Recently, there was an article on the Straits Times that touched briefly of some reasons why some homes are unsold. However, after reading the article, we felt that the article shared only technical details about the home itself, and lacked elaboration on what shuns off buyers.
8 Things that leave houses unsold.
- Know what they are and you can avoid them when it’s your turn to sell.
You might be in this scenario: You're done with all the in-depth calculations and planning, and you're ready to move to the next step of your homeownership progression. The final step - Selling your existing property to move to a better one.
Inorder to step up this process, you decide to engage an agent to market your property. You hope to be able to sell your unit within the shortest possible time, and get the best price for your property.
You excitedly give marketing rights to your agent in hopes of a quick sale. You receive a few viewings and enquiries, however, none of the offers could be closed.... After about 30 days, your excitement dies down and you start to worry why your unit is not selling.
Being in the industry, this situation is one we have encountered hundreds of times.The good news is that your home can sell if you make a few adjustments. These are the 8 things that leave houses unsold.
1. Is your home messy?
If you are planning to put your property up for sale, you usually need to do a little more than a quick spruce (unless you keep an amazing home all year round).
Declutter, declutter, declutter make sure that your home looks presentable to all potential buyers. The buyer's first impression of the house determines his decision later, a good impression reflects more "interest" subconsciously.
2. "What's that smell?"
Yes, even smells have an impact on whether a buyer likes your house, or walks out quickly for fresh air. We may love our beloved pets, and might be accustomed to their smells, but our buyers are not. Buyers do not really want to smell other people’s pets, especially when it’s in an environment they are trying to imagine kicking back and relaxing in.
Other smells that buyers dislike are cigarette smoke, strong odours from spices, overpowering perfumes, incense and joss sticks.
A good habit would be to always present your home as airy and fresh smelling as possible.
3. Have you cleaned every part of the house......really?
No one likes stepping on dirty, sticky, or mucky floors and having that unpleasant feeling on the sole of their feet. Thoroughly clean the entire property, including all those areas you think no one notices. (They will notice)
Living areas, backyards, bathrooms and toilets should get extra attention (you’d be surprised how many people use the bathroom for an inspection).
A good preparation only leads to a good impression and a happy buyer. And this gives you a better chance to close the deal!
4. Have you patched up all flaws?
After some years, your property might have some hairline cracks in your walls or floorings, some water stains or marks..etc. As a seller, you might think are just minor flaws, and the buyer can just easy patch them.
The truth is, as a seller, you might think these are small flaws, but to a buyer, these are "expensive and costly" flaws. And it could result in $10K -30K reduction in your offer.
So spending the $1K-$2K to paint, patch and renew your house may actually yield a higher offer!
5. Are your marketing strategies boring?
In our digital generation, we are getting bombarded with new advertisements and media everyday. Advertisers and marketers are spending thousands of dollars every year to pay a creative team to generate new advertisements to capture the attention of their customers.
Similarly, buyers are too used to and BORED of the normal advertisements they see in online portals, newspapers, flyers.. etc.
You need to employ new creative marketing techniques to capture their attention. Otherwise, buyers will subconsciously miss your advertisements too. That is why for our clients we employ different creative marketing strategies, eg Video Marketing, Social Media Marketing..etc
*Ask yourself this question, do you notice the advertisement on the bus you saw today?*
6. Were you present when buyers came to view your house?
This is one of the most important aspects that we do, during a viewing session. Which is to gently ask for all of the family members to vacate the premises for that period of time.
Why? You may think that you’re being helpful by walking the buyer through your home and pointing out all the wonderful features and details about your house. Unfortunately, the buyers might be trying really hard to ignore, minimize or figure out how to undo the very features of your home that you hold dear.
Buyers prefer to view a property without any activity or disturbance so they can focus on the physical appearance of the unit. The peaceful setting also allows buyers to feel at ease and imagine themselves staying in the unit themselves.
7. Do you understand the buying psychology?
Being experienced real estate agents, we have understood the buyer's psychology and thinking. It takes experience to figure out each buyer, however there are 4 main stages buyers go through:
1. Awareness - What do I need & want? Usually this is the stage the buyer goes for many viewings.
2. Interest - What do I like? This is where keen buyers start to identify units and shortlist.
3. Consideration - Why are you better? At this stage, keen buyers have shortlisted 1-2 units, and will start to make offers.
4. Purchase Intention - I want to buy! Congratulations, at this stage, usually the buyer is keen and will give more sincere and genuine offers.
A good understanding and grasp of the buyer;s psychology will allow you to prioritize time on buyers that are more genuine. And also allow you to use various strategies to stir interest in buyers who are in the consideration stage.
8. Remember you are trying to sell your house!
This might seem funny and even ridiculous, however it is a silly fact that happens to most sellers. During the marketing process, after repeated failed viewings, sellers start to get demoralised.
Sellers start to get disillusioned that their property cannot be sold. This negativity actually carries over to your presentations and viewings for potential buyers. And it eventually leads to a self-fulfilling prophecy.
During this process, sellers may even forget the reason why they are selling, and their objectives! Usually people sell their houses for various reasons,
- some to upgrade to a bigger house
- some to restructure their portfolio
- some to cash out
- some to have a change in location - and many more
Most importantly, focus on your objectives and reasons of selling! A good agent is able to always focus on their client's objectives in order to plan an effective marketing strategy that is dynamic.
All in all, nobody is perfect, homeowners and even agents themselves may get caught up with the busy-ness of life and make mistakes. But because of our past experience and expertise, we have created a checklist to make sure we do not miss anything out, and our owners understand the marketing process too.
Currently, some of you might have agents marketing for you. However, it is always important to focus on the reason you are selling and your objectives. If you are unsatisfiedwith the results, maybe its time to seek for better professional advice.
In order to serve my client's effectively,
- Understand our seller's objectives and motivations - We always Qualify the buyers before arranging.
- Set clear Date and Timings for viewing - Listen and Understand the potential buyer's needs and preferences - Wholeheartedly invest our time into ensuring a win-win solution for both our sellers and potential buyers
In short, it is not the quantity of viewings that matter – but the quality of the viewings.
If you currently selling or thinking of selling, or maybe you would like us to do an assessment on your existing property, please feel free to contact us for a consultation session. We are dedicated to helping our clients get the highest possible price, within the shortest possible time.
Warmest Regards, Teoduoproperty
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