Posted on Sunday, September 16, 2012
The toughest discussion we have with sellers is this one – why isn’t my property selling? When reviewing this predicament with a seller we think there are a few principles worth reviewing for our Naples, Florida market (as well as anywhere else!).
We like to start with the traditional factors of Location, Condition, Marketing and Price and add some side effects from the online world and the international world. Let’s work all this over this morning.
Location we all know. But if your property is not selling there is not a lot you can do here. You cannot move your property. However you might take some time to understand any new activities in your location. For example after you listed your home did new construction start up nearby? Location is the toughest one to change but look around and see what is going on in your area. You might come up with some ideas.
Condition. No seller likes to hear their house is ugly. Surprisingly buyers may overly discount a property in poor condition and the reasons vary. Buyers may not want to do the work to improve it. Buyers may assume if the things you can see look bad then maybe the things you cannot see must be bad too. Buyers may not understand how straight forward some improvements may be. Check your viewing feedback and see what the buyers are telling you. Maybe some paint and carpeting. Maybe something more. Maybe some staging to “de-clutter” and make those key rooms pop. Be careful, maybe condition is not the reason your property is not selling. Look at the feedback, look at the competing properties and consider condition improvements as all or part of the answer.
Marketing. Make sure your Realtor is marketing your property to your satisfaction. In this online world where it is estimated 80% + of Florida buyers start online you better make sure your property is out there in the online world. Pictures are nice, videos are even better and do not forget all channels in the social network – linked-in, twitter, Facebook, blogs, proprietary websites, and more. Does your buyer show you the online inquiry results for your property?
International buyers are an estimated 20% + of the market in Naples, Florida. Make sure your brand is recognized, your Realtor is reaching out overseas, and those international buyers are comfortable with your approach.
Ok, ok, price. We mention this one last because you really should challenge location, condition and marketing first. Do not let your realtor start off with a price reduction without considering the other factors first. But if you have accounted for location, condition and marketing, let’s talk price. Re-run the comparative market assessment (CMA) again for starters. This is an automated process in our Sunshine MLS but any good Realtor can do this for you. Make sure you understand the assumptions in the assessment. Also we like to consider only homes sold in the last year and make your adjustments from there. This tends to take out the go-go days of higher priced homes. In addition we are finding a big premium for new construction. So if you have an older home you might discount further (we like older homes but buyers are buyers!). The result? You may want to drop your price.
A final thought which may prove useful. Given the large number of buyers starting online these days Coldwell Banker research shows you should have a good probability of repeat visits and/or an offer in about four weeks. Why so fast? The online buyer tends to run their search, view your property and decide to go see it or set it aside fairly quickly. If you do not see real interest in four weeks you may need to make some changes. Another online pattern we see is a stable number of online views with no visits – a probable sign your marketing is working, but price. location or condition need attention. talk to us about online real estate marketing.
If you would like further information or more ideas regarding what to do about slow selling properties give us a call at 239.595.3921 or visit us at NaplesBestAddresses.com.
Good luck and have a great day.
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No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
Some of the data relating to real estate for sale on the NaplesBestAddresses.com website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA
REALTOR Coldwell Banker 5th Avenue South
Mobile: 239.595.3921
NaplesBestAddresses.com
Facebook: NaplesBestAddresses
Twitter @mcgoebel
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