Real Estate Agents: This is Why Your Listing Hasn’t Sold! Today, we’ll discuss the six specific reasons (yes, PRICE is one of them) that are probably causing your listing to sit on the market.
Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206.
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FACT: Homes are either selling immediately or sitting on the market for 30, 60, or even 90 days. Don’t let your listing expire, and don’t get fired. Be the listing agent when it SELLS.
Before we examine all of the factors, let’s keep it real. Of course, price is the one thing that overcomes ALL of the underlying reasons a listing isn’t selling. However, the fastest way to get yourself fired from the listing is to always make it all about price.
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No seller ever wants to hear the phrase, ‘Time to lower your price’! Let’s take a look at the big picture first. (For Premier coaching clients, the Listing Evaluation is included in your coaching program.)
To get your Listing Evaluation Tool, sign up for Premier Coaching today by visiting PremierCoaching.com. It’s free and takes only a few minutes—you can do that while you listen!
6 Factors that Make a Home Sell… Rate each of these on a scale of 1-10, and you’ll know where you need to do the work to get it sold. A perfect score is 60, but if your listing isn’t selling, it’s not likely to score that high.
1. Condition. When there is little competition and more buyers than sellers to go around, conditions matter less. As more listing inventory arrives on the market, especially if any of it is new construction, the pressure increases to present your listing in its best light. Even if you’re the only home for sale in the MLS code, you owe it to your sellers to help them stage it to get the best results. They’ll sell faster and for more money. Rate your listing’s condition on a scale of 1-10.
What makes your condition rating low? Any or all of the following, and we won’t even be super gross here…We are SURE you’ll have more to add based on your showing experience and listing experience!
-Questionable smells, or possibly worse: unidentifiable smells.
-Identifiable but gross: cat pee, dog poo, curry, cigarette, or cigar smoke.
*Invest in an air ionizer from Amazon or remove the carpet/furniture, etc, that’s causing the odor. Stop waiting for a buyer who loves the smell of cat pee or doesn’t notice the smoke odor.
-Bugs. -Mold or mildew in the bathrooms, kitchen, or basement.
-Rodents/rodent droppings. -Dirty floors. -Clutter-covered countertops.
-Crusty-looking appliances.
-Dirty window screens. -Terrible or boring curb appeal. -Dead grass. -Weeds
-Green pool. (And the list goes on. Refer to the Proven Home Selling System if you’re a Premier Coaching client for the ‘How to prepare my home’ guide).
Note: price will overcome the condition every time.
2. Location. You can’t change this, so just rate it on a scale of 1-10. A low rating for a house that backs up the freeway or sits at an intersection with a stop sign or lights right there. A low rating for a scary neighborhood or a hoarder next door. In the flight path or near a busy railroad crossing. A great location is a safe neighborhood with sidewalks and tree-lined streets that everyone wants to move to. Note: price will overcome location.
3. The Number and frequency of showings your listing is getting weekly. Rate your listing on a scale of 1-10. If you have slow or no showings, according to the National Association of Realtors, you are likely about 10% overpriced. If you have consistent showings but no offers, you are usually 3 to 5% overpriced. Rate your listing high if you are getting lots of showings and second showings. You’re close to selling it. Rate it low if no one seems to know it exists. You go days or weeks between showings.
Note: Price overcomes lack of interest.
4. Your current price versus the price of competing homes. Rate your listing. A 10 is when we look it up online and it seems to be well priced for the amenities, and we can’t just go buy a new home around the corner for $15,000 more than your listing. A low rating is if you’re obviously overpriced compared to the competition, such as a 2-bedroom priced like it’s 3 or a no-car garage priced like it’s a 2-car garage, etc.
Note: price overcomes the competition!
5. Your Seller’s level of cooperation. Rate your listing on a scale of 1-10. Is the seller preparing the home prior to showings by making beds and keeping the dishes done? Are they turning on all the lights and getting the man-eating dogs out of the house? Do they have too many showing restrictions? Do YOU have too many showing restrictions? Is it hard to get through the security gate?
Note: price may overcome lack of cooperation, but it must be much lower. Ask yourself if you want the home to sell more than the seller does. You may have a non-listing.
6. Your Seller’s level of motivation. Is the seller only going to sell if they get ‘their price’? Is that price reasonable if you fix the other items on the list we just discussed, or are they just too aspirationally priced for the market? If sellers don’t ‘have to‘ sell, they are far less likely to cooperate and adjust the price to reflect the market’s expectations.
What is the overall score when you add up 1 through 6? Where does it have the lowest scores? What does the feedback tell you after showings? Are you getting feedback? The lower scores show you what has to be fixed to sell the home. What can you do to score closer to 60 points?
Homework: Put your unsold listings through the filter and decide what your action plan will be.
Get involved in Premier Coaching at PremierCoaching.com for the full Listing Evaluation and more coaching about using it!
