TIP #13
Why Hasn’t It
Sold?
One reason many private sellers end up
listing with realtors is that they simply get ground down
emotionally by lack of response to their ads or by a
multitude of showings but no subsequent offers.
So don't let the frustration of waiting on unresponsive
prospects build to the point where you lose confidence in
your ability to sell. Keep control of the situation by
setting yourself deadlines by which you'll evaluate
your progress. Keep your larger objective in mind, and
make whatever adjustments are needed to get a sale!
Your buyers are out there. To sell, you simply
have to deal with any factors that may be preventing you
from attracting their attention and offer:
- market conditions
Ask a few realtors how the market is behaving.
How long is it taking properties to sell? What's
the current spread between asking and selling
prices?
If the market is really hot, you can allow
yourselves a relatively large negotiating
cushion, and possibly risk purchasing your
next home (with as distant a possession date
as possible) before selling your present one.
But your best bet in a really slow market may be
not to sell at all, until conditions improve.
Can you rent the property instead?
If you must sell, be prepared to exploit
your one big advantage: use the saved realtor's
commission to reduce your asking price.
- location
You can't change your location. Beyond
ensuring that your property is as showable as
possible, all you can do with regard to an
unattractive neighborhood - a busy street, a
car lot next door, etc. - is to be as objective
as possible on price and stay focused on your
top priority: to complete the sale and move
on.
- time
Private sellers are uniquely vulnerable to
dashed expectations. It's your home
you're offering, and you take it personally
when prospects don't seem to appreciate it.
Again, it helps to be aware of the average
time it's currently taking properties to move.
Lower asking price = quicker sale; average
price will, in a normal market, mean several
months advertising, answering calls, and
showing the property. Expect it and try to be
patient.
- terms
Can you promote a sale by helping purchasers with
their out-of-pocket expenses? Including all
appliances, even if they're not exactly new,
may make the difference with cash-poor
prospects. And what about offering help with
closing or moving expenses?
Anything you can contribute will help you stand
out from the competition. More involved
options might involve talking to your banker
about an
interest
rate buy-down if your mortgage is
assumeable,
or even carrying a second mortgage yourself.
(See our mortgages
section for other ideas.)
- condition
Elbow grease can definitely ease the way to a
quick sale, and it doesn't have to cost a lot.
See our sellers library,
for example, for tips on what renovations pay
off, and our essay on
preparing your property to show.
- exposure
You may be offering the best bargain on the
market - but so what, if no one knows you're
there? Review our piece on
advertising, set a
realistic budget for promotion, pay for a
professional-looking
lawn sign, and take
full advantage of the Internet's ability to
deliver full-colour and comprehensive details
to prospects around the clock.
- price
The simple fact is that, in the end,
price
reconciles all the factors, positive
and negative, affecting the marketability of
your property. If you have addressed all the
factors mentioned above and are still not
getting offers, lower your price!
You're willing to take $150,000 for your
property and your market evaluation says it's
worth $160,000. So why are you asking $172,500?
Cut your price to $159,900 and you should
attract attention in a normal market. Drop it
to $157,500 and you may get an early sale and
still come out several thousand dollars ahead,
relative to listing with a realtor. Bite the
bullet, ask $154,900 to get even quicker
action and get on with your life.
The point in all of this is that selling real estate is
not rocket science. A main benefit realtors provide is
their focus on the reality of the market place, and on
your main priority: a sale!
Cultivate that objectivity, do what needs to be
done, and you'll join the thousands of Canadians who sell
privately every year!

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