Why Some Properties Don't Sell

A couple of issues ago I mentioned how the Door County real estate guide has gone through some administrative changes leading to a thicker tome of information. The key message of the article was that the thickness of a real estate guide does not reflect real estate market activity as much as marketing activity of real estate agencies.

Upon examination of current sales trends (according to the Door County Multiple Listing Service), the Door County real estate market is at an average listing volume and an above average sales volume for the second quarter of 2005. That is good news for sellers. Still there are a number of homes and properties that fail to garner a buyer in this active market. A number of factors contribute to long market times for some properties.

Overpricing a property is the lead reason a property won’t sell. Some real estate professionals may tell you it is the only reason. Many sellers may feel as though they have done their homework by calling at least three agents; reviewing their respective market analysis and listing with the agent who established the highest price on the home. That is a huge mistake. Call an appraiser for valuation. The $300 you spend on the appraisal may save you months of agonizing doubt about your property’s potential to sell. Once completed, your appraisal should go directly to your REALTOR for their marketing strategies and buyer evaluation when the time is right. Avoid overpricing by hiring a REALTOR to help you market your home. That is what they are best at. Leave the pricing to the professional appraiser.

The condition of a property may also influence its sale. If your agent hasn’t already directed you towards a handy self-help book or pamphlet called “Preparing your Property for Sale,” then ask them to get you one. In that information you will find countless tips to increase the curb-appeal and condition of your property so it sells faster.

You have heard it before “location, location, location.” There’s nothing to change about location except a marketing spin and property pricing. Many times perception is the key to location. Find an agent who actually ‘believes’ in the positives of your location and work from there. Sometimes bad location is just simply ‘bad.’ Lower your price and be realistic.

Your listing agent is your biggest asset. That person can also be a detriment unless you do your homework. Some agents are cooperative, helpful and genuinely accessible and good mannered individuals. Others may have arrogant tendencies or be ill-mannered and uncooperative. Such undesirable traits will reflect directly upon your properties success in the marketplace. If other agents don’t want to work with an agent out of fear or dislike then your listing suffers along with the rest of them. Check your agent’s references and establish a protocol for how you expect to be contacted before you sign a listing.

Marketing strategies and an active agency to carry your listing are also essential tools that will help a property sell. If an agent hasn’t called you about your listing for some time, there is a good chance that agent has done little more than add your information to the MLS, sat back and waited for the phone to ring. An agent with a strategic marketing plan and direct correspondence is an agent who is working for their seller. Market stale listings are a direct result of stale promotional efforts on the part of your listing office.

If your property is not selling call your agent and ask them about some of these factors. Ask them for opinions from other agents’ that have shown the property. Often times a new approach or a modest price reduction is the only thing standing between you and your next move.

Kevin Nordahl is a life-long resident of Door County, a REALTORŪ and a member of the Door County MLS. He is a Past President of the Door County Board of REALTORS® and a Senior Sales Consultant at Coldwell Banker Door County Horizons in Fish Creek. He may be reached online at knordahl@doorcountyrealestate.com or by phone at (920) 493-4004.

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