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Posts tagged ‘house not sold’

1
Mar

I Need My House Sold

Have you ever received one of those emails from someone proclaiming to be royalty living in The Ivory Coast or Nigeria? You know those ones? Well, I got one of those yesterday. At least I thought I did. At first glance it looked like spam.  Then I recognized some of the names it was sent to (the TREB president, an administrator at another Bosley office, someone I recognized in new condo sales). While the list of people was completely random, I was drawn to the subject line…..I need my house sold. My first reaction was, “wait a second, is this a joke?” Here is some of the email;

 “Hello and thank you for reading my email. My name is xxxxx  and I own this beautiful property at xxxxxx. My home is currently listed with xxxxxx and my listing contract is a couple of days away from expiring! My listing agent is a personal friend and I have discussed with her my intentions with this non-traditional marketing strategy. Seeing that this home has a “niche” clientele, I am prepared to offer any selling R/E Agent 3.5% commission upon the successful sale of my home. I built this home with the intention of retiring here, unfortunately my personal situation has changed and I am needing to size down.  This offer is being made available up to and including March 21st, 2012.  So act fast for your opportunity on cashing in on some GREAT Commission!!!”

 The email included a website with pictures of a fairly decent house. Not my style, but all the same, respectable. And while I give the seller some props for taking the home sale into their own hands I can’t help wondering what is going on in their head. Is this random email to 8 people, going to get this house sold? Of course I’m also curious how the realtor friend must feel. The seller is basically saying that the listing agent was a failure, and that they could do a better job selling the house themselves. It also proclaims, quiet equivocally that they are desperate. So without laying blame I thought I would look at some possible reasons why this house has not sold.

1.Location. The house is located in another town, so I really can’t make a judgement call. I google mapped the location and it is on a nice bit of street about one block from the lake.

2.Condition of the house. Well, from the pictures, the house looks  newly constructed so I doubt that’s the problem.

3.Curb appeal. The house looks clean and manicured and has a nicely landscaped backyard with a pool. That’s got to be worth something.

4.Clutter. Dont think that’s it. If anything the interior pictures show a house that looks vaguely staged.

5.Slow market. From the reports I have heard from agents who work in this town, they are experiencing the same low inventories we face in Toronto although the higher priced homes are taking a bit more time to sell.

6.High property expenses. The house would be considered  part of the luxury market and as such maintenance costs can be higher than average.

7.Tough to show. I would have a hard time believing the house hasn’t sold because it is hard to show.

8.Agent’s lack of effective marketing. I don’t personally  know the agent who has the listing, nor can I comment on their marketing efforts except to say that the pictures, taken from the listing, look pretty good. There was not a virtual tour or floor plans. I may have included that.

9.Price. Well, a few houses over there is a house for sale for $600K cheaper and it is 2500 square foot bigger. Oh, and it’s a Power of Sale. Hmm

10. It’s been on the market too long. The house was originally listed back in September 2011 for an additional $700K. Ouch.

Seems pretty obvious. the owner probably didn’t listen to the agent. Listed to high and chased the market down. I honestly don’t think offering an agent a higher commission is going to do the trick. Naturally, I would love to hear your comments. Have a great week.

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