My Home Isn’t Selling, Is it My Price or My Realtor?
“My Realtor called to remind me that my home hasn’t sold. He says it’s because my price is too high and that I should drop the price. I think he’s not marketing it as aggressively as he should. Who’s right?”
That’s a question asked by many sellers in today’s real estate market. Actually, it’s a question that’s probably been asked since the beginning of time.
“Hello, Caveman Realty, may I help you?”
“Yes, I want to fire my caveman agent because my cave isn’t selling.”
Surely, that conversation could have occurred.
Let me try to answer the question with which I began. Is it the price, or is it the agent? First, it could be the price. Maybe your agent is right. Perhaps the market just won’t accept the price you are asking for your home.
If the price is too high, all the marketing in the world probably won’t sell it. You see, your home is just a commodity. If the price is right somebody will buy it. If the price is too high, nobody will buy it. That’s not rocket science.
The key is finding out exactly where the price needs to be. How do you do that?
You could interview several experienced agents to collect several price opinions. You could pay for an appraisal from a licensed appraiser (just remember that’s only an opinion too). But the best information is how is the market responding to your price? Are you getting showings? Are you getting offers? If not, your price IS probably too high.
“But no one has even made an offer.”
That’s right. Buyers don’t make offers on overpriced homes. They simply move on to find one that’s reasonably priced. If you fight this concept you are sure to lose. It is a basic truth.
Second, it could be the agent. If your agent doesn’t have a well conceived marketing strategy it certainly could affect the outcome. So, what should you expect from your agent?
Having sold over 1,000 homes here is what I would expect from any good agent:
- Place the home in the local Multiple Listing Service
- A professional sign in the yard
- A brochure box which is kept full at all times
- Strong internet marketing across multiple web sites
- Color real estate magazine advertising
- Open House if the home is located in a high traffic area
Everything else an agent does from networking to other forms of advertising generates very few buyers (no matter what they tell you).
I believe that price is 80 percent of getting the home sold. Marketing makes up the other 20 percent.
Some sellers jump from agent to agent when their home doesn’t sell. But 99 times out of 100 the home doesn’t sell unless the price is adjusted.
So, when your home isn’t selling, there’s a 20 percent chance that your agent’s marketing strategy is flawed and an 80 percent chance that your price is too high.
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I’m Dan Forbes and I want to be your Realtor and resource for all Bradenton Real Estate needs.
