If your listing has been sitting on the market for too long without generating much interest, it's time to shake things up. A stale listing can be a real challenge, but there are proven strategies that can help breathe new life into it and catch the attention of buyers and agents alike. Below are nine expert tips that will guide you in revamping your approach. Implementing these strategies can make all the difference in driving new interest and, ultimately, securing those coveted offers. Let’s dive in!
- Taking a meaningful price drop. This is the #1 thing you can do so it’s time for the ‘adult convo’ with your client. If you're not getting showings or offers after 3 weeks on the market, you're overpriced - period. Take a sizable (depending on your price point) drop asap so you don’t get stale. Nothing else pushes the listing out to buyers (sends it to them via auto searches they and their agents have set up) and nothing else works.
- Set a progressive broker tour - find 4/5 similar and have a tour (going from 1 to the next) that ends at your listing. Hold a drawing at the end, each participant drops a card into a bag, draw 3 - $100, $50, $25. To a good area (close to the listing) restaurant.
- Increase the commission offered and offer a $1k buyer broker bonus to any agent that brings an offer that closes in 30 days. Try increasing the commission to 4% and calculate that payout - that always gets attention You can advertise this in print, online, and by email but not on MLS.
- Changing up the image order and potentially take more/new pictures.
- Look for listing errors and have a colleague assist in looking at the listing and helping re-write the text.
- Offer a ‘show my listing and be entered to win’ incentive. Win 1 of 3 $50 gift cards to ____
- Conduct open houses every 2nd or 3rd weekend. Of course this isn’t feasible or recommended for all listings.
- Send an email to all local and regional agents outlining the above.
- Advertise and promote all the above on social
