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.
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)
Consider Having 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. Furthermore, it is a fraction of the cost of traditional physical Staging; check here: virtual Staging
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.
Recently we’ve written an excellent guide on virtual viewings.
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.