The real estate blog
made by ADRIA Immobilier
Now is the time to invest in property!
Do you dream of owning your own home? Now is the time to take the plunge! All the conditions are there: interest rates on loans have been falling for 7 consecutive months and are historically low. The best files can even hope to borrow at 0.90% over 25 years. The only downside is that the banks are becoming less willing to lend, under the supervision of the High Council for Financial Stability (HCSF). The latter is encouraging them to limit the debt ratio to 35% and a loan term of 25 years. They can only deviate from this rule for 20% of applications. On 1 January 2022, this measure will become binding, with penalties for financial organisations. Young people, the over-50s and the most vulnerable households are among those who are most likely to be refused. The number of loans granted, already in decline, could continue to fall, which is why it is high time to get started!
Translated with www.DeepL.com/Translator (free version)
Why can't I sell my property?
In this article, we review the main reasons why a house fails to sell and suggest some strategies you can use to make it easier to sell.
Putting a property up for sale requires a significant investment of time and commitment. However, if your client has not received any signs of interest within 30 days of advertising a property for sale, it is time to review your strategy.
The main reasons why a property does not sell
The first impression that potential buyers will have of the property will be when they see it on property portals or on your agency's website. To capture the interest of buyers, here are some key elements and possible solutions that you can adapt to facilitate the sale of the property.
1. Overpriced properties
Today's buyers are well informed and look for fair market value. If your property is too expensive, it will not appear in their search or, if it does, it will be ignored.
Solution: Negotiate a price reduction with the owner
We understand that it can be very difficult to reason with the owner about the real value of their property. Inform them of the benchmark prices of similar properties for sale in the area and explain that advertising at the correct market value is one of the best ways to sell a house quickly.
2. Ads with "asking price
Another reason could be that you have chosen an "asking price" style of pricing. Your listing may not appear on some portals where pricing is mandatory, or it may not appear in price-filtered search results, email alerts, or on MyHome's saved searches on Properstar!
Solution: Price the property as often as possible
Try to negotiate with the owner of the property to get a reasonable price on the ad and make sure it appears on all major portals and in all types of search results.
3. Ads with binding features
There are simply properties that are less in demand on the real estate market, such as land or commercial properties. In addition, if you are listing a property with certain constraining features such as low light, located in very noisy areas or in less desirable neighbourhoods, it may take longer to sell.
Solution: Make the property unique
When buyers are looking for a property, they need to see themselves in that house. Create a sense of well-being and comfort through your photos and descriptions, taking advantage of the home's unique features.
Does the house have a small kitchen? Showcase the large patio with barbecue, outdoor bar and plenty of seating, or showcase a decorated garden with comfortable spaces. These are the features that your photos and videos can highlight. Bring order to the house and add, for example, soft scents to the surroundings for visitors. These small touches will make the property more appealing to buyers and touch the emotional side of the buyer.
You can address the less appreciated features directly with the buyers in their review of the property and they will leave with a more pleasant and positive opinion about it. Take a look at the article "How to take good photos to impress property buyers" for some ideas.
4. Inaccurate description of the property
If the title or type does not accurately identify the property in the advert, it may not appear in the search results for the right buyer. If you have categorised your property as a 4-bedroom, but the text or description refers to a 3-bedroom, the buyer will not find it. If, on the other hand, you have classified it as a flat, but it is a house, your property will not appear in the buyer's search.
Solution: Focus on the details
Check all the boxes your CRM provides to classify all the advantages of the property. For example, top floors (penthouses), garden, terrace, pool, views, parking, etc. are popular features. Provide as much detail as possible to inform potential buyers when they search online.
5. Poor photography
Photography is one of the things you should not neglect. Not enough photos, poor quality images or poorly framed views of the rooms and exterior will encourage the buyer to scroll through your ad. Make sure the property has been properly tidied up before the photos are taken!
Solution: Entice buyers with quality photos
If you have described the unique features of the property in a positive way and have done some home staging, you have almost everything you need to create photos that entice buyers to take a closer look. It's important to know how to take quality photos. We discuss this in detail in this article: Quality real estate photos - a picture is worth a thousand words.
Home staging is a widely used technique for optimising property sales in the United States. Agents in Spain and France are starting to value houses more often, but in Portugal this technique is still very little used. Home staging can be the strategy you need to sell your property.
Using video is a time and money saver and a good strategy to capture the attention of buyers. Make a complete and quality video of the house, as it will save you from making unnecessary visits to the property. The use of video is very effective if the buyer is abroad, or for the buyer with limited availability.
6. Delay in responding to contacts
The buyer expects a quick response to their online enquiries and the longer you take to respond, the lower your chances of closing the deal.
