When a home doesn’t sell, there can be a whole host of reasons. It may be priced too high, the market conditions may be unfavorable, a potential sale may have fallen through or the sellers may just want a break from the grueling sales process.
Whatever the reason, you need to relist the home. How long do you have to wait to relist a house? When a home has been on the market for a long time, potential buyers are less willing to pay the asking price. Relisting to reset days on the market can occur when your listing agreement expires or if the buyers want to take the home off the market for another reason, such as a family emergency.
In either case, there’s no set amount of time you have to wait to relist. Use these tips for relisting a home for sale to help your clients get a deal they’ll be happy with for their home.
1. Seek Input From Other Brokers
One key to relisting is figuring out why the house didn’t sell the first time. Reach out to brokers who brought clients through the house, and find out what they said about the home. What made them decide not to make an offer? Take that feedback and address it, which could mean restaging or dropping the price. You will likely have to help your clients process this information and convince them to make changes.
2. Make Fixes on Any Major Issues
If a previous sale fell apart due to a problem flagged on the inspection report, your client will need to have that issue fixed. Such issues may include:
- Leaky roof
- Old or broken HVAC
- Poor insulation
These things will be flagged by the next potential buyers, too, so getting them fixed before relisting will save headaches down the road.
3. Consider Changing the Price
A price drop is not always necessary when relisting a home. However, if market conditions have changed, you will need to think about advising your clients to decrease the asking price. You can gain a new marketing opportunity by advertising a price reduction, and you may draw in a different crowd of potential buyers who couldn’t afford the last listing. If the home did not get any offers the last time, it indicates the price was too high.
4. Change the Marketing Strategy
Often, great homes don’t sell because they aren’t marketed properly. Are you doing everything you can to showcase the best features of the home and reach as many people as possible?
For instance, if photos on the MLS listing do not reflect the property’s attractive features, no one will want to come to see it. Invest in good images to post with the listing to attract the largest possible group of potential buyers to the home. An informative virtual tour can also draw the eyes of potential buyers.
Need assistance creating those photos? Real Estate Exposures can help. We have experienced local photographers, and we offer editing as well as many real estate photography services. Contact us online or call us at 717-747-3235 to learn more. You can also book an appointment online today.