Colorado Springs Real Estate Answers: Why Didn’t My House Sell? Part Three: Marketing
Welcome to the third series in the “Why Didn’t My House Sell?” series.
You are probably reading this because you had your home on the market for several months and it didn’t sell. You want to know WHY it did not sell. You are not alone.
Many homes for sale in Colorado Springs do not sell with the first listing agent that lists it. And many of those sellers wind up calling us when their original listing agreement expires, so we answer this question a lot.
In the earlier two articles, we discussed how price and condition play a part in why your home did not sell. Read More:
Colorado Springs Real Estate Answers: Why Didn’t My House Sell? Part One: Price
Colorado Springs Real Estate Answers: Why Didn’t My House Sell? Part Two: Condition
This article article deals with the one element that you, the seller, do not really have control over.
Reason #3: The REAL ESTATE AGENT and the MARKETING
This is the ONLY part of your house-not-selling that you do not have control over. Well, let me rephrase that: The only control that you have over this facet of selling your home, is to make sure you hire a competent real estate agent that will market your home effectively.
Unfortunately, many sellers do not really research the first agent that they hire to sell their Colorado Springs home. There are plenty of decent real estate agents in Colorado Springs. There are several good real estate agents in Colorado Springs. And there are only a handful of excellent real estate agents in Colorado Springs. Even if you hired an excellent real estate agent, they may not have been the right fit for your house. See, finding the right agent for your house is not as easy as you would think. (And maybe not as easy as you now have realized …)
Not only does a real estate agent have to truly understand the Colorado Springs housing market, they also need to know the housing market immediately surrounding your home, have an understanding of the current lending/mortgage market, and know the value of effective marketing.
Not every real estate agent really has what it takes to sell a home in Colorado Springs.
Sad but true.
Side Note: A real estate agent must also be a good fit for you on a personal level. Even the greatest real estate agent in the world will not always get along with/mesh/be a good fit for every home seller. It is what it is, and unfortunately sometimes we do not realize that until we are several months into a listing contract. As a real estate agent in Colorado Springs, there are those rare times where I can tell that we may not be the right real estate agent for a particular seller. In cases like those, I like to refer them to an agent that I know they will work better with. It is NOT all about the money. It is about happy sellers. And sometimes “happy” is not always with us. We would MUCH rather have happy sellers, even if it means we are not their agent.
Housing market knowledge is important, but so is marketing.
Your real estate agent MUST understand the value of effective marketing. For a home to be exposed to as many home buyers (and their agents) as possible, a competent real estate agent in Colorado Springs should be marketing your home effectively.
Local MLS (Multiple Listing System)
Did you know that most home buyers are represented by a real estate agent (Buyers Agent)? This makes it very important to market not only to potential home buyers, but also to their real estate agents. The best way to do this is through the MLS. If your last MLS listing only had a few pictures and a limited description, chances are your home was skipped over in favor of homes that had more pictures and a more comprehensive description.
There are too many homes on the market to look at. The ones with the most pictures and best descriptions will get more showings.
Online Internet Marketing
The other side to this equation is online marketing. Over 80% of all home buyers start their home search online. When searching homes for sale in Colorado Springs, I would bet that percentage is even higher, seeing as we have a very high volume of people moving here from other places.
Home buyers are online looking at homes. Online is where your house needs to be. And not just on one website … on as many websites as possible … in front of as many interested home buyers as possible. We advertise our listings on over 50 websites nationally, and on hundreds websites locally.
Open Houses? Not the answer. Read: Top 3 Reasons Why Open Houses Are Not Successful in Colorado Springs
How can you tell if MARKETING was the reason your home didn’t sell?
Take a look at your last MLS sheet. Did it have more than 10 pictures? Were they decent, well-lit pictures? Did they highlight all the great things about your home in both the pictures and remarks section? More often than not, you will be disappointed.
Google your address. If your agent effectively marketed your home online, you should be able to find some of that advertising on the first page of Google. Other places to look for your home: Trulia.com, Zillow.com, Point2Homes.com …
Honestly, poor marketing, alone, will not be the reason your house does not sell. But coupled with price, ineffective marketing is another large nail in the coffin of an expired listing.
Once your house has been on the market and does not sell, like most sellers, you will probably pay better attention to who you hire for their next Colorado Springs listing agent. Make sure they have a comprehensive marketing plan designed at getting your home SOLD.
For more information on selling your Colorado Springs home, and what we at the Wagner iTeam do for our sellers, please contact us at: 719.434.7525