Relist Your Home for Sale with 10 inside tricks
Relisting at Higher Price
- Price competitively based on recent sales of similar updated homes
- Time relist for peak buyer demand in spring
- Promote upgrades clearly to justify new price
- Increase price in line with value of updates
- Factor in rising rates/lower fix-up demand
- Highlight upgrades in listing details and photos
- Target first-time and move-up buyers
- Be flexible on price if appraisal is low
Relisting at Lower Price
- Review recent sales of comparable homes
- Lower price 5-10% below latest comps
- Update listing photos and description
- Advertise price drop and home improvements
- Offer incentives like closing costs
- Be patient but get more flexible over time
- Switch to an agent experienced with relists
- Make any small repairs for maximum appeal
- Consider an auction if unable to sell
If you’re relisting a million-dollar home, there’s no reason to save $371.50 on professional photography and some virtual staging.
By George Nicola (Expert Stager)
While there’s no exact formula on how to do it right, there’s are tricks to relist a property for sale that works on a broad scale.
When a home is on the market for an extended period, it develops a reputation. Whether the home is deserving or not, buyers may perceive it as flawed or overpriced. As a result, some sellers take their listings off the market and reassess them before relisting to avoid a bad reputation or become the real estate equivalent of the last kid picked for kickball at recess.
Sure, pulling the house off the market and relisting it the next day isn’t an option. However, it will not appear as a new listing if you take a home off the market and relist it with a different agent. The guidelines of your local multiple listing service determine what counts as new.
What does relisting a house mean?
Relisting refers to the process of putting a home back on the real estate market for sale after it has already been listed but did not sell. There are a few common reasons a home may end up being relisted:
- Expired Listing – The initial listing period expired without the home going under contract. The sellers can choose to relist it to make another attempt at selling.
- Back on Market – The home was originally under contract but the deal fell through so the sellers put it back on the market. This could happen because of an inspection issue, buyer financing falling through, or various other contract contingencies not being met.
- Price Change – If the home was overpriced compared to the market, the sellers may relist it at a lower price point after the original listing expired without garnering much interest.
- Change in Condition – The sellers may choose to invest in renovations or repairs to improve the home before relisting it in hopes of getting a better offer.
- Change in Season – Homes often get relisted in a different season when buyer demand is higher, like relisting in Spring after an initial Fall/Winter listing.
The main goal of relisting is to refresh the home’s time on the market and attempt to find buyers again with adjusted pricing, condition, photos, etc. It gives sellers a second chance at selling.
Relisting property after it has been for a while on portals it’s not an easy job. So tricky that every 2nd property sells with the second agent; every fifth property is sold with the 3rd agent. Take this seriously.
George Nicola (Expert Stager)
use Professional Photography
Data gathered from Trend Reports show that 65 to 85 per cent of people describe themselves as visual learners. There is such an enormous huge surplus of images being displayed on websites, social media, the press, and everywhere we look in today’s fast-paced digital world that it can be overwhelming for the consumer. Users must choose from a plethora of high-quality content and images that are all vying for their attention.
While this is self-explanatory, we frequently receive low-resolution, slanted cell phone camera photos taken in poor lighting from customers. Not only does having to post listings with these photos embarrass our affiliates, but it also reflects poorly on the home seller’s judgment.
If you’re selling a million-dollar home, there’s no reason to save $200 – $500 on professional photography. Almost all home buyers see photos first unless they’re being led around on an open house tour by their agent.
So why would you want to make a poor first impression when it comes to your home? When it comes to relisting a property for sale, a picture is truly worth a thousand words.
Putting house back on market with reduced price?
When you’re lowering your price, make sure you consult with someone who is experienced in sales.
In most cases, a noticeable adjustment just below critical search thresholds should do the trick.
For example, if you’re thinking of lowering your price from $2,050,000 to $1,999,999, why not?
You’ll automatically attract more buyers and visitors, and keep in mind that buyers are more likely to make an offer after seeing a property.
Why would you turn away potential buyers by listing above a critical search threshold rather than just below?
But then is this price justified?
Does your home worth what you think it is worth, or it’s your greed telling you?
Putting your house back on the market will not work by posting the same photos with the same tired furniture and generalized text. I’m 90% of the scenarios when a house is not selling there’s just one wrong thing – the price.
Consider relisting the house at a higher price.
The previous listing price does not determine the relisted one or the maximum price you can sell a home. However, a more attractive, furthermore accurate listing price may entice enough buyers to spark a bidding war, resulting in your property selling for more than its relisted already higher asking price.
Hold on, that’s not all of the tricks; there’s more below for this to work.
Virtual Staging – Video Virtual Staging
Is it worth it to try virtual Staging to relist your home for sale?
“Yes,” is the answer.
Virtual Staging enables you to present a property in the best possible light, allowing potential buyers to connect with it emotionally.
On the other hand, if your budget allows it, it’s even better to get the property traditionally stagers along with the virtual Staging, then you’ll have two powerful tools to act as one.
Virtual Staging for relisted houses
We’ve run some numbers, and on average, a $500,000 property relisted for a second time with ten photos virtually stages photos comes at a price of $500, which is 0.1%
Animated Virtual Staging
You may also want to try animated virtual staging in relisting your property.
This add-on service to your virtual staging is best suited for single-page listing websites and open-house demonstrations. Highly engaging and detailed animated stagings are the ideal way to show off the listing’s high potential. The animated virtual staging is an add-on to your main package of tools, and it’s best to use photos of before and after the staging.
