If you are a current homeowner who is looking to sell your property, you might be highly aware of this issue.
Has your property been in the market for a very long time and yet there are no results?
Why is it so difficult to find a buyer and get a really good offer?
Is it caused by the:
- poor marketing efforts of the property agent?
- is my house really so undesirable and unattractive?
In my years of experience as an agent, there is usually a combination of both. And when both mistakes are made, it compounds and makes the selling process become even more challenging.
While in my previous article I tackled the issue of mistakes made by the agent, here I tackle the issue of the actual physical property itself.
It boils down to 3 main reasons why your property still hasn’t received an adequate and fair offer.
Reason #1: Price
Is your property priced correctly?
Are you currently selling at a price higher than the surrounding market prices?
The truth is you HAVE TO JUSTIFY the price gap. Otherwise the price is NOT RIGHT and there simply won’t be any takers.
An experienced agent will be able to advise the owner what will be the best price. Not only that, he or she will also be able to educate the homeowner on what will be a good price based on concrete reasons.
Sometimes, the homeowner might forget or are unaware of their objective for selling.
Is it because it is time:
- to extract out those profits
- to upgrade to another home because of family or lifestyle reasons
- find a more convenient place to live
- cut potential losses from a negative cash sale
- to find another place with a greater potential for asset appreciation
Whatever your reasons, never lose sight of it! Having clarity will ensure you are committed to selling your home.
This commitment is important – it positions your mindset to provide the highest possible efforts to attract buyers to give you a genuine and competitive offer.
I have seen a lot of homeowners have emotions attached to their physical home and this becomes intertwined in the price they set. It is ALMOST as though…. they don’t really want to sell their home!
The price you set might simply be a fair & justified selling price. Alternatively it could be really a reflection on the emotions that you have linked to your home.
Nevertheless – do become highly aware of this issue!
Reason #2: Interior of the property
I once encountered a property where the owner had spent $80,000 on black granite flooring. The owner has done extensive renovation and had invested a lot in the interior.
The problem is this – when it time to sell – there was no offers! It was because none of the viewers actually liked the black granite flooring. In the eyes of those who viewed the place, the floor looked unfinished and incomplete.
Most of them were probably thinking – I will have to spend a lot of money to change the floor to my own preferences!
And this is why you have to consider from the point of view of your potential buyers as well. Perhaps the only person who likes your renovation is you?
In my previous point I mentioned about the importance of putting in the highest possible efforts to sell your home.
I have advised homeowners to burn Yankee candles to create the ultimate smell experience.
Just like how hotels and shopping centres have scents to attract customers and provide a relaxing experience – the same effect can be used when selling your home.
Besides simple aromatherapy, other factors that can impact the interior of your home:
- Open Spaces
- Hacked Walls
- Clutter that are simply eyesores
With some inspired furniture arrangement, the spaces within your home can be enhanced.
Hacked walls can also impact the price. There are some 4-room units that are transformed to 3-room units as a wall was knocked down to create a larger living room.
Such extensive renovations can enhance the interior but it can also turn off buyers who really needs the bedrooms.
Finally, become highly aware of the little clutter or messes that exist. These clutter are eyesores to your potential buyers.
<insert before after photos>
Again, the impact might be significant. It might mean the difference between getting a serious offer or simply walking away.
Reason #3: Exterior of the property
Unless you are planning to sell a landed property, you usually have no control over the exterior of the house.
But the exterior I am referring to is usually the views to the outside – as seen from the windows.
There is an interesting story that I like to share about how NOT to handle the window view.
There is this agent who will always bring a potential buyer to the balcony of the house. Every single time, he will bring the potential buyer to the balcony area.
He will stand beside the prospective buyer for 5 minutes.
Just providing good service right?
But the problem is that balcony faces the noisy main road!
The result was that the property STILL hasn’t been sold after 1 year.
Let’s admit it – not all properties are fantastic. But even then, let’s not unnecessarily amplify the negative factors about the house!
We usually have no control on what is happening in the exterior of the house. We can’t really change the views or lower the volume of noise.
Noisy road? Let’s do the viewing during a time when the roads are less busy.
But there is absolutely no need to AMPLIFY any negative impact.
That being said, if there is a positive factor about the property – let’s amplify that and show it off.
For example, if your property somehow faces Little Guilin or a reservoir – let’s take take full advantage of that.
By all means, let the prospective buyers spend a bit longer time to gaze out of the windows and admire the view.
Helping owners stage and sell their homes is something I have been doing for awhile and I gleaned a lot of interesting experiences and learning points in the process.
If you are really committed to sell your home, there are 2 ways to work with an agent:
- Nice words and empty platitudes that might be meaningless in the end
- Sincere but frank opinions of an experienced agent who is committed to help
I do realize many homeowners might have emotional or sentimental reasons that might cloud their own economic reasons to moving forward.
Do seek clarity first why you intend to sell your home and your following plans after that. If you are looking to seek support or discover your next few options, I invite you to contact me for a discussion.