1. It wasn’t properly priced:
This is the most common mistake. Trulia did a great job summarizing the pitfalls of taking an overly optimistic approach to pricing. You can find that article here. For large homes that are outdated, or home’s that are overbuilt, there are unique pitfalls to avoid and pricing expertise is critical.
2. It’s features and value weren’t comprehensively explained:
We are living in the “information age”. The evolution of technology in daily life and social organization has lead to an expectation of information being delivered quickly, in an efficient and an effective way. Why would anyone want to physically visit 100 properties when they can conveniently shop online at their leisure? It’s already been established documented common knowledge that more and more of the purchase process is happening online. Right now, you can find at least 12 different videos on you tube that either explain or review the same umbrella that currently sells on amazon for $21. The videos range in length from 19 seconds to 7+ minutes with the post popular one being 5 minutes and 20 seconds long. Thousands and thousands of people are watching these videos before they decide on a $21 purchase! So tell me again why you think 25 photos, a 2 paragraph description, with a 3 minute “highlight video” was good enough to sell your home?
3. It wasn’t presented in a visually appealing way:
Clutter, loud colors, unsightly landscaping, overly personalized modifications, and broken staging rules can all negatively affect your home’s appeal. Even if the home was in pristine condition, it’s possible that the online photos/video for your home just weren’t doing it justice. Web appeal is the new curb appeal. If you don’t get it right online, buyers won’t even make it to your curb.
4. The atmoshere wasn’t right:
Emotional attachment: Have you ever experienced a mood change as soon as you visited a certain place? Did you ever find a certain place depressing? Do you remember the last time you felt better when you visited a certain place? Ever got into a building or a room then experienced a sudden mood swing? Places can change our emotions; and at the same time, we attach the emotions we experience to the places in which they happen. How would you feel about a casino where you won a lot of money? How about a casino where you lost a lot of money? Ever have nostalgia in a place that is special to you? What about a place where you were mugged, had a car accident, or some other bad experience?
Whether it happens consciously or subconsciously, buyers will remember how they felt when they visited your home. There are many things you can do to ensure that this phenomenon is working for you, and not against you... (For example, keeping a bright, clean, inviting, happy atmosphere, free of smells with some light background music and a comfortable temperature can go a long way)
5. The negatives weren’t disclosed upfront:
Many sellers complain about the inconvenience of getting their home ready for a showing that ends up being cancelled last minute. This is a very common occurrence when listings intentionally omit relevant info. The listing may seem like a bargain online, but when buyers arrive for a showing and realize that the house is on a busy street, in a flood zone, next to a loud freight train, and backing up to a graveyard, they may decide not to bother going inside; and who could blame them? It’s better to be transparent upfront. The buyers who come in spite of your home’s flaws will be much more likely to make an offer.
6. Access was too restricted:
When you have tenants, pets, children, or all of the above living in your property, providing access to prospective buyers can get complicated. If it gets too complicated, many buyers will lose patience and move on to other properties. This can be particularly challenging in occupied multifamily properties where showings have to be coordinated with each unit’s tenants separately. This is where our style of comprehensive video & 3d model marketing becomes a lifesaver. A thorough online presentation will not replace physical showings, but it can give buyers enough info to make them sufficiently motivated to jump through hoops.
7. It wasn’t presented to the right audience:
Home sellers need to know their market. If a significant portion of buyers are coming from another county or state, the marketing plan should account for that. At the bare minimum, you should consider adding the listing to more than one MLS. You should be wary of any brokerage that does not cooperate with the other local brokers. These “in house” sales teams will severely narrow down your potential buyer pool.
8. Mistakes Were Made:
Technical errors: Real estate listing mistakes can be very expensive when they cause potential buyers to rule out your property. When selling expired listings (homes that were previously listed with another broker but didn’t sell) it is best to never duplicate the info from the previous listing because many times there are mistakes. For example, sometimes a property’s tax records will reflect an incorrect flood zone designation. Sometimes a colonial house will be labeled as a contemporary. Sometimes a 2 unit mixed use property will be listed as a 2 family. Mistakes like these can be very costly.
Flawed Strategy / Missed Opportunities: Did you squander the best 2 months of the year at a “test price”? Did you launch the listing before you had all photos & digital material ready? Did you block showings for the first 2 weeks? Did you not realize that a Zillow glitch had your listing coming up in the wrong town? (It happens often)
9. Your home smells, Bro:
Whether it’s roses, fresh cookies, or a skunk, when you get a whiff of something, molecules travel through your nose and to your odor receptors. This pathway then triggers the olfactory bulb in the brain’s limbic system, and fragrant magic happens. Memories rush back, appetites roar, or something screams, “Get the Lysol!”
This whole process is pretty intense for your brain. To keep your nervous system from exhausting itself with continuous stimuli, the receptors experience temporary sensory fatigue, or olfactory adaptation. Odor receptors stop sending messages to the brain about a lingering odor after a few minutes and instead focus on novel smells. That’s why your nose adjusts to your coworker who wears too much cologne, but perks up again when he eats pad thai at his desk.
10. Location value wasn’t emphasized online properly:
Many listing descriptions will say “great location” or “prestigious area”, but those words too common to be convincing. If your home truly is in a great location, it needs to be explained persuasively in an easy to understand way. It should be one of the main reasons that people are coming to see the property.