Help! We listed our home about a month ago. We had a decent number of showings, great feedback and we even got an offer not long after listing it. We accepted the offer, but unfortunately after two weeks of being under contract the buyer's loan fell through. Now our home is back on the market, but it seems like everything has done a complete 180. It's been radio silence! We have only had 2 showings since coming back on the market! What could have possibly changed over the last two weeks and what can we do to get things moving again?
Dennis & Gail, Grand Junction
Dennis & Gail,
Ugh, I am sorry…I can’t tell you how many times I have seen this scenario play out and its almost never an easy answer! When a property first hits the market there is an innate amount of momentum that is generated by just being a new property. The amount of momentum generated, if done properly, can be exponentially increased based on condition, marketing and price etc. It is always our goal to generate as much momentum as possible. Riding the momentum wave after launch is key and the more momentum you generate the longer you can ride the wave. Momentum in real estate is often overlooked and undervalued, but it is a vital goal when putting together a purposeful marketing strategy and turning back to that strategy to kick things back into gear again is where you must turn! Just like in a football game when big “MO” is on one team’s side it seems like they can do no wrong, but nothing kills momentum like a turnover, penalty or some other miscue. A property that falls out of contract is like a turnover in the big game, it can often times kill the momentum and to get it back you must dig deep into your marketing tool box!
It is absolutely one of the most frustrating parts of selling a home. The excitement of getting an acceptable contract to the agony of losing the buyer and having to start over again. It is not only emotionally painful, but the reality of the re-start can be another unexpected blow, especially when it is hard to wrestle the momentum back. This impact can be compounded right now as we are entering the winter months and the holiday season where fewer buyers are roaming the streets and contracts are nearing 50% of the spring/summer time highs. When this situation happens on our team, it is an all hands on deck affair. We know that getting that old engine going again is harder the second time around. Hopefully your agent has a proven marketing strategy that you can fall back on to rekindle the fire of a listing that has lost its spark.
We start by messaging the entire database of real estate agents, especially those who may have previously shown the property, about the fact that we are back on market and often times offer some kind of small incentive or price reduction to give a fresh look and price. We also might switch up photos or re-work the write up so it appears fresh and new. We immediately focus on our electronic footprint (all electronic marketing) to ensure re-distribution happens as soon as possible and this includes making sure to re-run or re-launch social media campaigns to get the word out in as many arenas as possible. Obviously the more marketing you can do to get the word out and making the effort to track down any previous “warm” leads to inform them of the property’s new found available status can significantly help your cause. Make sure to employ every method possible to proactively spread the word.
The most important trait you must exhibit under your current circumstance is patience. Patience in this situation is going to be the key to your sanity and give you the ability to wait out the process as it gets back underway. Focus on moving forward and working with your agent to get the ball rolling again. Realize that it is likely not going to happen overnight. Give it some time and trust your agent and their ability to spread the word! Hang in there, ultimately things will get moving in the right direction, but in a world where we expect everything now you might just need the realization that the new journey may be an opportunity for personal growth! Lastly, remember it only takes one showing (and one offer) to make everything better. Best of luck.
The Kimbrough Team