Property on market but not selling?
The decision to sell a property is often accompanied by anticipation and expectations of a smooth and timely sale. However, if your property has lingered on the market without attracting potential buyers, frustration and concerns may start to mount. In this article, we explore common reasons why a property might not be selling and offer actionable strategies to overcome these challenges.
Pricing Realistically
One of the most common reasons for a property not selling is an unrealistic asking price. In a competitive market, buyers are well-informed, and overpricing can deter potential buyers. Consider reassessing your property's value based on recent comparable sales and market trends.
It is also extremely important you do plenty of your own research on recent sale prices and currently marketed properties. Rightmove and Zoopla provide access to these information and you should be checking them thoroughly.
Choose the right agent
This point links to the point above. All too often, we carry out a valuation at a property and present sellers with evidence of comparable properties that have sold recently and are currently on the market, only for the seller to then choose an agent that has provided them with an extremely high valuation. The result? Their property becomes stagnant on the market and lacks interest.
Your choice of agent should be a combination of different things, such as the quality of their marketing, the research they have provided as evidence, their Google reviews and their general service.
In terms of type of agency, we always recommend you go for a quality, independent agent rather than an online one or a corporate. The reason is simple. The independent companies will work extra hard for you as they would appreciate the business you’re giving them more than the other type of agencies (yes, we’re biased here!).
Property Presentation
First impressions matter. If your property is not presenting well, it can hinder its sale. Ensure your property is clean, well-maintained, and aesthetically pleasing. Consider minor upgrades or staging to enhance its appeal.
Let us give you an example of why presentation matters. We had two properties on the market at the same time recently, both identical in layout and size, but one had been staged to a good standard, whereas the other one wasn’t. The staged property showed much better in the pictures and videos, and even though it was marketed at £15,000 more, it generated a lot more enquiries than the other.
Marketing Strategies
Review your marketing strategies. Are you reaching the right audience through various channels? Collaborate with your estate agent to explore innovative marketing techniques, such as virtual tours or targeted social media campaigns, to attract a wider pool of potential buyers. At Lyss Homes, these come as standard with our sales service.
In the current market, we strongly recommend against trying to test the market at a higher price. We’ve seen sellers do this and fail. The property advert becomes stagnant on the market and fails to generate interest. The best strategy currently is to price it to sell, and to remain competitive with similar properties in on the market, which bring us to our next point.
Competitive Analysis
Investigate the competition in your neighborhood. If similar properties are selling faster, it might be worth examining what distinguishes them. Adjust your strategy or consider enhancing your property's unique features to stand out in the market.
Flexibility on Terms
Evaluate your flexibility on terms of the sale. Are you open to negotiation on price or other terms? Being adaptable can attract more potential buyers who might be looking for a deal or specific conditions.
Agent Collaboration
Communicate openly with your real estate agent. They can provide valuable insights into the market, pricing, and presentation. Collaborate on adjusting your selling strategy based on their professional recommendations. Any good agent will have your best interests in mind so take their advice on board.
Targeted Property Improvements
Identify specific aspects that might be discouraging potential buyers. Addressing issues like outdated fixtures, minor repairs, or unappealing landscaping can make a significant difference in attracting buyers.
Buyers tend to be very visual so the better your property looks or ‘feels’, the more likely you are to find success.
Understanding Market Trends
Stay informed about current market trends. Economic conditions, interest rates, and other external factors can impact the property market. Adjust your approach based on the evolving landscape to remain competitive.
When analysing the news, always keep in mind that the statistics and data used cover entire cities. However, in cities like London, each location has its own micro-market where prices may not be following the average trends. Keep an eye on the market in your area.
Feedback
Gather feedback from potential buyers who have visited the property. This can provide valuable insights into aspects that may need improvement. Use constructive criticism to make targeted adjustments.
Your agent should be providing regular feedback so you know how your property is performance. Here at Lyss Homes, we provide weekly feedback for our clients so they know how many enquiries have come in, viewing requests, booked viewings etc.
Reassessing Timing
Timing plays a crucial role in the real estate market. If your property has been on the market for an extended period, consider reassessing the timing of your sale. Seasonal fluctuations or market cycles may influence buyer activity.
While the challenges of a property not selling can be disheartening, proactive measures and strategic adjustments can reignite buyer interest. By staying flexible, collaborating with professionals, and addressing potential hurdles, you increase the likelihood of a successful sale. Remember, the property market is dynamic, and with the right approach and agent, your property can find its deserving buyer.
Want to sell or let your property ?
We are estate agents and letting agents in Leytonstone, E11 and we are specialists in the East London property market. Request a free valuation and one of our experts will get in touch with you to discuss how we can help you
