Time to read : 4 Minutes
You listed your property and dreamt of champagne corks popping… but instead? Crickets. Maybe you received a few cheeky lowball offers from bargain hunters who thought you may be desperate for a quick sale. Or perhaps the term ‘silent auction’ could be taking on a new meaning for you…
Ouch. Heartbreaking, right?
Don’t panic – in today’s market of jittery buyers, shifting interest rates and doom-laden headlines, a property that doesn’t sell straight away isn’t a disaster. But if it does take longer than expected to sell, it could hurt your back pocket.
So, what you need is a smarter game plan. Here are seven tips to help you regroup.
💡And if you’re thinking of selling down the track, a few of these strategies can be an eye opener before you put your property on the market – and may even reduce the time your property’s listed. Let’s dive in.
1. Pause and re-evaluate
Charging back into the market without asking why your place didn’t sell is like throwing spaghetti at the wall – messy and ineffective. Was the price too ambitious? Marketing didn’t have enough cut-through? House photos that looked like they were shot on a Nokia circa 2005?
Evaluate what the problem areas are and fix the weak spots. Ask your sales agent for honest feedback. If they can’t deliver useful feedback on why there was no sale, it may be time to find a new one...
2. Switch agents
Let’s be blunt: some real estate agents are negotiators, some are marketers, and some are just glorified key-janglers. Look for strong local knowledge, a proven track record, and marketing skills that go beyond “let’s chuck it online and hope for the best.”
There are sites like ratemyagent where you can read reviews from other vendors to find out if your agency or agent has a good track record.
3. Price realistically (not emotionally)
Every seller thinks their home is worth more than it is. Sadly, buyers aren’t really interested in how much you owe on your mortgage, the memories you’ve created, or your excellent taste in furnishings.
Buyers are keen to know about comparable sales. Do your research on other similar properties that have recently sold. The tip here is to check the data, and let the numbers inform the price you should aim for.
4. Presentation matters
When it comes to presentation, the expression ‘first impressions count’ couldn’t be more true.
Buyers are drawn in with their eyes. Tired carpet, paint peeling from walls, a cluttered kitchen or an overgrown garden are just a few examples that can turn off potential buyers.
If you can afford to stage your property, it can help attract more buyers. Staging allows buyers to visualise the space, especially if you’re selling your home empty. Recent figures show staging could fetch you between 7.5% and 15% more on your sale price.
In comparison, staging costs less than 1% of your estimated property value, so it could be a very good return on your investment.
If your property is furnished well or you don’t have the funds upfront to stage, there are some jobs you can tackle yourself. Declutter ruthlessly, give your walls a lick of paint, and tidy the yard. And if styling isn’t your forte, hire someone who can make the place sparkle. This is something an experienced sales agent can help you with as they usually have contacts.
5. Refresh the marketing
If you’re staging, decide to add that sparkle back in or change agents, you’re likely to need a fresh marketing campaign. And yes, that means another upfront cost.
Each real estate agency may have their own marketing packages you can choose from, but chances are at a minimum you’ll need:
Photography
Signage
Brochures
Online listings
The costs can vary a lot based on your specific property and location. Find out about marketing and advertising costs using this calculator.
Agencies also have real estate copywriters who can use the magic of words to dial up the best features of your home. And yes that means dialing down the not so good ones. They can target investors, first-time home buyers or multi-generational families to get the right people through the door.
6. Rent it out
If you’re not in a hurry to sell, perhaps you could put it on the rental market for a set period. Whether it’s six months, 12 months or longer, there are some shortages of rental properties so opening it up for rent could be a good move.
💡Talk to your accountant to see if there are any tax benefits and any paperwork requirements if you’re considering this option.
7. Take a break or renovate
Sometimes the smartest move is to step back. If buyers think your property’s been “lingering,” they’ll wonder what’s wrong with it.
While taking a break, consider any remodelling you could do. Some ideas include:
converting a room into a bedroom
creating a home office
opening up the kitchen or upgrading the appliances.
The money you invest on improvements can help reposition your property from “meh” to “must-have.” You can then relaunch later with sharper marketing.
Be aware: any major work carried out has the potential to blow your costs through the roof. Look for ways to add value to your property without being too costly.
Bottom line
Yes, it can sting when an auction passes in or your property isn’t getting decent offers, but it’s not the end of the property selling journey.
Real estate is a marathon, not a sprint, and setbacks call for a smarter strategy – whether that’s holding, renting, improving or relaunching.
And selling a home rarely follows a straight line, so if your first attempt falters, learn from it, adjust your approach and relaunch with confidence.
Next time, you might be the one popping champagne while lowballers watch from the sidelines.
Go deeper:
How to nail renovations and add value to your property before selling
Are you across these must-dos when buying your first property?
Financial disclaimer
The information contained on this web page is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. You should check with a financial professional before making any decisions. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Compare Club Australia Pty Ltd.
