No seller ever wants to have to take down their listing after little activity and zero offers. But it does happen, and these sellers are then left with the task of relisting their homes at some point in the future.
If you’re one of these sellers who is in the position to relist, you’ll want to make sure your new listing is successful this time. To do that, you’ll obviously need to make some adjustments to your new listing. Something clearly wasn’t working the first time around, so some changes will need to be made in order to ensure your next attempt works in your favor.
Here are some things you should take into consideration before you put your home back on the market.
1. Consider Comments From Buyers and Agents
You can gather a lot of vital and useful information from buyers and agents who visited your home when it was previously listed. Their thoughts and opinions of your home can come in really handy when it comes time to relist.
Obviously, there was an issue with your listing before, which is why it never sold and was taken down. But what exactly was the issue? The price? The condition of the home? The curb appeal?
Whatever the problem was perceived to be, you can find out the nitty gritty by simply getting some feedback from buyers and their agents to help tweak your new listing accordingly. Any negative comments made about your home can be used to your advantage to create a much stronger listing the second time around.
2. Make Some Improvements
Little issues with a home’s condition and decor and really add up and turn prospective buyers off. The chipped tiles, loose cabinet handles, burned-out light bulb, or scuff marks on the walls might all seem minor, but they can all combine to make a home look less than perfect.
Before you relist, take the time to carefully inspect your home and look for little things that require improvement and updating. Certain updates might cost a little bit of money upfront, but they can make a huge difference in the overall appearance of your home and bring you the price you want. With a home in better condition, there’s less reason for buyers to lowball you on price or consider other properties.
Just make sure not to go overboard with your upgrades. Spending too much on certain types of improvements will not bring you the return you would like come sale time. Keep things simple and affordable, and stick to relatively simple cosmetic updates. Costly repairs rarely allow sellers to recoup the expense.
3. Hire a Professional Home Stager
In addition to making some much-needed improvements, you should also consider having your home professionally staged. You stand a much better chance of selling within a reasonable amount of time and for a lot more money if you stage your home.
Taking this step is especially important if your previous listing failed and you’re attempting to relist. This time around, you need to put your best foot forward, and having your home staged for the buyers in your market is a great way to do just that.
A home that’s presented appropriately for the market can make a huge difference in the response and attention it gets. Appealing to the target pool of buyers in your area can help you get an offer in a reasonable amount of time after listing and can give you more negotiating power.
4. Take New/Better Photos
Assess the photos you used in your previous listing and determine whether or not they were up to par. Photos play a critical role in a listing and in enticing prospective buyers to schedule a showing. If your online photos are less-than-perfect, buyers will easily gloss over your listing in favor of one with much more attractive images.
Even if your previous photos were great, you probably shouldn’t use the same ones. You want your new listing to be given a fresh start, and using the same images from your last listing is not the way to do that. Buyers might figure out that the photos used on your new listing were taken months earlier and will know that your home has been sitting on the market for a while.
Not only do you want your photos to be better, you also want them to showcase any updates you made. Once your home has been updated and staged, that’s when new photos should be taken. Be sure to hire a professional photographer who will know exactly what angles and lighting to use to showcase your home in the best way possible.
Buyers are predominantly shopping online, and the photos you present make a world of difference. Today’s buyers are looking at several properties every day when searching online, so it’s crucial that your photos are perfect and help your home stand out from the crowd.
5. Consider a Different Asking Price
Your asking price is one of the most important aspects of your listing. A home that’s priced too high will scare buyers off who would have otherwise been willing and able to afford your home. If your listing price was part of the problem the first time around, you may want to consider relisting at a different price point.
An appropriate listing price that’s in line with the current market will help garner the most attention in your home. Today’s buyers are well-informed about what homes are worth and likely won’t spend any more than they have to, even for a home they’ve fallen in love with.
Your real estate agent will pull a new report of comps in the area to see where your home stands as far as value is concerned. By assessing similar homes in your neighborhood that have recently sold, you’ll be able to determine an appropriate listing price.
A price reduction is one of the more common criteria that buyers consider when relisting their homes after their first shot at the market was unsuccessful. But dropping the price isn’t always necessary. There are other factors that come into play that should be assessed, such as the condition of the market and the current inventory level. Your agent will have this important information in order to help you come up with a sound listing price that will draw the most attention on your new listing.
The Bottom Line
If relisting your home is on the agenda, you need to take a careful approach before you put your property back on the market. Take some time to closely analyze what went wrong the first time around so you don’t duplicate those mistakes. Many times it’s the price that causes a listing to become stale, but there are other factors that may have been at play. Armed with a seasoned real estate agent, you should be able to pinpoint what these issues were and take measures to improve your new listing.