What to do if nobody wants to buy your property?
Keep calm and analyze. Because if you eliminate the reasons, you will also find a buyer. Most certainly!
There are reasons for most of what happens in life
In this article we deal with a situation that many real estate sellers are familiar with. You advertised your property and at first there were interested parties; but suddenly the demand is cut off.
If you find yourself in the same situation, chances are mistakes have been made in the past. However, it is pointless to lament about it, since that will not get you anywhere. Let's take a look at what you can salvage now.
If you analyze the situation soberly, there may be the following reasons why no more interested parties are contacting you for your property:
In fact, there is currently nobody who would like to buy a property in your region.
The price of your property is clearly too high.
You use the wrong or insufficient channels and networks to get interested parties interested in your property.
The quality of your real estate marketing is not sufficient.
Reason No. 1: No interested parties in the region
This reason may theoretically be true, but it is unlikely. If your property isn't just 5 meters from a motorway or right next to a nuclear power plant, there will always be interested parties. We therefore exclude this case; because if that were really the case, there was nothing you could do anyway. Unless it's the price. But we will deal with this case in the next section.
Reason #2: Far too high price
This is one of the most common reasons why no prospects get in touch. Even if you are absolutely convinced that your property is worth X, the rules of the market still apply. These state:
The value of an asset is the price that the buyer is willing to pay
and which the seller accepts as the purchase price.
We see it again and again that real estate sellers are of the opinion that the 100,000 euro swimming pool in the basement increases the value of the property by exactly that amount. The fact that a potential buyer may not want a pool at all and therefore incur costs for the disposal of the pool is only too readily ignored.
Instead, ask yourself how you came to the conclusion that your property should have the value X. Is it perhaps the price you paid for the property yourself at the time? Or is X the amount you need for the follow-up financing of your new property? Or do your neighbors think your property is worth X?
All of these reasons have nothing to do with a serious valuation and when you are in the said situation, you realize it painfully that the market makes no exception for you. It's even worse! With your high asking price, you scared off those who were initially interested. If you want them back, all you can do is drastically lower the price. Or maybe you won't come back at all because you don't trust the roast. Now you have to hope for the prospects that come to the market every week. But that's a lot fewer than the ones that are already on the market and that scared you away.
If price is the reason for low demand, you urgently need help from a professional real estate agent to get you the right price and new prospects (see also the next reason).
Reason #3: Wrong marketing channels - no networks
Many real estate sellers think that a few advertisements are enough and the property will be sold in no time at all. The reality is rather different! Your property usually attracts the most attention at the very beginning. If you were not able to sell your property in this initial euphoria, you are dependent on new prospects becoming aware of your property. This can sometimes take a long time if you don't use the right marketing channels or only use a few.
A good real estate agent has access to a variety of sources from which to acquire prospects. He is often a member of a widespread network and is in contact with other brokers, who in turn have interested parties or can use other channels to which private individuals do not have access. If your marketing campaigns are limited to placing advertisements in newspapers and internet portals from time to time, then it could be worthwhile for you to fall back on the support of a real estate agent.
Reason #4: Insufficient real estate marketing quality
It can also be the case that the marketing for your property is not sufficient. Maybe you're not presenting your property attractively enough. Ask yourself whether someone who sees your ad actually wants to look at your property.
Real estate marketing is not easy and that too belongs in the hands of an experienced real estate agent.
If there is no longer enough demand for your property, mistakes have usually been made in the past that have led you into a difficult situation. If you also need to have sold your property by a certain date, it is high time to contact a real estate professional who can still save what can be saved. Otherwise you run the risk of being left with your property or having to sell it far below its fair value. In any case, get advice from a real estate agent; As a rule, this advice costs nothing and you can get a better picture.