Your Property Failed to Sell - Now What
You listed your home for sale, but nothing happened, really. You still own the home and it didn't sell. Maybe you received a low-ball offer or two, but you didn't get the property sell, so you took the home off the market. What's next?
Every single month in the Myrtle Beach housing market, hundreds of properties come off the market that were very sellable. Most commonly, a property won't sell due to the lack of marketing or incorrect marketing strategies. Another major reason a property sells is due to the pricing strategy.
The Pricing Strategy
If you're told the reason your home failed to sell was pricing, don't assume your price was too high. The pricing strategy isn't just about being the lowest price. Sometimes, the property could have been priced too high, but it could have been an incorrect price in the other direction, as well. Pricing is about more than just beating the competition's price when it comes to real estate.
The Marketing Strategy
When it comes to marketing, the property needs to be marketed to the right type of buyer. This starts with identifying the right type of buyer before starting any type of marketing plan. Once the right type of buyer has been identified, it's necessary to have the resources to put the property in front of those potential buyers.
What to Do After Your Home Doesn't Sell
After you've listed your home for sale and it doesn't sell, it's time to take a breath, regroup, and don't panic. You don't need to feel like you must hold this property for the rest of your life. There's a way to sell the property and you may just need to regroup before putting the home back on the market.
Get Feedback
Along with regrouping, you should take the time to get feedback about why the property didn't sell. Then, you can find out what it will take moving forward to get the property sold. Once you have feedback on why the property didn't sell, you'll be able to find out what the right pricing strategy and right marketing strategy will look like to get the property sold this time around.
Don't just relist the property with the first or second person that calls you saying they can get your property sold. Just because they watch the expired listings doesn't mean they have the right pricing and marketing strategy for your property. Taking the time to relist the property with the right agent will be time well spent.
The Agent & Their Experience Matters
The agent you choose to relist the property with and their experience level will make a difference. The right pricing and the right marketing strategy will come from the right agent. When you take a property off the market, you will receive all kinds of phone calls and mailers from other agents looking to land your listing.
Before you make a decision to relist with a new agent, make sure you choose the right agent. Understand what they are selling to you. What's their experience level? How will they market the property? Why do they think it didn't sell the first time around?
You want to choose an experienced agent with a proven track record. Ask the right questions and don't be afraid to interview multiple agents before you choose the right one to relist your home for sale.