Sellers, here’s how to bounce back from a stale listing
While every owner wants to sell their property at the best possible price, overpricing a home can be the kiss of death for a sale.
According to David Jacobs, Gauteng Regional Manager for the Rawson Property Group, modern buyers are well-informed on what they can expect for their money. They have little patience for unrealistic prices, and are very likely to avoid overvalued properties altogether. This, he says, has left many a misinformed seller with a stagnant listing attracting no interest on the market.
“A lot of homeowners who have overpriced their property, either of their own accord or because of poor advice from their agent, end up selling for far below market value because they don’t know how to bounce back from their mistake,” says Jacobs.
Here are his top tips on how to go about remarketing a previously overpriced home.
Plan a fresh start
“Buyers who recognise a listing as having been on the market for months without selling are going to assume there is something wrong with the property,” says Jacobs. “The best way to work around this is to take your old listing down, spruce your home up a little, take some updated, high-quality photographs and write a fresh description for a brand new listing online. That way, there’s a good chance that prospective buyers won’t instantly recognise your home and jump to any negative conclusions about its desirability.”
A coat of paint on key areas, a garden clean-up and a good decluttering is often enough to convince buyers to give a home a second chance.
Don’t make the same mistake twice
No amount of pretty pictures and descriptive adjectives is going to sell your home if you get the price tag wrong a second time. To avoid that get a revised set of valuations done before re-listing, preferably by two or three agents who are active in your area.
Top tip: While experienced agents can often make a very accurate “gut-feel” call about the value of a property make sure that your agent can back up their estimation with real market facts and trends.
If you’ve already listed your property at the wrong price an intelligent remarketing strategy is even more important. You need to overcome any negative associations buyers may have formed about your home and ensure the new listing gets seen by the right people in the right places at the right times.
Be transparent with buyers
It’s always a good idea to be honest and upfront with prospective buyers, but it’s even more helpful when you’re trying to bounce back from overpricing. Anything you can do to set buyers’ minds at rest about potential flaws or defects is a great idea. That includes getting copies of approved plans, writing comprehensive defect lists, or even getting a professional home inspection report done so that all your cards are on the table. There’s nothing more comforting to a buyer than a seller who is 100% above board.
Defect lists are best drawn up with the help of your agent, who can assist you in being clear and unambiguous without overplaying ordinary flaws. Professional home inspection reports can be commissioned at any number of inspection agencies, but make sure your chosen inspector is fully accredited.
At the end of the day you should partner with an agent that you trust and feel you can accept guidance from while realising the value of asking questions and making suggestions. Open communication across all channels is key to getting the results you want in the time frame you want.