Your Apartment’s Not Selling? Here’s Why

Brickell apartment

If you’ve yet to get an offer and your apartment has been listed since the end of 2015, then today’s post is for you.

In a competitive real estate market as Miami, which offers so many condo options to interested buyers, it may seem like a tough task to get an apartment sold. But the honest truth is that it’s not as difficult as it seems to be, just as long as the right steps are taking during the selling process. Even though I’ve done other articles  with selling tips this year, I wanted to run another piece after discovering that 102 for sale units expired in Brickell during the month of April

Since The process to get an apartment under contract and all the way to the closing table are simple to understand , why are some listings  not selling while other listings still do? These may be the reasons why:

#1- The Apartment Is Not Even Listed

This is pretty self explanatory. Trying to sell an apartment, no matter where it is, without placing it on the market is the same as having a person try to find a treasure chest without a map. By not placing it on the market, anyone looking for a unit with those parameters will focus on other units instead. For most if not all buyers, if it’s not listed, it doesn’t exist for them.

One Buyer once told me that looking for a place of his own felt like searching for a “needle in a stack of needles”. What if the needle isn’t there in the first place for us to help him find it?

If trying to sell on your own or as an off market listing still feels like the way to go then I wish you the best of luck, I’m not here to argue.

apartment for sale Miami
The first step towards selling is to set up your home so buyers can find you.

#2- The Marketing Needs Improvement

We’re in a very competitive market where many prospects are looking at 1-9 units and dozens if not hundreds while searching online. With the average attention span dwindling down to just mere seconds, it’s important to make a good first impression online. Part of the service I provide include bringing my photographer to take professional quality pictures of my listings but I unfortunately can’t say the same with every other listing in the building. The same goes with brochures, content and any other advertising method employed to sell the property. For top dollar offers, you must attract top dollar buyers and those can only be attracted with an A+ marketing plan.

If you’re currently selling your unit, take the time to review the pictures online. Are the pictures old/outdated pictures? Do the pictures reflect the unit in a positive manner? Or is the listing using stock photos of the building and old pictures taken 4 years ago?

If the answer is any or all the above then your unit has a serious disadvantage over the rest of the inventory.

Miami apartment for sale
In an age where more than 90% of searches begin online, good pictures are a must.

#3- The Price Is Not Realistic

If the listing is active on the market and the pictures are not the problem then price may be the area to focus on.  If your unit isn’t priced right, buyers will move on and buy another unit instead. Plain and simple. Brickell is probably the one neighborhood where this matters the most due to the abundant inventory that’s currently available. If you’re serious about selling your unit and getting offers, focus on pricing your unit adequately.

Take the time to study the market and do all the necessary due diligence to determine a price that fits the trends in the area.

Miami apartment for sale
Attract as many buyers as you can by setting the right selling price

#4- “The Apartment Can’t Be Shown, Sorry Marcelo”

This is a new one but it actually happened yesterday.

A very good client of mine and I had appointments set up to look at some units. Out of the 4 units we were seeing, he was particularly interested in one unit that was priced right, had great pictures, and fits his criteria perfectly. The unit, which is tenant occupied, needed a 24 hour notice in order to show it. Since I knew he liked it very much, I had my office request the showing way ahead of time.

We couldn’t see the unit and I’m yet to hear back if it can be shown.

The tenant did not confirm nor approve our showing and did not even present an option to see it at a different time. In addition to that, they’re also now refusing showings to any other interested parties as well until further notice. As much as he likes the unit, my buyer does not feel comfortable making an offer without seeing the unit first.

Although I represent the buyer here and not the Seller, I can’t help but feel bad for the person that owns this listing and the fact that they more than likely lost a great opportunity for something as trivial as a lack of access. If your unit has an issue with accessibility, it’s going to be hard to sell it.

 

Bottom Line

Regardless of whether or not you’re selling your unit or are planning to sell anytime soon, I hope you find these suggestions useful. No deal is ever the same and part of what makes my job exciting include dealing with unforeseen obstacles. If you wish to have us take a closer look at your unit and provide you with a customized plan to have it sold please contact us directly.

Good luck and keep on selling!

Marcelo Steinmander of EWM Realty International are real estate specialists who work on providing the best local information possible. If you would like to buy or sell in Downtown Miami contact us today at 305-305-3885 or send us a message here! We specialize in the Downtown Miami market and our knowledge has already helped dozens of others achieve their  goals! 

 

 

 

 

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