“There’s someone for everyone,” an old adage, but nevertheless accurate.
And it’s true for houses as well. There’s a buyer for every house; sometimes, it just takes longer to make the match.
But there are other reasons aside from being overpriced that homes don’t sell, as you well know.
Dated homes, from layout to easier-to-fix problems like nasty wallpaper, ugly carpet, or just plain filth, may send buyers fleeing back out to their cars.
It’s not only the home you’ll need to work with but your client as well.
What is a problem listing?
Aside from the obvious (filth, outdated features, bad layout), there are other reasons a home may end up on the hard-to-sell list. These include:
Location of the home
Unreasonable or unacceptable HOA rules
Cosmetic problems
Poor renovation choices
Bad neighbors
Yes, other problems may pop up that make a home a problem listing, but these are among the most common.
Offer solutions
“Some problems with properties require more work than others,” say the Chicagoagent.com editors. We would add that some require more money as well.
Agent Jolenta Averill of Madison, Wisconsin’s Lake & City Homes knows this first-hand.
Averill took a listing for a circa 1940s home. It had been gutted and remodeled, removing all traces of the charm of the period.
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In the process, the front door had also been removed and the space walled over, creating a major psychological barrier for potential homeowners.
The homeowner fired her original listing agent and hired Averill before leaving the state to get to her new job in Florida.
With an absentee owner, the agent was forced to take control of the situation. She requested architectural renderings and price quotes from several contractors, tasking them with designing a walkway, a stairway, and, of course, a formal front entryway.
Rather than becoming overwhelmed by how much work might be required, Averill reviewed her analysis with an eye toward what might concern buyers the most. In the end, “There wasn’t an objection I didn’t consider and couldn’t handle,” she said.
Be their pillar
Sellers of problem homes are often frightened, and can you blame them? They worry about how much work and money it will cost to make the home competitive in the market. They worry that the home may not sell at all.
They have no idea where to start the process. That’s where you come in.
“You have to take the time to investigate and tell them nothing is impossible,” according to agent Julie Brown at chicagoagentmagazine.com.
“Some things are harder than others, but you should be able to reach out and find resources to help you … It’s constant communication and just telling them that you’re there for them. You’re not just there to help them make a sale. You’re there to help them through the entire process, whatever comes up,” She concludes.
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