I was chatting with a client today who asked me this question — “So….what do we do….just wait?” I am marketing this person’s property for sale, but their segment of the market is particularly slow right now, and we haven’t had much solid interest in their property in quite a few months.
So….what DO we do?
Many homeowners today likely feel this frustration — that there is only so much that can be done in trying to sell their property — and that at the end, they are just left waiting. Some homeowners, in fact, go months without a single showing of their home. It’s easy to be discouraged in times when it seems like all you can do is wait, and while I won’t try to cheer you up or encourage you that “it will all be ok”, I will offer a few suggestions of things you CAN do if you find yourself just waiting:
- Stay connected to the market so that you know how the value of your property is being affected by competing listings and properties that have recently sold.
- Consider touring some of the competing listings to see how they compare to your home — and even if you don’t visit the properties, at least come to understand them on paper to best prepare your property be competitive.
- Is there a small subset of Realtors who typically represent buyers of your property type or properties in the area where you live? Perhaps a targeted e-mail or direct mail campaign to these Realtors could be effective.
- Keep your pricing competitive, but know that if you lower your price below all other competing properties, many of them will likely follow suit and you’ll all be dropping and dropping to try to be the lowest price on the block.
- Consider alternatives to selling, such as a house swap, renting your house, or other creative ways to address your transition needs.
These are but a few things to consider if you find yourself in waiting mode as a hopeful property seller. There are certainly many other marketing activities and strategies that could (and should) be explored, but many of them will vary depending on the nature of your particular property.
And to circle back around to answer the original question more simply, no, we don’t “just wait.” It is vital to be constantly re-evaluating the pricing and marketing of a property to most aggressively and proactively expose it to potentially interested buyers.
Don’t get depressed waiting — get busy brainstorming ways to actively market your property!