In today’s crazy NYC real estate market, an apartment should not sit on market for over 90 days. If it has, there is an issue. If you haven’t seen a single offer in that time frame, that is a very bad sign. From my experiences, these are the top 5 reasons why I see listings enter the “dead” zone, and why it might be time to hit the restart button on your listing:
1. Your Price is Too High
This is usually the biggest reason a listing sits (and sits) on market. Often time people become greedy when it comes to the listing price, ignoring comps or following poor advice. Buyers are much more informed (and much more analytical) than in the past, so it is especially crucial that a listing be priced in line with the market, not based on a whim.
2. You Didn’t Take Professional Enough Photos
Photos are the first impression anyone has of your apartment, and if these are not taken with care, there is no reason anyone looking at your listing will care. It is absolutely necessary to have these done professionally, and not on a mobile device! No one wants to see a dark, blurry image of a corner. See below for great before and after examples of a listing we had:
3. The Listing Doesn’t Have Enough Exposure
The internet is such a powerful tool to advertise with, and if you do not have exposure across the right avenues on it, you are losing hundreds of thousands of potential leads daily. It’s no longer enough to just send an email out about your listing and post to Street Easy. Social media is also a huge (and cost effective) way to advertise, yet many still do not use it for real estate listings.
4. You Didn’t Follow Up With Potential Buyers
Your listing may have had hundreds of people come through to view it, but if the ball is dropped on follow up, you may miss a potential buyer who just needed that extra reassurance the listing works for them. By forgetting to communicate with previous visitors, you will drop out of their minds quickly, since they are probably viewing 5-10 units per outing.
5. A Poor Fit: Your Broker Isn’t Right for You
What do I mean by poor fit? A poor fit means that the partnership just did not work, whether between you and your broker, the broker and buyer, or you and the buyer. There is no easy fix to this issue, but can be avoided with a little vetting. And sometimes it just has to be determined through trial and error because every listing is unique. It takes the right fit to sell an apartment.
These are just some of the general reasons why I’ve noticed a listing has not gotten interest, but of course every sale is unique. The best way to figure out what the specific reasons are is to have a full customized evaluation of your unit.