As phone calls to my office have increased from sellers seeking "fresh representation" for properties that are languishing on the market (yes, even in Manhattan), Newsday provides some excellent tips for selling in a down market (I would suggest that these tips are effective in a confusing market too like we are experiencing in Manhattan):
1) Stay in the market. Any downtime means potential lost opportunities – and more competition when you return.
TG Says: Buyers are more savvy than ever and they won’t fall for the off the market/on the market "play."
2) Be the "bright penny in the jar." Do the necessary cosmetic work: painting, cleaning, sprucing up.
TG says: DON’T UNDERGO A MAJOR RENOVATION FOR RESALE!
3) Be open to price changes. Most agents have a good sense of what it takes to make your home sell, particularly in a changing market.
TG Says: Price overcomes ALL obstacles but patience may be necessary too. Let go of what you "think" you should sell for and be guided by your agent, the market and your time horizon/motivation.
4) Be open to increased marketing. Standing out in a crowded market may mean more open houses or other tactics to bring in buyers.
TG Says: Make sure the marketing machine is churning until the day your home is in contract. Check in with your agent to see what their current strategy is to sell the home and how they are implementing said strategy.
Sometimes a resuscitation of the property by a new listing agent is precisely what is needed to sell and it may have absolutely nothing to do with the efforts or lack thereof from your current listing agent. If you’re happy with your current agent, schedule a meeting to sit down with them and discuss how they will bring your property "back to life." It’s not always an easy task, but I have seen properties that have languished for 6 months or more fetch multiple bidders after a new marketing plan is implemented.
The bottom line…if it’s not selling, something has to change. Whether that change be your price, your marketing plan and/or your agent is a decision that you as a seller must often make to expedite the sale of your home.
