Tips to Get a Tough Listing Off the Market
How do you manage a difficult listing that has languished on the market? When weeks—and even months—pass without any incoming offers, it’s difficult for both you and the property owner. Today, we’re sharing our top 7 tips to get a tough listing off the market. The process will require teamwork, so take the time to walk through your plan with the homeowner as soon as you have drawn it up.
1.) Reset and Resume
At this point, we recommend that you approach this difficult listing as if it’s crossing your desk for the first time. Analyze the market as it stands today, then decide which changes must be made in order to ensure that the property will start to draw offers in short order.
2.) Identify Potential Adjustments
If your client has been reluctant to invest any additional funds toward improving the property, identify the upgrades that will bring in the most bang for their buck. For example, dingy, worn out carpets can be swapped for wall-to-wall synthetic flooring for less than half the cost of hardwood, while still presenting a gleaming, lush appearance. Lighting fixtures, bathroom fixtures, doorknobs, and towel racks can all be replaced with new, coordinating pieces, giving the home a fresh appeal without breaking the bank.
Remind your client that they will end up losing more money the longer the house sits empty. A relatively small cash infusion could give the home a boost that will photograph well, attracting buyers who find the property online.
Use phrases like, “Which of these buyer objections are you willing to address to bring in qualified offers?”
3.) Establish Realistic Expectations
Once you’ve completed steps one and two, approach your client with your proposals. Be clear about the fair market value for their house and explain your reasoning behind each potential change. Be sure to stress that these changes are not intended to raise the asking price, but rather ensure foot traffic once you’ve relisted the property.
4.) Communicate the Keys: Price, Condition, Location
Rather than side-stepping the facts, briefly explain the reasons their house should be listed with the asking price you’ve proposed. Price, condition, and location remain the only factors that will motivate buyers to make a move on a property, and only two of those are in your client’s control. By improving the condition of the home and/or reducing the asking price, their odds of a successful sale will rise.
Avoid phrasing like “highest potential price,” “competing offers,” or “rapid sale,” since these will give your client a false impression of your goals and the facts as they stand. Often, a seller’s concept of “highest price” may be vastly different from reality.
Instead, explain how fair market value is established, and be sure they are accurately informed of the price you’ll be assigning the new listing, and why.
5.) Promote the Refreshed Listing
Once your client has completed any upgrades to the property, it’s time to relist. After you have relisted the house, it’s time to throw yourself behind promoting it! Make use of social media, advertising opportunities, open house dates, and networking to draw in as much foot traffic as possible.
Remain upbeat for the sake of your client and everyone with whom you will interact. Rather than approaching these activities as though you are attempting to shift a difficult listing, assume the mindset that your fresh start applies to your promotional efforts, as well.
6.) Manage the Marketing Plan
While the home is on the market, you will likely be relying on a 30-day, or 60-day marketing plan to promote the listing. Be sure to take the time to create a professional and shareable marketing plan that you can present to your client. Communicate the steps you will be taking to bring in buyers so your client understands that you are motivated and prepared to help them sell their house.
Avoid the pitfall of your client feeling like they are being asked to make changes to their property and their asking price while you simply go through the steps of relisting their home. Instead, give them a copy of the marketing plan, and let them follow along online if they are able and willing to do so.
When your client has a deeper understanding of the hard work you’re doing, they will likely be more motivated to work cooperatively with you.
7.) Don’t Surrender Your Listing
Finally, don’t give up! You’ve put a substantial amount of time and effort into this listing, so buckle down and stick with it until you’ve completed the transaction. Ideally, your client will see the experience and skill you’ve brought to the table and will happily recommend you to those within their sphere of influence.
However, there is one important caveat to keep in mind. An unmotivated buyer can quickly become a time-consuming void, taking up your valuable hours, effort and experience without contributing what they can to ensure a sale. If, after working with the homeowner, you determine that they are unwilling to take your advice and work with you to bring in offers on their property, it may be the appropriate time to relinquish the listing and shift your focus to your other listings.