What to Do When a Property Isn’t Selling – A Guide for Estate Agents

In the world of estate agency, not every property will sell quickly or generate the level of interest you expect. It’s a reality that even the most seasoned estate agents face. In fact, the average property in the UK typically undergoes at least one price reduction before it eventually sells. This means you’re not alone if you find yourself having to revisit your pricing strategy. It’s part of the process, and you shouldn’t be discouraged by it.

One of the biggest hurdles estate agents encounter is what I like to call “valuer’s guilt.” This feeling often emerges after you’ve met with a homeowner, confidently advised them on a price and a likely timescale for selling their property, only to find yourself calling them a few weeks later to discuss the possibility of a price adjustment. It’s easy to start questioning your competence and wonder whether you misjudged the market or made an error in your valuation. However, as long as you can honestly say that you’ve done everything in your power to market and sell the property, you need to understand that sometimes, external factors simply play a role in the process. Not every property sells right away, even when you’ve applied the same marketing strategies that have worked for others.

If you’ve followed a comprehensive marketing plan right from the beginning, you should have exhausted every potential avenue to promote the property. However, if there are any marketing strategies you haven’t tried yet, now might be the time to implement them.

A simple but often effective method for generating renewed interest in a property is to reorganise the photographs displayed online. Changing the lead photo from the usual front shot to something more striking, like the kitchen or living area, can breathe new life into the listing. This reshuffling of images can increase the number of views your property gets, as it’ll stand out more to potential buyers who might have grown accustomed to the previous photos. According to leading property portals, refreshing the photos every 14 days helps keep listings fresh and engaging, regardless of how much interest they’re receiving. Setting a reminder to do this regularly is a great habit for any estate agent.

Ultimately, the most influential factor in whether a property sells is the price. It doesn’t matter how effective you are as an estate agent; if a property is overpriced, you’re fighting an uphill battle. Timing is crucial, and the best window for selling at the highest price is within the first few weeks of listing. During this period, the property is new to the market, and interest is at its peak. If it hasn’t sold within the first three weeks, it’s time to consider a price adjustment.

After the initial ‘honeymoon period,’ interest in the property tends to wane as it’s no longer the latest listing. Potential buyers who were interested have likely already viewed it, and those who weren’t keen have moved on. At this stage, if you don’t change something about the listing – most often, the price – it risks becoming stale. And once a property gets stuck in this cycle, it becomes much harder to sell. Buyers often perceive a property that’s been on the market for a long time as problematic, regardless of the true reason behind its lack of interest.

The key to successfully navigating a price adjustment lies in how well you’ve maintained communication with your seller. If you’ve been proactive in updating them on your efforts and the feedback received from potential buyers, then the conversation about a price change will flow more naturally. On the other hand, if you’ve had limited communication, it’s going to be much tougher to revisit the pricing conversation. Sellers want to feel assured that you’ve been working hard to sell their property, so by regularly updating them on the marketing strategies and feedback, you build trust and make these discussions easier.

A well-established technique when initially valuing a property is to set a price range rather than a fixed price. For instance, if you priced a property between £240,000 and £250,000 but decided to market it at the higher end because the owners weren’t in a rush, you’ve left yourself some wiggle room. This means that if the property hasn’t sold by week three, you have a pre-agreed strategy in place to reduce the price, making the transition smoother.

At the end of the day, the ultimate decision-maker on the property’s value isn’t you, and it’s not the homeowner either. It’s the buyers. They’re the ones spending the money, so their opinions are what ultimately matter. This is where feedback from viewings becomes invaluable. By asking potential buyers what they think of the price, you’ll quickly gather a sense of where the property stands in the current market.

For example, if you’ve conducted 10 viewings on a property listed at £250,000, and every viewer suggests it’s worth £240,000, that’s your answer – the property is currently valued at £240,000 in the market. It’s also common to receive feedback that’s not directly about the price but indirectly highlights it. If multiple viewers mention that the property is too noisy due to a nearby road, the real feedback is that they expect more for £250,000, perhaps a quieter location. Or if they think the kitchen is too small, they’re essentially saying that at £250,000, they expected a bigger kitchen.

As estate agents, it’s essential to convey this feedback to your clients in a way that links it back to the price. They can’t change the road outside their property, but they can adjust the price to reflect it. Similarly, they can’t extend their kitchen overnight, but they can alter the asking price to make the property more attractive given its current layout.

In essence, price is the most critical factor in whether a property sells or sits on the market. It’s also the easiest aspect to change. All the marketing in the world can only go so far if a property is overpriced. Sometimes, a simple adjustment in price can be the catalyst needed to turn a listing from stagnant to sold. Remember, even the best estate agents encounter properties that don’t sell immediately, but by understanding the importance of timing, price, and effective communication, you can navigate these challenges with confidence and achieve the best outcome for your clients.

So, if you find yourself in a situation where a property isn’t selling, don’t be disheartened. Revisit your marketing efforts, refresh your listings, communicate clearly with your clients, and be prepared to make those all-important price adjustments. By taking these steps, you’ll significantly increase your chances of success and avoid the dreaded ‘stale listing’ syndrome that every estate agent hopes to avoid.