What am I doing wrong

[knightm]

OK forumites - I am looking for feedback. I have had a unit listed on the market for 6 months, and granted my original asking price was too high, but now everyone(even the agent) is telling me its at market price, I dunno why it wont sell.

I hesitate to list the actuall property for fear of blatant marketing (bad form) but check my posts I have held off from doing this for a long time and consider myself an actual forumite. Genuinly looking to remove the barriers I can't think of to get it sold.

listed on re.com property id 102198211 its a townhouse in beenleigh asking 134.5k 12 month lease etc

i have two open listing contracts, one with harcourts and one with prd, or if I get a private offer I can sell it that way (had one from an institutional investor, too low imho)

 

[The Y-man]

OK forumites - I am looking for feedback. I have had a unit listed on the market for 6 months, and granted my original asking price was too high, but now everyone(even the agent) is telling me its at market price, I dunno why it wont sell.

I hesitate to list the actuall property for fear of blatant marketing (bad form) but check my posts I have held off from doing this for a long time and consider myself an actual forumite. Genuinly looking to remove the barriers I can't think of to get it sold.

listed on re.com property id 102198211 its a townhouse in beenleigh asking 134.5k 12 month lease etc

i have two open listing contracts, one with harcourts and one with prd, or if I get a private offer I can sell it that way (had one from an institutional investor, too low imho)

The lease can cut both ways - good rent compared to your competition by looks of it, but you will still alienate PPOR buyers.

Thing I noticed most was the number of properties in the immediate vicinity for sale. What is the volume of sales like? Are they actually moving? At the end of the day, it may come down to a price war.

Get feedback from your agents - are their people inspecting, if so, what didn't they like about it?

Cheers,

The Y-man

 

[skater]

OK forumites - I am looking for feedback. I have had a unit listed on the market for 6 months, and granted my original asking price was too high, but now everyone(even the agent) is telling me its at market price, I dunno why it wont sell.

I hesitate to list the actuall property for fear of blatant marketing (bad form) but check my posts I have held off from doing this for a long time and consider myself an actual forumite. Genuinly looking to remove the barriers I can't think of to get it sold.

listed on re.com property id 102198211 its a townhouse in beenleigh asking 134.5k 12 month lease etc

i have two open listing contracts, one with harcourts and one with prd, or if I get a private offer I can sell it that way (had one from an institutional investor, too low imho)

I don't know what the market is like in Beenleigh, but the thing that might be holding it back is the type of buyer you have looking in the area. If you have predominately owner occupiers looking at the moment, a 12 month lease is a drawback.

There also seems to be a few that look alike. Are they all in the same complex? That could also be a factor.

I had a property that I tried to sell after most of the investors had left the marketplace complete with a tenant paying VERY good rent. This property took 18 months to sell. It was competitively priced but all the buyers wanted to live there. You may have to be patient. BTW mine wasn't in Beenleigh, it was in Launceston.

 

[willair]

knightm,
just had a quick look at your property,
imho,
i would start with the agents,change the statement
above the asking price,/What are you waiting for make
an offer/they can do better than that,or take the property off the
market for six weeks then auction the property.
good luck
willair.

 

[knightm]

thanks yman and skater - I did um and ar about the lease, the place was available for several months vacant posession at the end of a periodic tennancy and vacant for 2 weeks, but I wasn't confident that it would sell quickly (had a few o/o buyers go through and said they liked it but weren't quite ready to commit etc) so it was a self preservation thing - its almost cash neutral to me atm. I have asked the agent re feedback on whether I need to do any further rennos every week but no buyers have pointed out big problems. Everybody says "we like it" but walks...

also re sale numbers yes at times there are loads on the market, this seems to go up and down. In general worse now than at the beggining, but my price expectations were worse then. THere are a few for sale in the block, but mine has best location (furthest from busy road and overlooks pool/tennis court) and have evidence comparable units sold this year 132-137

 

[knightm]

thanks willair, will consider auction but to be honest a bit afraid of no response - due to current market and the fact its not a premium property. I always though auctions would work better with the ppor market, more emotional etc.

 

[The Y-man]

.... Everybody says "we like it" but walks...

Oh no! It's the "NICE" factor....

Difficult to alter the property too, with a tenant there. i.e. colour scheme, garden, light fittings, door handles etc.......

Cheers,

The Y-man

 

[ani]

knightm

The listing is down to page 13 on re.com. My belief is that most people look at 4-5 pages then give up.

Ask the agent to pull it one day and relist it the next so you get it back on the first few pages.

ani

 

[see_change]

We've recently sold a house in logan which took a while . Talking to the agents , they did say that units were popular , but they were mainly home owners buying , because they couldn't afford houses.

With the houses we were selling ( four ) we found they were all slow to sell , and we had constant feed back from the agents that , the prices were reasonable , however the reality of the situation was that in order to sell the properties we did need to tell the agents , " well if we want to sell the property , maybe we need to drop the price...".

We actually had minimal if any pressure from agents to drop prices, in fact they seemed remarkably reluctant to drop prices. so we had to push the issue.

The others make valid points .

It's worthwhile getting the add further up the pages in realestalte .com. It might be worthwhile taking it off the market and bringing it back on when the tenant is nearing the end of their lease.

See Change

 

[emcdonald]

Hi Knightm,

I've got a few q's regarding your property...

Why are you selling?

How soon do you need the property to sell?