Virtual Decluttering and Virtual Staging - A Power Combo
Outdated and tired homes often are sold for cheap to investors and brave buyers. But the unsold ones are so bad that even investors can’t see beyond the clutter and damage, or their price is not the best one.
If you are on a budget but willing to relist the house and spend more money on serious remodelling, virtual decluttering and staging are some of the most popular services. No buyer will be enticed to waste their time looking at sloppy photos.
Unless you plan to promote the product “as is” and lose money.
Use Virtual Staging Apps + Virtual Viewings
Open houses and showings have gotten a bit more tricky.
Utilizing technology and offering virtual showings is one of their recommendations for limiting in-person showings. You can make the most of these showings by using virtual staging to include in your presentation.
You can add furniture, rugs and even repaint the house on a photo. You are not required to rent furniture or relocate items. It’s not only a safer and more cost-effective way for real estate agents to show homes to clients. Always remember to disclose you are using virtually staged images.
While waiting for your home for sale to be relisted, take advantage of it if you have the time. For example, repair a leaky roof before relisting if you know it’s putting buyers off.
Consider hiring a professional to check your home structurally before relisting again. If you’re unsure about what the house requires, speak with your new listing agent and request assistance.
An expert Realtor will know which changes will help your home sell and which ones aren’t worth the time or money.
Having propper checks will save the deal down the line, trust me!
Give your listing as much visibility as possible
Remember to publish your listing on the MLS (multiple listing services), syndicate it with major real estates platforms like Zillow, Trulia, and Realtor.com, and claim those listings to track statistics. There is, however, more you can do to increase the number of people who see your listing.
More than 50% of the listings promote with vacant spaces and badly taken photos. Use it to your advantage.
Host open houses and stream online
I bet you love watching these renovation and design shows on HGTV. A lovely couple buys a neglected property, and the miraculous designer turns everything into a diamond in 3 days.
Well, that’s not exactly how it works, and we all know it, but despite that, we watch it with excitement, right?
Why not take the same approach with your newly relisted house?
When it comes to selling a home, open houses have always been and will always be important.
Why not combine the virtual open house with the actual open house? That way, you ensure 24 hours access to your just relisted property for sale.
By streaming your physical open houses, two things will happen.
1. You will show interested buyers who showed at the door that you are serious about selling this house.
2. Many more will watch, and people who looked at the video’s stats will feel threatened and appealed to act now.
Use email lists
Do not underestimate the power of your email list in the United States, where real estate agents frequently collaborate. Make it a habit to send the property’s information to your contacts regularly.
You can pull realtor contact lists from your local MLS and add them to your email database. To increase your open email rate, make sure the subject line is interesting and relevant.
Relisting real estate is not easy; having a clear step by step plan will get you the results – a sale.
Visual Presentation is the key. Potential buyers may be turned off for a second time if the listing has the wrong price, bad photos, cluttered or messy rooms, poor lighting, or even a lack of pictures a second time.
Since the listing of real estate, it’s not only budget draining but emotional. Therefore, adopting virtual staging as a tool for presenting the property is a good strategy and cost-effective strategy and perfect for especially relisting.
However, not every staging provider is capable of executing the exactly needed detail for this to work.
If you present the property with poorly staged photos, your strategy will have the opposite effect.
A house being relisted multiple times in a short period
- A house relisted multiple times in 90 days often indicates an overpriced listing relative to market demand.
- A house under contract then relisted 10 days later points to issues with the buyer’s financing or inspection findings.
- Yes, a house can be relisted if the buyer terminates the purchase contract.
- Frequent relisting shows the seller is aiming too high compared to comparable homes selling.
- Being relisted 4+ times in a year will raise buyer suspicions of defects being hidden.
- Continuous relisting can mean an ineffective marketing strategy failing to reach qualified buyers.
- Relisting with little change risks accruing “days on market” hurting perceived home value.
- Seller may need to lower price 5-10%, upgrade photos, or switch real estate agents for a fresh approach.
A home relisted on MLS with wrong details
- Contact listing agent immediately to correct any factual errors like bedroom count, square footage, property features etc.
- Inaccuracies about renovations, aging roof, updated systems could impact offers. Get fixed fast.
- Pricing errors could deter potential buyers if too high or leave money on table if too low.
- Address photograph mix-ups like showing neighbor’s house or outdated interior photos.
- Have agent remove listing if description details condition, amenities inaccurately until fixed.
- Erroneous facts could lead to low appraisals so ensure all stats and features are verified.
- Review listing yourself and provide agent a correction list to protect your equity and appeal.
- Don’t delay getting errors resolved – inaccurate MLS listings spread fast online to aggregate sites.
What to do when relisting house after sale falls through
when relisting a house after a sale falls through, the sellers could invest in some minor updates to increase buyer appeal.
Repainting the interior walls in a neutral color scheme, replacing outdated light fixtures, and doing landscaping to improve curb appeal are relatively affordable ways to refresh the home’s look.
The buyers may have walked away due to feeling the home was dated or needing too many renovations.
By making some styling updates and improvements, the sellers can mitigate these concerns. It shows they are invested in making the home move-in ready.
When relisting after a failed sale, the sellers should also review pricing and work with their agent to set the new list price competitively.
Looking at recent comps and the feedback from the first listing can help properly position it. Being flexible on offers and not overpricing again is key.