Are you the owner of a home that isn’t selling but stagnating on the MLS? It happens more often than you would expect. Oddly enough, an Edmonton property that doesn’t generate much interest occurs for reasons that are quite common. In our latest post, we break down the likely reasons why your Edmonton, Alberta home isn’t selling the traditional way and what you can do about it.
Most families looking for a home will want it to be turnkey, or ready to go. Our society has been moving in that direction for some time. It’s likely your prospective home buyer is planning on living in the home right away, so the last thing they will want to do is mess about with completing renovation projects when there will be boxes to unpack and IKEA furniture to build.
One potential method to get around this scenario is to offer a credit for repairs. This will certainly grab a buyer’s attention as they will have the freedom to customize the renovations as they would see fit.
Some properties may need minor touch ups. Others will need MAJOR renovations. Decide long before listing your Edmonton home whether you will be completing any renovations or avoiding the tools altogether and pricing the house accordingly.
A Weak Listing
A property listing on the Multiple Listing Service or MLS, can be sub-par in several ways. The most common example we see is poor-quality photographs. And this plays out in many ways. One way is when the listing pictures are taken whether the home is ready for photos or not. A common refrain I hear from people in real estate, from realtors to contractors to designers, is that many buyers have difficulty seeing past what is directly in front of them. If your house is messy or cluttered, that is what people see. Would-be home buyers have trouble envisioning their furniture and possessions in the Edmonton property they are viewing.
“I’m a marketing genius! No one will be able to tell I took the listing photos with my cellphone. Now, what to do with all that money I saved…”
Another way this presents itself is when the listing photos are done with a cell phone or by an amateur photographer. Think of your photos as a form of ‘online curb appeal. As the saying goes, you only get one chance to make a first impression. And if that impression is weak or poor, you may frighten off potential Edmonton home buyers. Not a good plan. This article suggests that you have 10 seconds to make a good first impression when selling a home in Edmonton. So make them count and hire a reasonably-priced professional photographer to take your photos.
Another way your listing can lag is if it has a weak write-up. Some realtors rely on a template they have used for the past 20 years and just drag and drop the details of your Edmonton property into the description. Not. Good. Enough.
An effective listing description should be original and creative. It should clearly describe your Edmonton home without sounding phony or just like every other listing. It should grab a buyers’ attention while clearly outlining the benefits and key features of your property.
If this is starting to discourage you because it seems familiar based on personal experience, consider a direct sale to Sunrise Home Buyers. Selling directly avoids the worries about weak listings or even having to market your property. We will buy it in “AS-IS” condition, and take care of any clean-up or renovations.
Priced for Imperfection
You may think we have it in for Edmonton real estate agents. We don’t. We know several effective realtors and we use their expertise on a regular basis. Articles like this are for the benefit of people looking at other ways of selling a home. The reasons are many and personal, and Sunrise Home Buyers is seeking to provide a trustworthy and hassle-free process for home sellers in Edmonton looking for simpler and cheaper options.
That said, while most realtors will be honest and professional about what your house in Edmonton will sell for, there are real estate agents who will inflate the ‘expected selling price’ so that you will sign a listing agreement with them. Real estate is like any other business. For Edmonton realtors to earn an income, they need to secure listings. And even if their intentions are good and they are just testing the real estate market with your listing, the results will likely be the same if your house is not properly priced; a stagnant listing.
So complete some due diligence yourself and seek out multiple options as to the value of your house in Edmonton, Alberta. Learn what other homes have previously sold for, not just ones that are currently listed. Because your true ‘comps’ or comparables, are properties that have actually sold and have many similar characteristics to your property.
That is why you should always be objective in your pricing. If you do end up listing your property at too high a price, the property will sit on the market and inevitably have to be lowered in price. This will push your listing to the bottom of the proverbial pile. And when people see that they really will begin to speculate if there is something wrong with your home because it ‘s been on the market for so long. Keep in mind, the longer you hold the property the more taxes, utilities, insurance, and maintenance you are paying. It all adds up. By selling your Edmonton home quickly, you will be able to keep a considerable amount of cash in your pocket.
Finally, factor in any repair or renovation costs. Weigh your options. Decide whether you should fix those few deficiencies yourself and take away negotiation ammunition from would-be buyers. Or don’t touch them and anticipate dropping your price when the negotiating starts.
A Below Average Agent
Is it true that half of Edmonton, Alberta real estate agents are below average? Pardon the pun and yes it is true with any profession. And as we stated earlier, there are many excellent Edmonton realtors available AND we know several.
But not every agent who gives the impression of professionalism and competence will be highly effective. After all it is a sales position. Some realtors are inexperienced and may not know how to properly market your property. And others may have a limited marketing budget. Or their idea of marketing is to put a sign on your front lawn and wait for the magic to happen. And then there are those that may even be too busy and not respond to potential Edmonton property buyers in time.
We speak with many homeowners who have had less-than-positive experiences with realtors. Some sellers report signing a listing agreement with an agent, then having to do much of the work themselves… and still had to pay the real estate agent’s commission. How did things really play out? We have no idea, but we assume the story is more complicated than they are letting on. Regardless, complete more due diligence than just hiring the family friend who is a realtor. Ask questions. Do your homework and make sure they are the right real estate agent to get the job done if you go this route.
A Simpler Home Selling Option
If what we have described in this article has armed you with the knowledge to hire a great Edmonton real estate agent and perfect the house selling process together, GREAT! Most people do in fact sell their homes using a realtor. And if you contact us we will tell you if it’s that’s best option for you. We simply cannot buy every house that sellers offer to us.
But we are here to help and provide options for you. Maybe the article you just read makes you think, Been there. Done that. Never again. If so, please contact us and we can discuss what a hassle-free sale of your Edmonton home would look like. With a direct offer from Sunrise Home Buyers, there are no contracts, pressure, or obligation. We have a conversation, make you an offer and you decide if it’s right for you.
If you’d like to learn more about selling your “AS-IS” home in Edmonton quickly on the date of your choice, read our feature blog post, How We Buy Houses In Edmonton, Calgary and In Between OR How To Sell A House In Edmonton Without A Realtor.