Solution: Respond within 24 hours
Our recommendation is to respond to the customer within 24 hours of their query. Often, the potential buyer does not even remember which agencies they contacted or asked for additional information. An email or message confirming receipt of their query and letting them know you will be in touch soon, goes a long way to establishing a strong bond with prospects. A quick response and helpful attitude is simply good for business. To learn more about best practices, cultural differences, and tips for contacting buyers in different countries, see the article "Best Practices for Dealing with Foreign Buyers by Phone and Email."
Putting a property up for sale requires a significant investment of time and commitment. However, if your client has not received any signs of interest within 30 days of advertising a property for sale, it is time to review your strategy.
The main reasons why a property does not sell
The first impression that potential buyers will have of the property will be when they see it on property portals or on your agency's website. To capture the interest of buyers, here are some key elements and possible solutions that you can adapt to facilitate the sale of the property.
1. Overpriced properties
Today's buyers are well informed and look for fair market value. If your property is too expensive, it will not appear in their search or, if it does, it will be ignored.
Solution: Negotiate a price reduction with the owner
We understand that it can be very difficult to reason with the owner about the real value of their property. Inform them of the benchmark prices of similar properties for sale in the area and explain that advertising at the correct market value is one of the best ways to sell a house quickly.
2. Ads with "asking price
Another reason could be that you have chosen an "asking price" style of pricing. Your listing may not appear on some portals where pricing is mandatory, or it may not appear in price-filtered search results, email alerts, or on MyHome's saved searches on Properstar!
Solution: Price the property as often as possible
Try to negotiate with the owner of the property to get a reasonable price on the ad and make sure it appears on all major portals and in all types of search results.
3. Ads with binding features
There are simply properties that are less in demand on the real estate market, such as land or commercial properties. In addition, if you are listing a property with certain constraining features such as low light, located in very noisy areas or in less desirable neighbourhoods, it may take longer to sell.
Solution: Make the property unique
When buyers are looking for a property, they need to see themselves in that house. Create a sense of well-being and comfort through your photos and descriptions, taking advantage of the home's unique features.
Does the house have a small kitchen? Showcase the large patio with barbecue, outdoor bar and plenty of seating, or showcase a decorated garden with comfortable spaces. These are the features that your photos and videos can highlight. Bring order to the house and add, for example, soft scents to the surroundings for visitors. These small touches will make the property more appealing to buyers and touch the emotional side of the buyer.
You can address the less appreciated features directly with the buyers in their review of the property and they will leave with a more pleasant and positive opinion about it. Take a look at the article "How to take good photos to impress property buyers" for some ideas.
4. Inaccurate description of the property
If the title or type does not accurately identify the property in the advert, it may not appear in the search results for the right buyer. If you have categorised your property as a 4-bedroom, but the text or description refers to a 3-bedroom, the buyer will not find it. If, on the other hand, you have classified it as a flat, but it is a house, your property will not appear in the buyer's search.
Solution: Focus on the details
Check all the boxes your CRM provides to classify all the advantages of the property. For example, top floors (penthouses), garden, terrace, pool, views, parking, etc. are popular features. Provide as much detail as possible to inform potential buyers when they search online.
5. Poor photography
Photography is one of the things you should not neglect. Not enough photos, poor quality images or poorly framed views of the rooms and exterior will encourage the buyer to scroll through your ad. Make sure the property has been properly tidied up before the photos are taken!
Solution: Entice buyers with quality photos
If you have described the unique features of the property in a positive way and have done some home staging, you have almost everything you need to create photos that entice buyers to take a closer look. It's important to know how to take quality photos. We discuss this in detail in this article: Quality real estate photos - a picture is worth a thousand words.
Home staging is a widely used technique for optimising property sales in the United States. Agents in Spain and France are starting to value houses more often, but in Portugal this technique is still very little used. Home staging can be the strategy you need to sell your property.
Using video is a time and money saver and a good strategy to capture the attention of buyers. Make a complete and quality video of the house, as it will save you from making unnecessary visits to the property. The use of video is very effective if the buyer is abroad, or for the buyer with limited availability.
6. Delay in responding to contacts
The buyer expects a quick response to their online enquiries and the longer you take to respond, the lower your chances of closing the deal.
Solution: Respond within 24 hours
Our recommendation is to respond to the customer within 24 hours of their query. Often, the potential buyer does not even remember which agencies they contacted or asked for additional information. An email or message confirming receipt of their query and letting them know you will be in touch soon, goes a long way to establishing a strong bond with prospects. A quick response and helpful attitude is simply good for business. To learn more about best practices, cultural differences, and tips for contacting buyers in different countries, see the article "Best Practices for Dealing with Foreign Buyers by Phone and Email."
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