As a seller, if you find that your property is not attracting enough interest or generating any offers then it is essential you take steps to re-evaluate your marketing campaign and approach to selling. Perhaps there are improvements or changes that can be made.
We usually find that there are some key reasons that a property does not sell, and we have tried to outline them below, and have also gone on to mention how we might be able to rectify this for you.
Has Your Property Been Overvalued?
Very often, the reason a house does not sell is because it has been overpriced, either by the agent or by the vendor. Overvaluing property is the oldest trick in the book for an agent to win the business. They put over inflated values on property then ask for the price to be reduced when things are not going in the right direction. Vendors tend to over inflate the asking price because they think they are not in a hurry to sell so might as well, and they wrongly assume they have nothing to lose. The reality is that over 90% of the time the best price paid for property is within the first 3 to 4 months of a sales campaign. After that, purchasers start asking questions of the sale such as, is it over priced, or is there something wrong with the property? If a property is priced sensibly from the outset it will generate interest allowing for a negotiation – which is the number one rule of selling houses. An overvalued property means that more often than not it will sit on the market for a long time, and end up being sold for less than what it is worth because frustration creeps in and people just want to move on with life.
Always ask your agent what comparable evidence they have used to equate value to your property. Pulling figures out of the air is not an effective way and should be avoided at all costs.
If you are in the position where your house is lying stagnant on the market with an estate agent who rarely communicates and when they do it is to advise a price reduction, then you are with the wrong estate agent. The solution is to talk to alternative estate agents and listen to what they have to say. There is no harm is listening to their advice and it should not cost you anything. (If it does, then walk away).
Does Your Home Lack Kerb Appeal?
Take a second to step outside and look at your home from a buyer’s perspective. The outside of your home sets the tone for what is inside, so it’s really important to make sure you feel proud of what you see. The exterior often – but not always – tends to be the leading image used online when marketing your property – always remember that. Tidying up the garden, fixing the broken gate, or painting the front door will all give your home kerb appeal. When potential buyers do a drive by and spot your ‘For Sale’ sign, these are all things that will make them want to book a viewing.
If in doubt, ask friends or relatives if they can spot anything that might put a potential buyer off. It is always better to know and resolve where possible so it does not end up being an issue or point for negotiation further down the line.
You haven’t instructed the right agent
Deciding what estate agent to use is the single most important decision you will make when selling your home. You need to base your decision on so much more than what they value your house at. If you are not getting the results you want with your current agent then it is strongly recommended by us that you ask your agent what they intend to do to improve your property’s marketing campaign. Any experienced agent will provide alternatives and a plan to reassure you. However, we believe that your agent should be approaching you with this plan rather than waiting for you to approach them. You want a proactive agent, not an agent who signs you up and then is rarely in touch. If you find that your existing agent is no longer your preferred option for handling your sale then give notice before terminating your contract and looking elsewhere.
Does Your Property listing look sub-par
It is essential that your property is presented to the market by your agent looking its very best. This means high quality photos that have been thoughtfully captured to show your home in its best light. It means a potential video tour so that interested buyers can see the flow of the property. It means an accurate and precise description – buyers are savvy to wordy sales talk and want the facts delivered fluently. If the listing of your home includes a poorly written description and low quality (or little to no) images, a lot of buyers are likely to skip over it. It is essential that your agent puts a huge amount of effort into creating a listing that attracts the attention of buyers.
All the above things considered, it is important to keep calm during this process and accept that things can take time. Stay in regular contact with your estate agent and informed about interest levels in your property.
If you would like any guidance on selling a property in Scotland, please contact us.