Whilst there are signs that the Victorian property market is beginning to regain some strength right now, there are still some homeowners who will be wondering, “my property hasn’t sold…what now?”
Here at Ian Reid Vendor Advocates we are often asked to help people who have had a property on the market for a lengthy time without success. One of the first steps to changing this situation is to understand why your property hasn’t sold.
The reasons your property hasn’t sold
Whilst some people tend to look for all sorts of obscure factors, there are only three main reasons that your property hasn’t sold. They’re the ‘Three P’s’ of a failed sales campaign, and they include:
- The PRICE exceeded what the market was prepared to pay;
- The PROMOTION failed to reach the right buyers in a way that made them want to inspect the property with the right expectations; or
- The PERSON handling the sale and the dealings with the buyers was not able to close a suitable sale.
When a vendor seeks help from Ian Reid Vendor Advocates after an unsuccessful sales campaign, the first thing our team needs to do is to assess which of these three factors, (in some cases it can be more than one of them), is the reason your property hasn’t sold. This is one of those situations where our experience and objective advice is so valuable in making the picture clearer.
The second step is to fix that problem. That may mean reviewing the asking price or the price range that has been quoted; setting a new promotional strategy in place; and ensuring that you have the right agent on the job.
Putting a new plan in place
The key message if your property hasn’t sold is not to panic. Over the years the team at Ian Reid Vendor Advocates have helped literally hundreds of Victorians to get their property sold after a failed campaign with someone else.
If you’d like to discuss the best way to move forward after your property hasn’t sold, you can give the helpful Customer Service team at Ian Reid Vendor Advocates a call on 1300 400 400.
You’ll also find lots of tips on how to maximise your result in our free booklet, “Fatal Real Estate Traps Exposed”.