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So, it’s your best dream but also your worst nightmare – your home listed For Sale has TONS of interests and appointments, but nobody is putting in an offer…. What’s next?

Well, there’s some good news and some bad news...the bad news is there is no magic “trick” or single method or marketing campaign that will do the deed of selling your home on its own. BUT, the good news is, there is still opportunity; opportunity to take action & analyze the facts of the property to determine what needs to be done in order to get the house sold. 

1 - First Things First – Create a New Competitive Market Analysis

At this point in the process, if you are having to do a new CMA, your listing has most likely been on the market for ages. In this scenario, you now have resources such as feedback from potential buyers & agents and new competing prices for pending sales and active listings in the same or surrounding neighborhoods. By doing a new CMA you will be up to date in making sure your listing accurately compares selling next to the other listings in the area. Make sure to look at things such as how many days the listing was on the market, number of other homes comparing to yours and the list-to-sell-price ratio.

2 – Re-Evaluate Your Motivation 

Re-think why you are selling in the first place and when you want to move (ideally). Is there a set or flexible amount of money you are wanting to net after the sale? Maybe your expectations or motivations have changed since first putting the listing on the market? Sometimes a price-reduction can be the key to not only getting the listing sold, but also helping you move on to then focus on your next home. 

 3 – What About Leasing-to-Own? 

Research and think about potentially becoming a landlord and leasing out your property instead. Again, with this option, make sure to look at the competition of the market with leasing options and price points etc. Also, make sure you are well aware of the realities of becoming a landlord. With this in mind, it wouldn’t hurt to even check out property management companies like Palmetto Equity Group to do all the work for you. Property management companies know all of the ins and outs with renting out houses and landlord responsibilities. So if this option has true potential for you, don’t hesitate to ask a management company for advice in which path to take next. 

 4 -  Set up Tours of Other Competing Homes

To get a better glimpse of your competition, set up appointments to view similar homes in the area. It's possible sometimes to have false ideas of what you 'deserve' from your listing without doing proper research. Go out to some houses around the area to compare your listing, its updates and the details of its price point.  

5 – Possibility of Taking the House off the Market 

Honestly, sometimes listing a home and the timing of it together are all about luck. Some listings (along with all of its details such as location & price) are just not listed during the most prosperous time. Depending on the year and location of the listing, there are certain times that are more advantageous to list. With this in mind, after doing research and comparing your listing to other similar ones in the area, determine if you are willing to take your home off the market to re-list when the time is most opportune (like during the Spring when weather is nice and more people are opt to move). 

6 – Is it Possible a Price Reduction Will be Successful?

 What is the potential of decreasing the price point – if and when the home starts to slow down on showings and interest? Most of the time, when a property is sitting on the market with no interest, it could be a great move to reposition the price to reflect prospective buyers’ expectations. If you do end up decreasing the price, make sure the marketing with this change goes hand-in-hand. It is critical to keep the marketing campaigns and listings up to date as much as possible. 

7 – Are There Possible Improvements That Could be Made?

 Most of the time, this can be the hidden key to getting a lingering listing sold. You would be surprised how a little bit of sprucing up and staging can totally alter the amount of attention your listing is getting from prospective buyers. Simply freshening up the curb appeal with new greenery or rocking chairs on the porch can bring in tons of people wanting to see more. However, if price is an issue here, do your best to research contractors who will accommodate waiting for payment until closing. 

8 – Using an Improved & New Marketing Campaign

 Property updates and price changes are crucial to market about. Especially if you have the house staged or had improvements made. You will most likely need new photos, new flyers, and new marketing strategies for OPEN HOUSE. Consider partnering with a great food place or even a charity so that not only will your ‘open house’ be marketed to more people, but your outreach of prospects will be larger. Lastly, be sure to post about the updates and new price on all media sites you can. The more the merrier!

9 – Always Stay Updated

 Weather you are listing as an owner or having an agent list for you, make sure you are always on-top of what is going on not only with your listing, but the others in the area!

Source: https://magazine.realtor/sales-and-marketing/feature/article/2019/11/9-tips-to-sell-that-lingering-listing