In April 2021, 22% of the residential homes that were on the market expired? That means they came off the market UNSOLD! It’s hard to believe that in the hottest sellers markets I’ve seen in the 20 years I have been helping people buy & sell real estate, that many homes didn’t sell.
Here’s the numbers… Currently in Northeast Florida, the area I work in, there are 2185 residential properties for sale. In April, or last month 482 didn’t sell.
Mind boggling to me in a market where many home sellers are receiving multiple offers, some as many as 15, 20 even 47 in one case I know of.
There are many reasons homes don’t sell, no matter the market. Maybe they were Priced too high, in bad condition, maybe the location isn’t good. However, one common yet overlooked reason many homes don’t sell in a robust sellers market is presentation… or lack of presentation.
I noticed in a lot of the properties that didn’t sell, it was painfully obvious that the listing agents or agents representing the sellers, cut corners. A lot of them.
Many agents in markets like the one we are experiencing right now, completely forego even the most basic marketing techniques. They wouldn’t dream of it in a more balanced market.
For instance, it’s very easy to spot listing photos that were not done by professional real estate photographers. Many agents are merely taking their own photos with cell phones in bad lighting conditions. Or they’re taking photos before the house is ready. I see many agents posting photos of furniture instead of living spaces. I could go on and on but at the most basic level of marketing properties for sale, professional photos by a photographer the specializes in real estate photography is an absolute must.
Presentation …. This is what the world sees before deciding whether or not to come see your house in person.
Another exceptional and very effective marketing technique agents are skipping is the Coming Soon listing. This is a great way to pre-market the property prior to showings and serves many purposes. It gives you, the seller time to make final preparations to get the house ready for showings. Or maybe you need the time to have the property professionally staged. or to paint that off color room, spruce up the landscaping or have a pre-listing home inspection and minor repairs taken care of. Secondly it gives your agent time to schedule photography, create marketing videos, set up property specific websites and even pre-market the house to create demand ahead of your home going live on the market.
It’s true, in todays real estate market your house has a very good chance of selling without these things I’ve mentioned. Even the crappy homes get lucky with multiple offer situations. You may even get over asking price. But if you are hiring a real estate agent to represent you in selling your home, that agent should be expected to do everything possible to create the most demand for your home and ultimately deliver to you the most money the market will bear.
A market like the one we are in right now does not come around very often. You owe it to yourself to take advantage of all the tools a good real estate agent can provide. The things I mentioned before are basic. The bare minimum your agent should be doing to market your property. Doing them will not only increase your chances of selling, but your offers will be higher with more favorable terms and they will be much stronger.
If you are considering selling your house Cindy & I are happy to help you personally anywhere in North east Florida. If you are outside our area we have agents licensed near you and we’ll be happy to connect you with one.