Refreshing a listing ?

Haven't been able to sell my ip and it's been 5 months now. It's gone stale.

Does it really just take 2 months off the market to refresh it?

I was thinking of taking it off the market and putting it back on the market in the first half of next year, maybe March. The other option is to put it back on the market early November.

I'm not sure what to do! I nearly had it sold. I had a cash offer $5 k below asking that I was thinking about taking but they pulled out as they got scared. Another buyer offered $10 k below what I needed so I rejected him.

Not sure about this? Perhaps others on SS will know.

However, if it were my property this is what I would be asking myself.

Why it did not sell?

Did the RE agent work hard to sell, was she/he a gun at their job??

$10K below what you needed? You don't dictate the market unfortunately unless its booming, and it is not for this product. What is it worth?? Realistically, today. The market has changed from 6-12 months ago. I would be looking at recent comparable sales within 3 month time frame.

If a property does not sell there are usually a couple of issues, sale price is incorrect, poor agent/marketing, product issue - which comes back to having it at the correct price if product flawed.

MTR

I'm with MTR

How did you originally establish it's value?

What made you choose the agent you went with?

Did you get feedback on what those looking at the property thought? Did you visit comparable properties for sale in the area and see how they stacked up against yours?

Another buyer offered $10 k below what I needed so I rejected him.

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What a fool.

Marisa is quite right, you need to look at why it didn't sell. Was it the photos, the copy, the agent, the fact that ti was rented, the presentation or the price.

Personally, if its the property I'm thinking of when I looked at it previously I thought the copy was pretty bad, from memory it didn't even mention that the property was tenanted which is obviously a big factor. I don't think you need to wait til next year but maybe take it off the market and once the tenant moves out stage it nicely and possibly use a new agent. 2 offers in 5 months is a pretty woeful result in what has been a fairly good market so you need to work out what went wrong so you don't make the same mistake the 2nd time around.

Best of luck with it, hope you get a good result

D.T. said:

What a fool.

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you sure don't mince your words!

On a serious note, is it the location though?

D.T. said:

What a fool.

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+1 and kudos for being blunt and correct,imo anyway.

Alex P Keaton said:

Another buyer offered $10 k below what I needed so I rejected him.

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Forget the first offer as it never really happened.

I guessing based on your previous post (http://somersoft.com/forums/showthread.php?t=94648) that this maybe the property? http://www.realestate.com.au/property-unit-wa-dianella-116735963

How much below asking was the 2nd offer ($10K below your minimum). This may give an indication of a problem with the price of property. If the offer was greater than $215K you probably should have sold based on what you paid and what you owe if you really wanted out.

Here is your competition from the same agent that is under contract so what did it sell for? It presents slightly better in the photos than yours and is the same type of unit with new kitchen reno but a new bath reno. I would guess yours would sell for less based purely on photos. http://www.realestate.com.au/property-flat-wa-osborne+park-115994739

I would take it off the market (probably would have done this a month or so ago), do some minor update just to make it look different (maybe hard if it tenanted), re-assess your low price and re-list for Spring in about 4-6weeks with a new REA and with new photos.

If it is the listing above even pay for a cleaner to clean the shower (or exclude that photo) and get some furniture in the place to make it look less like a cold box (TV photo). Maybe be a bit more selective on what is shown.

Next March is the same time you listed this year without success so a change in time of year may help.

If that is it then I think $10k under was quite reasonable. In comparison this one sold for for $235k in March and I think presents better visually and in written form

http://www.realestate.com.au/property-unit-wa-dianella-114884143

Whether that is the price APK wants to accept is a whole other kettle of fish.

The advert either needs to be attractive to an investor - ie talk about yield and rent or be attractive to someone who can't afford much.

It's neither at the moment.

Also Keep in Mind that your original Listed price will be showing online.(onthehouse etc)

When a property doesn't sell, it's always due to the price.

Location, presentation, condition, etc all play a role but even the biggest dump in a highly undesirable area will sell if priced accordingly.

As a previous poster stated, you don't dictate the market. If it hasn't sold and you want it to, you need to adjust your price expectations for that property.

westminster said:

If that is it then I think $10k under was quite reasonable. In comparison this one sold for for $235k in March and I think presents better visually and in written form

http://www.realestate.com.au/property-unit-wa-dianella-114884143

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Same block as OP and listed just before OP and sold within the $5K of asking price of OP and above the range provided by OP when doing a self valuation back in the thread listed above.

Hope OP wasn't holding out for the same price?

I think your biggest issue is the current presentation and competition... Just by looking at those photos.
Just look at that bathroom, the tiles/grouting is hideous + the mirror gives the impression its old and run down before you even visually go there.

trqx said:

I think your biggest issue is the current presentation and competition... Just by looking at those photos.
Just look at that bathroom, the tiles/grouting is hideous + the mirror gives the impression its old and run down before you even visually go there.

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Agree, even on a little phone screen the shower grout looked gross! Womble66 has some good points. Either spend a few hours freshening the grout, (try Masterline Tile grout colourant), pay a tiler to retile over the top, or reduce price.

I have no idea of the area but this one is under contract

http://www.realestate.com.au/property-apartment-wa-dianella-116748191

Keep an eye out to find out how much it sells for but it is a 2Brm.

With the price saying From 239k are you wanting 260-270?

If you are after 250k, would having asking $260,000 be beneficial.

End of the day we don't get to dictate the market, if you have had two offers around the same price one 5k less than what you wanted and the other 10k less it would appear that price is what is fair market value.

Other thing as mentioned is talk about yields which the other property did

http://www.realestate.com.au/property-unit-wa-dianella-114884143

And have a look at what else you can get around the area for the price you are asking as you are competing against these properties as well.

Have you considered putting in a front loader,maybe in the kitchen?
I'm not a big fan of communual laundreys,it can only add imo IF you could add a washing machine.
With the listing,maybe do away with the building size also?

I don't know this area at all but looking at the links others provided of comparable sales, your unit isn't screaming great value. To echo previous posts, your price needs to be adjusted.

I don't think the price is way off, it's the other factors holding it back. Also, I could be wrong but I seem to recall Alex wanting a fair bit over the from price which imo is a bad idea and so has been priced wrongly in that regard.


Anyway I'm not sure why we all keep replying, doesn't seem like she's reading them...

sanj said:

I don't think the price is way off, it's the other factors holding it back. Also, I could be wrong but I seem to recall Alex wanting a fair bit over the from price which imo is a bad idea and so has been priced wrongly in that regard.


Anyway I'm not sure why we all keep replying, doesn't seem like she's reading them...

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Now you are making me laugh, its called stupidity, with a big S, I mean me....for replying, Alex you sucker me in all the time

MTR said:

Now you are making me laugh, its called stupidity, with a big S, I mean me....for replying, Alex you sucker me in all the time

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Sounds like there is trend happening here from the OP that is not apparent to others

Will log this in the grey matter unless the OP responds. Thx.