Listing your home for sale can be a polarised experience. There are some Gold Coast properties that, for one reason or another, will just fly off the market as soon as they land, but unfortunately, there are others that just... don't. For those who have been subject to the latter, it's no secret that there are few things more stressful than a home that seemingly refuses to sell. But why does this happen? Here are 5 reasons properties don't sell:
Your home is overpriced
The cold, hard truth of any property sale is that the buyer sets the price. The difficulty is negotiating any emotional attachment you have with the property; putting a price on your memories is tough, and so being objective and realistic is often the solution. In fact, overpricing is the most common reason that properties don't sell. Your premium pricing could even be costing you in the long run, with buyers being quickly priced out of the market; these buyers are likely qualified for finance at a more realistic price. If you did find a buyer who was willing to pay your ideal price, the deal could still fall over if the property failed to appraise at that figure, resulting in the buyer unable to attain finance.
An overpriced property that has been on the market for too long starts to raise questions. It becomes no longer a case of "They're asking too much", but a question of "What's wrong with it?".
Your home doesn't stand out
When your home is competing in a saturated market, you need to ask yourself, "Why would I buy this property?" or, "What makes my home different?". Understanding your unique selling proposition is a critical factor when it comes to preparing for Open Homes and Inspections. If you've got an exciting outdoor area, then showcase it! Pay extra attention to tidying up and cleaning; remember, your home should be at its best if you're serious about selling.
You're in a bad location
Location, location, location. This is, fortunately for some and unfortunately for others, the greatest influencer on a property's sales success, and is often out of your control. Your home might be worth an absolute fortune if it were a stone's throw away from the ocean in Mermaid Beach, or overlooking the water from adjoining directions in Hope Island, but as with all Gold Coast real estate, a good agent should be able to help highlight the positive features of your property and minimize the negatives. Whether this is by securing privacy or dampening noise pollution in areas by using foliage, you should always try to focus on mitigating the impact that negative aspects of your property might have on your asking price.
Your agent isn't good enough
There are bad eggs in every industry, and unfortunately, the Gold Coast real estate industry has had its fair share of lousy agents who will ultimately waste your time and money. Choosing the right real estate agent is crucial to your property's success. Empowering yourself by researching agents beforehand is imperative when it comes to preventing stress in the future. Look for their credentials, their experience in the industry, their reputation, and what other, real people, are saying about them. If it sounds too good to be true, then it probably is.
You have ineffective marketing
In 2015, the northern Gold Coast real estate market is as competitive as ever. Gone are the days where you could simply place your listing, sit back and wait for the phone to ring. A good agent will be assertive in their marketing efforts; they'll fight for your property and qualify buyers before they set foot in your home. A good agent will provide you with an effective marketing strategy, and they'll optimise the medium (classifieds, online etc.) to best suit your home. The best agents know how to combine digital marketing with traditional marketing; they aren't afraid to do something different if they know it will work and will be cost effective.
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