Why is my property not getting sold?
The common concern amongst most sellers is that their property seems to stay longer on the market, causing frustrations and ultimately, delays in their future plans. Well, let us address the common reasons that may cause this emotionally exhausting dilemma.
Our experience leans more on the following issues that may be reason for the stagnation of the sale.
1. The asking price is often the main reason why the property is not selling. Nowadays, potential purchasers do their homework thoroughly, with the help of digital media and different online real-estate platforms; the average purchaser is well-informed.
2. The condition of the property - although this is not such a big factor. Some purchasers tend to shy away from any property that will require them to spend more money to make it a livable home, whilst also paying their monthly mortgage loan instalment.
3. The prevailing economic conditions throughout the years - we recognize that this may be a slight reason in the decline in residential sales. However, we would argue that this is not applicable to all sales. The affordable housing market is rarely stagnant and hardly experiences a huge decline in sales. Reason being, this particular market offers basic housing and a lot of income-generating properties. This is the category where the upmarket consumers downsize to.
4. “To everything, there is a season” - some cold seasons just don’t attract vast consumers. Our days are shorter, and the nights are longer. As a result, purchasers cannot conduct property viewings after hours, as oftentimes it is already dark. Some weekends, consumers prefer to attend a well-anticipated soccer game and so on. However, sales are still being generated, just at a slower pace.
5. Advertising. Do you know how vast your estate agent’s advertising is? Is the advertising compatible with your property’s target market? How consistent is the agent in showing your property? Ceteris paribus, a Property Practitioner still has to be determined to sell against all odds. Afterall, the sale will result in commission payable to the agency.
Lerato M Real Estate’s Property Practitioner will present the potential seller with the recent market-related data, in order to assist in advising to align the pricing accordingly. Our Property Practitioners will further calculate the estimated costs related to selling and your estimated proceeds (profit) upfront for you, prior to you committing to retain us as your exclusive real estate agency.
That’s not all, wait for it… Our marketing teams- the digital team and the “good old” paper-marketing team, ensures that every corner of our target market area is reached therefore your listing stands a greater chance of being noticed and sold quicker within the asking price range. Feel free to put us to the test!😊