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If your property has been up for sale for a number of weeks and there has been little to no interest from potential buyers, it may be time to re-think your strategy.

If your property has been up for sale for a number of weeks and there has been little to no interest from potential buyers, it may be time to re-think your strategy.

Lack of interest doesn’t necessarily mean your property won’t sell, it just means you may need to change your approach in order to generate new interest.

Selling price

A property’s price tag is one of the main determining factors for selling a property. If it is priced too high, you may spend a lot longer on the market. Researching and comparing other properties will help determine whether your asking price is in line with the rest of the market. But make sure you are comparing similar properties in nearby areas to ensure you get a realistic price range.  
 
Rethink how the property is advertised

It can only take a few seconds to grab the attention of a buyer, especially if they are looking online. So the more eye-catching your advertisement is the better. If you find the current promotional material for your home is dull and tired, speak with your real estate agent about taking new photos and creating a new advertisement. You may also want to consider advertising on different mediums to reach a wider audience. Take a look at our blog ‘how to sell your property using social media’ (link) for some marketing ideas.

Presentation

If you find that there are a number of people attending open home inspections, but you do not receive any offers, then presentation may be a problem. The property needs to have the best possible presentation to attract buyers. This means keeping clutter and personal items to a minimum and keeping the property clean, tidy and spacious.

There are several low cost improvements you can make which won’t take up a lot of time and could improve the property’s presentation. A fresh coat of paint or tidying up the garden may make all the difference, especially to the first impression appeal of the property.

Hiring a home stager to style your property may help sell the property faster; however this will be an extra cost that you will have to include in your calculations.

Consider re-listing in the future

Depending on the current property market, you may find that you have entered the market at a bad time. The longer you keep the property on the market, the more likely buyers will start to question why it hasn’t sold and will steer clear of it or will start negotiating a lower price.

At this time, consider taking the property off the market and putting it back on after a few months. During this time, new buyers will start to look for properties and you will have an extended audience to sell to.

Scope out competition

Seeing how other properties on the market are doing could help improve your marketing strategy. Attend open inspections and auctions for other properties in your area to get an idea of how the property is presented and what price they are selling for. You may find that selling at auction or selling privately may be more successful in your area.

Take professional advice

When selling a property, it is important to keep your own personal opinions out of the decision making process. Professionals such as real estate agents and other industry experts will be able to give unbiased and honest feedback about why your property is not selling.

It could be a small, simple change to your marketing strategy, presentation or price that could mean all the difference.