Committing to selling your home or investment property is a big deal. Likely one of the biggest real estate deals most of us will make in our lifetime. This is one reason most people enlist the service of real estate professionals; for the feeling of security that comes from believing in the competence of a trained and experienced professional whom they know, like, and trust.
So why then do Realtors find themselves in the uncomfortable situation where a client chooses not to take their advice on the strategy for the list price or the value proposition for the property? The reason is, the activity of buying and selling your home or your first investment property is highly emotional and as such we attach not only a practical amount of value (i.e. market value), we also attach a relatively high level of emotional value.
With this in mind, we can approach potential sellers from this perspective and appreciate the emotional value of the home with the intent to help property owners more effectively, separate the market value from the emotional value. This process can be especially challenging with multi-generational family homes, the first move from a long-time family home, or when an unexpected reason for selling arises. Real Estate professionals with a higher and broader Emotional-Intelligence skillset will not only be able to recognize and address this emotion earlier but will also find they encounter it less often.
The unfortunate outcome of this communication breakdown, typically includes an over-anxious, worried seller and a stressed out, indifferent agent, often resulting in price drops, on again- off again MLS activity, and, diminished confidence. From this analysis, here are some ideas to address the top 3 reasons for low to no showings in a seller’s market.
LIST PRICE IS TOO HIGH to attract viable interest. Potential buyers need to feel as though there is room to negotiate. A listing strategy that prices the property at the market value or just below has the objective of making the property appear attainable and as a result receives multiple showings.
LOW TO MEDIOCRE VISUAL IMPACT. A clean and tidy space looks good but doesn’t stand out. A well-designed and strategically showcased space looks great and draws you in. Great photos come from great spaces. Like photography, Real Estate Staging requires a strategically-focused lens along with, the skills, knowledge, and expertise to know where and what creative “filters” to apply.
KEY FEATURES & ATTRIBUTES AREN’T RESONATING WITH THE TARGETED AUDIENCE. It’s important to position your property strategically in the minds of targeted potential buyers and this means understanding who they are beyond standard demographics. When we understand the real estate lifestyle profile of how our audience thinks and acts, we can highlight features that support these behavior patterns.
What’s most important to understand here is that all 3 of these pieces (essentially – price, product, and positioning) are integral, and the plan to market any property must take a wholly integrated approach to be successful.