In most parts of Australia today, it takes four to six weeks to sell a (properly marketed) property. If your property is not sold in that time, there are 2 things to check immediately: (1) check the professionalism and reach of your agent’s marketing; (2) check the buyer/market feedback.
James & Michelle Munn said that, negative or non-buying feedback can be divided into two types: conditions (things that you can’t change) and objections (things you can change). Objections are variables like worn carpet, bathroom in poor condition or no fencing. These are all items that can be fixed, added or replaced. Conditions on the other hand are intrinsic to the property – like location.
If a purchaser comments that the property is not close enough to amenities or too close to a busy road or the block is too small or too steep, you can’t physically move the property to remove that condition. According to James & Michelle, “Constant conditional feedback means that to attract offers the price of the property needs to be adjusted until the feedback becomes positive.”
Sometimes vendors think that sooner or later someone will come along who doesn’t mind the busy road or lack of amenities, they don’t realize that purchasers are comparing properties with others they have seen and their comments reflect the unspoken ‘Other properties we have seen in our price range seem to offer better value’.
Once the price is right feedback tends to become more positive and within a short time the property attracts an offer from a genuine purchaser. If your agent is not providing you feedback, you will need to look for another agent. Estate agents vary in skills, integrity and a whole range of attributes just like solicitors, car mechanics or any other profession.