4 reasons why your house is not selling in Kenya
1. You have instructed the wrong estate agent
Not all estate agents are the same and to make sure you have the best chance of selling your property you need to instruct the best agent in your area. it is important that you don’t just go for the cheapest agent as there is probably a good reason why they have to cut their fees…they don’t sell many houses!
It may still be worth checking the local papers and property portals such Houselink Rentals to get a feel for who are the top selling agents in your area. Count the number of properties each agent has listed in your selected area and price range and this will give you a good feel for who is the top agent. Obviously, you need to make sure the top agent is actually selling houses and not just marketing them with little success. You can ask for proof of sales if you invite them round for an appraisal.
Invite at least three estate agents to present to you their marketing plan for your property. The marketing plan should include full details of proposed advertising and the property portals where your property will be available to view as well as an explanation of how they are going to actually encourage potential buyers to consider your property. You need to ask the agent what action they propose to take if your property has not sold in, say, the first month.
Ask each agent to provide proof of recent sales of similar properties to yours together with the sale price achieved. Make sure you obtain the actual dates when these properties were sold and ask how many properties each agent currently has on their books in your area. You can then compare the marketing price of your property with those already on the market.
Compare the fees charged and suggested marketing prices for your property and be cautious of an estate agent charging very low fees and/or suggesting a high marketing price. This may mean they are just pushing for your instruction to beat off the competition and may not be the best agent to use. Don’t just accept the fee quoted, be prepared to negotiate a lower fee you will be surprised how much you can save.
Don’t sign a contract for longer than around 6 months as you will want to move on if they can’t sell your property. Also, don’t sign a contract that auto-renews at the end of the period as this can mean that you have extended the contract without you realizing.
2. You are marketing at the wrong price
We all think our properties are worth more than all the others in the street but if you want to sell it then you need to market your property at a competitive price
Carry out some research on the property portals to see the marketing prices of similar properties in your area and set your price accordingly
Remember the price shown on the property portals is the marketing price, sale prices are typically around 5% lower
It is better to set your price right at the outset, don’t be tempted to start high and then lower the price if it doesn’t sell. Buyers are wary of properties that have been on the market for a while and then the price is reduced, they will think there is something wrong with the property and maybe not consider it.
If you know your neighbors have their houses on the market consider pitching your price slightly below theirs to catch the eye of a potential buyer
3. You have poorly shot or badly presented photographs
The first impression a prospective buyer is likely to get off your property is on a property portal. It is vital, therefore, that the photographs taken by your estate agent are the best they can be.
Be critical of the photos taken by your estate agent and don’t be afraid to ask them to retake them if you are not happy
Move cars and wheelie bins away from the front of your property before any photos are taken
Consider paying extra for upmarket marketing material if your property warrants it
Ensure that when the photos are uploaded to the property portals and the estate agents own website they are presented in the correct sequence. For instance, the downstairs cloakroom should not be the first photo seen!
4. You are not getting feedback from your estate agent
It is vital that you are communicating with your estate agent regularly and obtaining feedback on what is happening with regards to the marketing of your property
You should receive feedback on every viewing to understand what people thought of your property and what actions you should take to make it more saleable
Find out from your estate agent how many people actually viewed your property online. If these numbers are low then your marketing price may be too high. If these numbers are high, but with little or no viewings, then the presentation of your property needs to be reviewed.