6 Helpful Strategies if Your House Doesn’t Sell
A Vendors Advocate or Buyers Advocate Can Help
You’ve staged the house, enlisted a real estate agent, your house has been photographed, and the advertising campaign is in full swing. Everything is going as planned and you’re feeling confident. Then, come auction day, the bids aren’t nearly enough to make you want to sell.
This is undoubtedly going to leave you feeling very disheartened.
But it’s important to remember you’re not alone. CoreLogic statistics (2024) show us that in second half of 2024, 9% of properties fail to sell at all. And REIV statistics (2024) show us that around one third of properties fail to sell on auction day.
Even when the current market is considered ‘hot’, some properties struggle to sell and some vendors find themselves forced to consider selling their asset at a price below what it “owes” them or even for less than what they paid for it.
There are many factors which may bring an owners to this point. If you find yourself in this position, it’s time to take a long, hard look at your property, the price band you’re marketing it at and the way you’ve gone about your sales campaign.
Here are a few tips on what to do if your house doesn’t sell:
Like any asset, the property market is driven by fundamentals like supply and demand, the state of the economy and shifting buyer preferences.
If you’re trying to sell in an area with a surplus of properties on the market, you may well struggle. If this is the case, you need to focus in on what agents and potential buyers are telling you and consider whether your house has a unique selling point.
You may need to make some alterations in order to give your property that special edge, enhancing the effective value of your property in the minds of the buyers.
Or you may need to revisit the price you have on your property and be more competitive.
Peter Boem, Finance Editor of property research website, OntheHouse.com.au, advises your pricing strategy can have a huge impact on how your prospects view your property.
“Price is a sensitive issue and you need to be mindful of the psychology of selling. For instance, you are likely to get more interest if your property is priced at $499,000 rather than $501,000”, Boem says.
Another great tip is to keep an eye on how long other houses in your local area are spending on the market, and measure how your property is performing against this.
Your selling agent is working for you so it is important that you receive the level of service that you’re paying for.
Not all real estate agents are great at working for the best interests of their clients. The most common problem is they are not a successful agent operating in the immediate area your property is situated in, and may not have the marketing power to achieve a good result.
If you’re not happy with your agent, be prepared to discuss any concerns directly with them, and the sooner the better.
If they’re not working out, don’t feel obliged to stay with them. Probably the best thing to do in this instance is to consult with a vendors advocate who can review what you’ve done and offer you a better plan when it comes to marketing your property and selecting the right selling agent.
If your property hasn’t sold, it might be best to take it off the market for several weeks or even a few months, and then relist with a different agent.
While this may seem like a drastic option, it may be necessary if the property has been on the market for some time.
Properties that have been hanging around on the market for some time come to be viewed by many potential buyers as a potential problem and therefore and less appealing.
If your property hasn’t sold after a typical campaign (five to eight weeks in duration), you’ll likely struggle to achieve your asking price and the best bet could be to take it off the market for a few months, and wait for a new set of buyers to enter the market.
Timing can be everything when it comes to selling property.
If you’ve struggled to get any interest in your house, it could simply be that it’s the wrong time of year.
Winter can be a difficult time of year, however, there are also fewer properties on the market, and therefore, less competition.
High summer is a near impossible time for most markets except beach destinations.
It also pays to look at how many properties are on the market in your local area. Occasionally a suburb or town will experience a very high volume of sales despite what’s happening in the broader market and this may make it worth holding off until the right supply-demand equation returns.
Sometimes all that is needed is the right makeover to make you property more presentable.
Giving your house, unit or townhouse a few touch ups to make it more appealing to the types of buyers expressing interest can make all the difference.
Here, the advice of a good a vendors advocate often proves critical. With their experience they may pick up on things that you hadn’t previously considered.
Examples include a brighter colour scheme to attract younger buyers, a new cooktop and oven for family buyers or increased security for a unit attracting interest from downsizers.
Addressing issues like these may not be too expensive in the scheme of things and could significantly improve your chances. But check first with your vendors advocate to ensure you aren’t wasting money
If you do renovate, add a fresh coat of paint, or revisit your advertising campaign, make sure you get new and highly professional photos taken to showcase the new features.
Your property must always be shown in its best light in order to attract new buyers.
For anyone trying to sell property, it’s important to be realistic about your expectations and ensure your desired selling price is informed by impartial and professional advice.
Too many times, I have seen vendors fall into a trap of convincing themselves that their expected price is reasonable, when in fact, it’s way too high.
This results in a property which becomes ‘cooked’: receives few or no offers and ends up languishing on the market for months.
Vendors should be willing to be flexible and consider what it means when potential buyers keep turning up with offers around the same price range.
They should also be flexible when it comes to making the property available for open inspections. A property which is difficult to access will always be a difficult one for your real agent to sell.
Need extra advice? If you’re looking to buy or sell property in Melbourne, get in touch with the team at Property Mavens.
As a reliable property agency, Property Mavens provides you with unbiased and independent evidence based advice to help with your property investment in Melbourne.
Rate Your Property Expertise
1. Should I Buy or Sell First? Buyers Agent Tips
2. What TV Shows Such as The Block Can Teach You About Being an Investor
About Miriam Sandkuhler, Property Investment Advisor
With Diplomas in Property and Business Studies – in a non ASIC regulated industry, she’s uniquely qualified to develop and also fulfill successful and sustainable property investment strategies for her diverse range of clients - investors, SMSF trustees and home buyers alike.
