So your property hasn’t SOLD and you are getting super frustrated with your Realtor, your partner and spouse, and everyone that stands between you and walking away with money in hand. Doubt has been creeping around in your head every time you lay down to rest, and anxiety and irritation are building. Why is it taking so long? Don’t people know you want to sell but are not just going to give it away? The reason your property hasn’t SOLD may not be what you think.
Time Kills Everything
But for REAL. Time kills dreams, deals, and dollars. The number one reason your Property has not SOLD is simple – TIME. Here are the most common time killers in Real Estate that may be effecting your sale:
1. Your Property Does Not Match the Price of the Time
If you haven’t been able to sell your property, it is likely that your Listing does not match the prices of the time. This can be either in your favor or against, but it won’t help you get it SOLD today unless you match the price of your property with the time of the market. We coach clients day in and day out about where the market is now and what that means for your investments. And even if you don’t like it, the market makes up the majority of the value of your property, so it is one of the most important factors of listing to sell.
Is your property over-priced compared to the comps, condition aside? It is likely that you listed your property for sale higher than the time of the market. It is hard to convince someone that their property isn’t as valuable as they think or had hoped. One of the Debbie downers of the job for sure! No one likes bad news! But….
“Your 1st Offer is Usually Your Best”
And, No we are not just saying that as some shady sales ploy to get you to sell quickly so we can take a commission. (Though that is a bonus of doing a great job!) You can find all of the stats and data on Why Your First Offer is Always Your Best all over the web. And our experience is proof of the pudding. Even the skeptics agree.
Our goal is the get you the MOST money for your property. Or to get you whatever YOU want, whether it is a quick sale, the right buyer, or anyone that will bite. <— It’s totally your call as long as it is legal.
So simple fact, if your property hasn’t SOLD you may need a Price adjustment. You may want too much at this time and the market doesn’t support it. If you don’t mind holding out for the right price, right on, but time can still figure out a way to kill your sale. Just keep reading #2-4!
2. Your Listing and Timing Goals Do Not Align
The timing of WHEN you place your property on the market is just as important as for how long. Listing Time Criteria: We hate taking listings for long time periods because our ROI diminishes the longer we work on a project. A great agent is going to work quickly and effectively at the beginning of a listing process to set you up for Sales Success! Your Realtor is probably just as frustrated as you that your property hasn’t SOLD already. And if you are working with one of our amazing agents, it isn’t because they haven’t been working. We look at market numbers and past experience to dictate the amount of time needed to sell your property. If we miss the mark, it usually means we have to take a financial loss on the project and eat all of our marketing expenses, and wasted time. Ouch!
And even as we consult with the varying degrees of Sellers and Buyers at different scales from single family to multi million dollar portfolios, timing still matters. Time is super critical when a market is Hot… HELLO NASHVILLE!, or in fast transition because as the market changes direction, even if slightly, time is no longer your friend. You could instantly be over priced or under priced depending on the change.
Another example of listing timing is based on our seasonal market cycles. For instance, our fall and winter season listings often take a little bit longer to sell than our spring and summer listings. That is because by nature, the winter season is a slower season. The Buyer pool is lower, kids are in school, and big investors have flown south for the winter. Both Commercial and Residential Sales have higher numbers of closings (not necessarily higher prices though!) in the spring and summer seasons than in the fall and winter, even when the goings are good.
Check out our Nashville Stats from GNAR and the Months with the Highest # of Home Sales from 2001 – 2010:
Just one more reason you need to price right the first time and adjust with the market to get your property SOLD as quickly as possible once you have decide that you DO want to sell.
3. Your Property Has Been on the Market for Too Long
Have you turned down offers and now your property is sitting with no action? Did you have a flurry of interest when you first listed but then it stagnated? Well, hello, it’s TIME to make a change. Your property has been on the market for too long and potential Buyers are starting to wonder what is wrong.
It’s like fresh bread, it’s best right when it comes out of the oven. You don’t want to wait and risk it going uneaten, stale, or moldy and have to throw the loaf out. If you list your property and decide to wait for the market to catch up to your expectations, you are potentially hurting your chances of getting it SOLD at all.
Think about basic Retail strategy. Your odds of a sale go down the longer your product sits on the shelf. You also rotate items on sale and clearance based on time, and put the new stuff out front. Your listing is the same! It continues to take more and more of your attention and focus the longer it sits. The value decreases as you have to make improvements, carry holding costs, cut your price, and explain why on earth no one purchased it sooner.
There may be a defect that needs to be fixed whether it is property specific or personal. These are not easy conversations for us to have, and sometimes our clients don’t love our perspective, but you hired us to SELL, so we are going to encourage you to let us do our job.
4. An Inability to Act Quickly Has Caused Missed Opportunity
The last factor that could be holding you back is an inability to act quickly. This is a hard one to change because most people and groups are not required to act quickly and aggressively on a regular basis. Most are not even aware that the Magnitude of your success (or failure) is based on SPEED of Action, more so than Direction of action taken. It’s math, and we love it! (Wait for the link on this one… It’s going to be life changing!)
Example: You decide you want to lose weight (ie. You decide you want to Sell). Right on! But alas, like so many, you do not take aggressive action to meet your weight loss goals when you make that decision New Years Eve. There are leftover treats in the fridge, and who wants to hit the gym with all of the other Resolution junkies? Your likelihood of success now for losing the weight will be dependent on your Speed of Action, how quickly and vigilantly you stick to your meal and exercise program goals, and not which program type you choose. The longer you are on a diet, the less likely you will be able to meet the goals you set because your momentum dies. Everyone gets this. Time is not in your favor!
Same with selling or buying a property. The longer one party takes, the more likely the deal will crumble. We see it all of the time. A Buyer wants a property, but “Sleeps on it”, only to lose out to another Buyer. Yeah, yeah, yeah, you know “The Early Bird Get’s the Worm.” Same with a Seller that gets an offer on the line but spends too much time negotiating that the buyer gets cold feet. Time breeds doubt and unleashes fear. If you have ever watched a friend cliff diving, the longer they wait, the harder the decision gets. Just JUMP already! Say yes to success.
Also, many Sellers are not used to making immediate, fast, sometimes life changing decisions. We get it, it’s scary and uncomfortable. You think: What if I make the wrong decision!?! What if a better offer comes in tomorrow? Can I really see myself here in 10 years? Maybe…What if…. Etc Etc Etc.? It’s easier to think and ponder than to do. Action takes more energy.
Get Your Property SOLD
The hard truth is, you can decide to be in control of your property and your destiny or let time kill it. If you want something, your ability to act swiftly to get what you want will determine your success. If you indeed want to SELL your property, what aspect of Time is killing your mojo and needs to change? We can help you with that and take you there.
Let us SELL Your Property quickly and for Top Dollar. Call us today for a FREE consult! We promise to get to the root of your sales conundrum and do so quickly and effectively for maximum dollar. And we will have fun in the process!
