1. YOUR PROPERTY IS PRICED ABOVE THE LISTING AVERAGE IN YOUR NEIGHBOURHOOD
Let’s start with the most obvious; if and when your property has a listing price that stands out from the rest, your alarm bells should start ringing. It’s more likely that the house is really overpriced.
It doesn’t matter if your property has new appliances, if four 4-bedroom homes similar to your property have an average listing price of $500,000 and you priced your home at $800,000, clearly, you need to rethink that price tag and talk to your Realtor.
2. YOU’RE WORKING WITH AN AGENT WHO HAS A HISTORY OF EVALUATING HOMES TOO HIGH
The key to selling your property effectively and efficiently is by working with the right Realtor. The great city of Edmonton has a rich pool of available Realtors willing to help sellers.
Your problem will come when you chose the wrong Realtor. Be weary of working with professionals who boasts of tales where they sold properties for 10x the average listing price. They could be living legends if that was the case. For your sake it’s best that you stay realistic. Legends, as they say, belong to the fiction section of the bookstore.
Team Leading Edge published a simple guide on how to chose the right Realtor, you can read it here: 4 THINGS TO DO WHEN SELECTING AN EDMONTON REAL ESTATE AGENT
This might also come in handy: Why Using An Edmonton Real Estate Agent Is Better Than Selling On Your Own
3. LOW INQUIRIES, LEADS & VIEWINGS
If you’re property is already listed in the Edmonton MLS right now, it will be beneficial for you to review your progress as soon as possible.
How many potential brokers have inquired for your property over the last 15 – 30 days? And how many viewed it at the same time period?
If you’ve been having a lackluster month, then its time to go back to the drawing board and re-strategize. There could be several key factors that are becoming a hindrance to your selling venture—the selling price could be one of it! It’s almost, always the primary suspect. An expensive price tag is a great deterrent to potential buyers.
Try to lower down your selling price and see if the figures improve.
Know your mistakes, acknowledge them and learn from them. Only once you’ve acknowledged that you have made a mistake can you move forward and remedy it.
You also have to know that in real estate, pride can be a double-edged sword; a proud seller who wouldn’t lower down his price will most certainly fail.
Lastly, in these tough economic times, Edmonton homebuyers are getting smarter; they have an array of options laid out before them. If you go against the market, your property can linger in the MLS for months or even years! Be smart and re-price.
A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them. - John C. Maxwell
For more from Team Leading Edge, follow the team on Twitter at @teamleadingedge. Make sure to subscribe to Team Leading Edge to get newsletters on the Edmonton Real Estate market.
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
Subscribe and get the daily news, updates and latest trends in Edmonton real estate.