4 No-Brainer Strategies to Take Advantage of That Listing No One Wants
We all know that listing. The one that’s been on the market for months. The one that the poster keeps updating, to make it look like it hasn’t been on the market for months. The house that seems to be fairly priced (okay, maybe it’s a bit over the top), but is still within market value. The one that is in a great location, is newly renovated, and it’s move-in ready. The one that every agent and their mother knows about.
But, it’s also the one that no one wants.
The home has great potential, but buyers are having trouble seeing that for whatever reason. But, if you know how to play your cards right and you’re feeling brave enough, that listing that no one wants may actually be an excellent opportunity for you.
1) Find the Reason
If you want to take advantage of this notorious listing, you’re going to have to first figure out exactly why it’s not selling. Sometimes, all it takes is a quick online search to see that maybe the reason is because it’s overpriced, or it’s not a good time to buy because the market in that specific area isn’t doing too well. Maybe there’s been a recent crime committed in the area or maybe it’s near a busy road. But, if besides that it seems like a great house, there are ways to make those concerns less of a deal breaker for interested buyers.
2) Use Your Leverage to Talk Down the Seller
If the listing has been around for quite some time, you already have some leverage. However, this may depend if you’re in a seller’s market or buyer’s market. Either way, if the main reason the house isn’t selling is because of its price, it shouldn’t be too hard to convince the seller to lower it. Use statistics and showcase your expertise to highlight to the seller how quickly you can get their house off the market as long as they are willing to cooperate.
3) Be Flexible With Your Time
That listing that no one wants is going to take some dedication timewise. If you currently don’t have the bandwidth to take on the responsibility to make it more appealing to potential buyers, then it might not be a good project for you at the moment. Of course, if you’re a broker, you can pass down the job to one of your agents and collaborate on it. But, ultimately, you will have to set some time aside without cutting into your current money-makers.
4) Re-Market the Heck Out of It
A Lab Coat Agent member, Melissa Weinand, recently took on one of “those” homes. With the help of her son and awesome video skills, she made a video walk-through of the home which no previous agent had done before.
When asked if she had any advice for brokers trying to do the same, Melissa said, “On all of our properties we try to come up with a video that will get the brokers/agents in our town talking. When it comes to listings though… some are easier than others but every property can be sold at the right price and I think buyers really do appreciate creativity!”
Her team already had a showing request within a day of posting the video. Melissa strongly believes that video is the future of real estate and the best way to market a home. You can check out her other videos on her Facebook page, Proper Nest. Here, you should be able to find some inspiration to help you create your own videos that will highlight that stubborn listing.
What’s your feeling on these kinds of listings and how would you take one on? Let us know!
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