourself in a situation where your home just doesn’t seem to get the action and attention it deserves - instead of dropping your asking price by $10,000 (which creates a certain connotation), consider offering a $10,000 bonus to the selling agent and get ready for some serious traffic!