So, you have put up the “For Sale” sign and listed your property online, but months later there are still no takers. What went wrong?
A key point in selling a house is to be aware of the market conditions, and the property market in Malaysia remains sluggish due to the current economic headwinds.
But there are other reasons a property might not be selling. Here are five tips that might help to beat the odds.
1. Look at the market
Consult a reliable, trustworthy agent and discuss the feedback they receive from those who view the house. Knowing the root of the problem is the first step to a solution.
Look at the sales campaign to date – how many people have viewed the house? Have there been repeat viewings? What was the feedback? And most importantly what was the reaction to the asking price?
Analyse this information and do some research of your own. Check out similar properties for sale in your area.
How does your property compare in presentation, special features and price? Find out how long it takes on average for properties to sell in your area and for how much.
With this information, review your campaign, assess how your agent has been performing and look at what you should adjust to appeal to the market.
2. Consider market expectations
One mistake sellers often make is getting a fixed price stuck in their heads. You may be selling the property because of financial obligations but this does not translate into the property’s market value, especially in the current market.
Buyers will meet the market, but if your asking price is too far above that of similar houses, it could be a long time before the property sells.
Discuss it with your agent to come to a more realistic price. Think about your price expectations and prepare to settle for less.
On the other hand, if your price is perfectly reasonable even to the agent, it might not be the right time to sell your house.
3. Check the presentation of the property
Take a good look at the condition of the property. People get so used to their homes they no longer see little things that are immediately obvious to others and can affect how people react to the home.
Tidy up, clean the exterior walls, give the windows a lick of paint, check the guttering and create an attractive outdoor entertaining area. So much can be done to smarten up an exterior.
Do not rush to put the property on the market. Take a long hard look at the condition of the house and smarten it up inside and out before putting up the “For Sale” sign.
4. Analyse the sales strategy
If you believe you and your agent have been doing all the right things, it might be time to start thinking smart.
To pique the interest of potential buyers, hold an auction or deadline sale. If you have been selling by negotiation, an auction or deadline sale can help to focus buyers.
Take a look at the marketing material. Do the photos and videos do justice to the property?
If you took the photos and videos yourself, it might be time to call in the professionals. The internet is everything now, so buyers will likely make their final choices based on online content.
5. Review your options
It may be that the real estate agent is not performing as well as you had expected. Review any documents you signed upon listing the property with the agent before making any changes.
Take the time to check agencies thoroughly before appointing a replacement. You may want to consider taking the property off the market for a while and relisting it later.
To be sure that you are selling your property at the right price, websites such as Property Advisor provide a price comparison for similar houses in the area.
Be smart, do your due diligence and get the most value out of your property.
This article was written by Adlene Hanna of PropertyAdvisor.my, Malaysia’s most comprehensive source of property data, property analytics and insights.