Tips To Manage and Remarket An Overpriced Listing
What should a real estate agent do when they get a new listing and think they’ve got the price right, but it just doesn’t sell? Although many owners price their property high to see how much interest the property attracts and then lower the price according to the available market, pricing too high causes the property to stay on the market longer and decreases its visibility.
The following solutions will help you manage and remarket an overpriced listing.
5 Remedies to an Overpriced Listing
1. Show Your Seller a Market Comp and Help Them Understand the Fair Market Value of the Property
Instead of trying to impress a seller with unreasonable prices, concentrate on educating them. You should use recent market data and statistics to show the seller why you think their property should be listed at a given price.
In addition, prepare a report detailing the number of comparable properties currently on the market in the neighborhood, the number of homes that sell on average per month, and the price point. Through this assessment, you can quickly sell the property.
2. Don’t Repeat the Same Mistake
If a home is wrongly priced a second time, no number of attractive images and insightful descriptions will help sell it. Agents can avoid this by modifying the set of appraisals before relisting. You can do this with two other agents to make sure you price the property correctly.
3. Do an Open House
When a seller hears the words “open house,” they sometimes cringe at the idea of strangers in their home or the expenditure of preparing for the event. But, besides providing much-needed visibility, open houses help drive potential clients right to the front door of a home.
As a real estate agent trying to sell a home that lost market traction, organizing an open house is one of the best ways to remarket the property or get feedback from lookers and potential buyers, which will eventually help you sell the property.
4. Market the Property
Marketing is essential in the real estate industry. It’s not just about using catchy descriptions and beautiful photos. It is also about strategizing and highlighting key characteristics of the listing to attract the right buyer. Develop an effective marketing strategy to increase the visibility of the property.
5. Take the Property Off the Market for 30 days
If you have listed a home at the wrong price and have tried the remedies above to no avail, you may have no choice but to remove the property from the market for 30 days and then enlist it again. This allows the property to show as a new listing, attracting new buyers.
A real estate agent is obligated to provide sound counsel to their clients. However, they cannot compel someone to follow their suggestions. The only person that sells the house is the owner. Working with a seller who overprices their property can be frustrating, which is why many Realtors avoid such listings. Not all commissions are worth the hassle. At times avoiding an overpriced listing altogether is the best solution.