Where has the enquiry been coming from (sign, net, window, walk in's etc)?

Are you running open houses?

If so how many buyers are you averaging per week?

Has the tennant been co-operative with the inspection times?

Just a few thoughts and comments on the internet ad...The photos are of a vacant home with the title reading "What R U waiting 4? Make an Offer!". This is just my opinion but perhaps your agent should consider a refresh of the advertising campaign. Given that there is now a tennant in place (presumably with furniture) perhaps this would help with the 'warm and fuzzy' factor.

You mentioned that your property was in competition with serveral others, what makes yours better quality / value than the others listed for sale? Use that sinker in your advertising.


I thought Ani's idea was a great one, refresh the advertising and uplink your property again, hopefuly this will generate fresh interest in the property and catch the eye of buyers who may have previously viewed it but passed it over.

All the best Knightm, I know long waiting times on the market can be stressful.

Cheers e x

 

[knightm]

Hi Knightm,

I've got a few q's regarding your property...

1 Why are you selling?

2 How soon do you need the property to sell?

3 Where has the enquiry been coming from (sign, net, window, walk in's etc)?

4 Are you running open houses?

5 If so how many buyers are you averaging per week?

6 Has the tennant been co-operative with the inspection times?

7 Just a few thoughts and comments on the internet ad...The photos are of a vacant home with the title reading "What R U waiting 4? Make an Offer!". This is just my opinion but perhaps your agent should consider a refresh of the advertising campaign. Given that there is now a tennant in place (presumably with furniture) perhaps this would help with the 'warm and fuzzy' factor.

8 You mentioned that your property was in competition with serveral others, what makes yours better quality / value than the others listed for sale? Use that sinker in your advertising.


9 I thought Ani's idea was a great one, refresh the advertising and uplink your property again, hopefuly this will generate fresh interest in the property and catch the eye of buyers who may have previously viewed it but passed it over.

All the best Knightm, I know long waiting times on the market can be stressful.

Cheers e x

1 My wife and I now have a baby and only 1 income, realising some profit will ease the strain of learning to live on 1 wage, + want to pay out the last of some personal debt (so more psycholigical than financial)

2 No real deadline but I'd rather it be sooner

3 Some off the net but mostly brisbane investors who call the agents or walk past the window

4 ran 1, no one showed up!

5 if this is related to q4, see answer above, if you are asking generally, I seem to have had about 1-2 inspections a week most weeks

6 Yes thankfully - had one episode early on, nothing since then and the agent appears to have good people skills, which helps

7a - yes changing wording will do that, when agent returns from hospital!
b - the tenant doesn't have all that much furniture, great job, good income and good references so no drama covering rent but seems to want to live "light" (ie matress on floor etc) I can't control that.

8 I believe the location in the block, the rennos and the return are all pros, will try and get the agent to include more mention of them when shes back

9 Good point, will try that too

thanks all, esp em

 

[Rixter]

OK forumites - I am looking for feedback. I have had a unit listed on the market for 6 months, and granted my original asking price was too high, but now everyone(even the agent) is telling me its at market price, I dunno why it wont sell.

I hesitate to list the actuall property for fear of blatant marketing (bad form) but check my posts I have held off from doing this for a long time and consider myself an actual forumite. Genuinly looking to remove the barriers I can't think of to get it sold.

listed on re.com property id 102198211 its a townhouse in beenleigh asking 134.5k 12 month lease etc

i have two open listing contracts, one with harcourts and one with prd, or if I get a private offer I can sell it that way (had one from an institutional investor, too low imho)

The reason its not selling now is due to the mistake that you have already identified - Being your original asking price was too high.

When vendors make this mistake they dont really realise they are shooting them selves in the foot as you have found for your self. When they first ask too much the biggest mistake they make is they say to them selves if it doesnt sell straight away then all they have to do is to reduce the price until is does. Problem is the vendor is partially right in saying this however most vendors will not be prepared to reduce the price low enough to attract a buyer!

You see when any property is on the market for some time, alot of people never go look at due to it being out of their price range they're prepared to pay. After a period of this happening most potential buyers pick up its not selling and straight away dismiss looking at it telling them selves that there must be something wrong with it and therefore are not interested in making further enquiries.

The worst part about this situation is if the vendor had originally priced the property according to market sentiment those same potential purchasers would have taken the time to inspect the property thereby getting the required inspection numbers through to maximise its market exposure.

My best advice to you would be to remove it from the market for a period of time until the next wave new purchasers have saturated the market and putting it back on the market and this time pricing it accordingly to the new market sentiment.

Hope I have given you some food for thought.

 

[Jimmyjamjars]

Lease

Don't know if its relevant but I recently sold an IP which originally had a tenant in place with a long lease. Agent told me straight out that the lease was the sticking point in it selling. The people who were looking at my property were all looking for somewhere to live, and once they found out that tenant had 8-10 months remaining on her lease and could enforce it, they weren't interested. It wasn't until lease was down to last month that they had people wanting to come back for a second look and it then sold fairly quickly and for pretty well what we were after.
JIM

 

[knightm]

thanks rixter and jmjrs,

rixter I think you are right, and if the prospects of the next week or two don't lead to any results I will probably do the remove and relist later thing.

jmjrs I know but the people looking back when it was vacant weren't committed buyers, they were 1st home buyers who seemed to be interested but weren't ready to commit to paper. I suspect they may still be looking?!