When a property fails to sell within the first few months, it may be important to reevaluate your real estate marketing plan and come up with a new strategy. Here are some actions an agent can take to breathe new life into a listing that has been on the market for three months or more:
One reason a listing doesn't sell quickly may be the pricing. It may help to evaluate the real estate market conditions and compare the listing price to similar properties in the area. If the price is too high, consider adjusting it to a more competitive range. This can attract buyers who may have overlooked the property previously. Price reductions, while they may feel discouraging, can help generate new interest and help motivate buyers to take action.
Another tactic may be to take a fresh look at the listing description, including the photographs, property features and virtual tour (if available). Ensure that the description accurately reflects the property's highlights and unique selling points. Consider hiring a professional real estate photographer or videographer to capture high-quality visuals that make the property stand out. Listing Media Services from ShowingTime+ packages offer quality real estate photography and rich media. You may also want to revise the property description to highlight any recent updates, renovations or unique features that might catch buyers' attention.
If the listing hasn't gained sufficient exposure, it may be time to broaden your real estate marketing plan. Explore additional real estate marketing ideas and channels such as social media, online classifieds, real estate websites and local publications. Leverage the power of targeted online advertising to reach potential buyers who may not have seen the listing previously. Utilize video in your real estate marketing plan to showcase the property's unique features and help attract more attention.
Reach out to fellow agents in your network and share the listing with them. Collaborate with other agents who may have buyers looking for similar properties. Consider hosting an agent open house or real estate marketing networking event to showcase the listing and generate interest among industry professionals. By tapping into the power of collaboration and sharing real estate marketing ideas, you can help increase the visibility of the property and potentially find a buyer through your network.
Having a listing that doesn’t seem to be drawing interest can be frustrating for you and for homeowners, but by using a few basic tactics you can adjust your real estate marketing strategy and refresh the listing. If you need updated, high-res photos and a virtual tour of the property for your listing, be sure to check out Listing Media Services from ShowingTime+.