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If your Toronto house or condo has been on the market longer than average (30 days for most Toronto neighbourhoods) it’s time to have a serious conversation with your agent. Here’s what to ask:
1. What specifically have you done to market my home? What were the results of that marketing?
There is a HUGE difference between how real estate agents market properties: some agents focus on digital campaigns, some invest in flyers and postcards and some just put your home on MLS and wait. It’s important that you know exactly what your agent has done to market your home. What were the results? How many times was your listing seen on their website? How often was the video or virtual tour viewed? How often did they post your home to Craigslist?
2. What has been the feedback from the Buyers and agents who have seen my home?
If your agent isn’t soliciting feedback from every agent who books an appointment to see your home, ask them to start. What did the potential Buyers think of your space? How did they feel about the price? How did it compare to the other homes their client saw?
3. What’s been happening to similar properties that have been listed at the same time as mine? What has sold, had a price reduction, been taken off the market? What new competition has come up?
Hopefully your agent is already giving you a weekly status update of what’s happening around you and going to see any new listings that will be competing with yours. Is every home except yours selling? Have all the condos in your building reduced their prices and now you’re the most expensive listing? The state of the market changes all the time – what’s specifically happening in your real estate niche right now?
4. What can I do to help my house sell faster?
Selling your house isn’t just your agent’s job – you have an important role too. Is your house neat and tidy? Should you repaint some walls or neutralize the decor? Do you need to de-clutter more? Are you being flexible enough in allowing showings? Tell your agent you want to hear the truth about what you can do help your house sell.
5. Why do you think my home isn’t selling?
Is the problem exposure? Is it price? Is something scaring off potential buyers? Find out what your agent is really thinking and be prepared to take action.
The reality is that the longer your home stays on the market, the lower the price will be. Buyers get excited about new listings, and if your condo or house has been on the market for 45 days or more, Buyers will start to wonder what’s wrong with it.