That is a question that every seller asks when their home isn’t sold. And it is a very valid question.
Let’s look at a few things:
- The number of buyers that begin their search on the internet is approaching 90%
Does your home have an exceptional internet presence? Sure, it is on the MLS, and that means that some sources that get “feeds” from the MLS will have it, like Realtor.com. Your agent may also post it on Craigslist… good strategy, but not exceptional. Does your home have a website? What is on the website? How does it compare with other homes in your neighborhood?
- Buyers want to see pictures.
FMLS allows 12 pictures. This is up from 8 pictures last year. Only about 20% of listings have 12 pictures. Only about 10% have a virtual tour of some sort. Almost half of the listings don’t even have 8 pictures. About 15% only have one picture… or worse, NO picture. If there aren’t pictures, buyers won’t take the time to visit the house. If the pictures aren’t good, the buyers won’t take the time to visit the house.
- What is in the ad copy?
If you’ve spent any time looking at listings, you will notice that most of the ad copy is interchangeable. I wonder if some agents just recycle the same stuff for every listing. Listing the features and rooms of a house isn’t going to sell the house. It might get a look, and there certainly is a place for telling a buyer what is there, but look at the advertising that grabs your attention and makes you want to look into a product… is it facts and figures? Or is it about lifestyle?
Here are a few things that you should be doing with your agent:
- Look over the agent and buyer copies of the listing sheet.
- Review where the property is being promoted (keep in mind that there will be extras and it is very difficult to keep up with every Craigslist ad… sometimes they are updated every two days).
- Make sure that your property has a website and that it is promoted on all of the flyers, ads, etc. There is a lot more space to talk about the property on a website than any flyer.
- Review the other houses that a buyer might look at to see exactly how yours stands up.
- Be honest with yourself.
- After looking at the other homes, put on your “I’m a buyer with no preconceived notions about any of these houses” hat… and think about how your home compares to the others.
- Look at the price again.
Here are a couple things to keep in mind:
- Buyers prefer a house that is ready to go, even if it costs a little more than one that “needs a little TLC.”
- Buyers won’t overpay for a house.
- Buyers probably won’t look at a house if they think it is overpriced.
- Buyers will start to form their opinion of your house BEFORE they step through the front door.
- Buyers will start to form their opinion about your house before they get into the neighborhood.
- Buyers will start to form their opinion about your house when they see the first picture… at this point it is likely that their opinion is positive… that means that if they are coming to look they are excited about your house and if nothing spoils it, they will remain positive.
- Details matter… even details that shouldn’t matter.
- If your house isn’t available, there is a good chance it won’t be seen by that buyer later… they will just move on.
Yesterday I wrote a post on my Active Rain blog about a listing I ran across that was Unacceptable. That kind of situation angers me. And there isn’t much I can do about it. But, hopefully I can educate a few sellers so that they aren’t victims of this type of behavior.
We will cover this subject in the Seller Seminar in May.
