Is my agent doing enough?

In the process of selling my 4br home in south-east suburbs of Melbourne.

Price is comparable for the area. Smaller / slightly lesser quality homes selling for just below the bottom of our range.

Told last weekend's inspection had triple normal interest for comparable properties.

Zero bids.

How can there be triple interest without even one serious bid? I don't want to think badly of my agent because I think he's doing all he can but with other properties selling without the features of ours I don't understand. Is this normal to not sell within a week and to need a second weekend of inspections?

Feedback has been nothing about presentation, it's all about size of the house, so nothing I can change. But smaller properties in the state have been selling.

 

Totally abnormal. Everyone who inspects falls in love with your property as it's unique, has their ideal layout, perfect orientation, move straight in, doesn't require finance, fully compliant with occupation certificate and no outstanding council matters.

 

Is the property for auction or offers?
They provided no feedback at all? Even with price point or what buyers liked/didn’t like?
Is it possible to get a mystery shopper eg a friend to cold call agent and see the level of up sell they provide? Just for peace of mind that your agent is really working for you.

 

Doesn’t have to mean anything bad. There is less urgency right now and people take their time. I sold my place a few months ago when the market was stronger. Got my first offer only after 3 weeks. Sold eventually at Auction to that person for more than their initial offer.

 

Strange that your agent has not much feedback. Especially in this market, I am sure there would be a lot of buyer feedback at every open home.

Is your agent passing all the details to you? May be consider going to the next open home to keep a check on the agent you’ve engaged.

 

Without knowing your exact house location and specifics etc, it sounds like you need to rethink your price expectations.

In a falling market (which is what we are in generally) you will not get the comparable price for the area. Getting a comparable price for the area would indicate a stagnant market, we are most definitely NOT in a stagnant market.

Most properties in Sydney/Melbourne are selling below initial price guides, in some cases (area pending) already 10% lower. Probably less of a case your agent isn't performing but you are listing at a time where the market is adjusting, at a very very fast pace.

 

Has the real estate agency advised you about how you could present the property to attract more interest? Things like display furniture, repainting, new carpet, removing clutter, changing blinds/curtains, gardening and extra lamps?

Have they suggested contacting buyer's advocates, or other more lateral ideas?

 

I would have thought it is entirely normal not to sell within a week, and to need a second or even a third weekend of inspections, unless your property is for some reason extremely desirable, especially during the current downturn in market sentiment.

 

Patience, grasshopper!

It is NOT normal for homes to sell at the first open. We are no longer in a boom, people have time on their hands, and can be picky.

You say that smaller/lesser quality homes have been selling. But those homes may have something that is more desirable to a PPOR buyer than yours. Talk to your agent. Ask him for advice.

 

You could also go with the for sale by owner method. You will get full control over your sales campaign.

 

Full control of your disaster in the making. Terrible idea imho for most people especially those expecting their place to sell within a week of listing.