For me, few things are sweeter than the sight of incoming mails in the morning. Part of my routine as of the last few weeks now includes sitting down and answering e-mails of all kinds from people reading my posts trying to stay in touch with our local real estate market (keep them coming!). Of the few I answered this morning, one stood out from the rest because it touched a very important subject that’s affecting a large portion of owners actively trying to sell in Brickell: Offers, or lack thereof.
The e-mail, which came from a woman named Emily read like this:
Hi Marcelo, my husband and I own a condo in Brickell and we’ve had it on the market for almost a year and as of today we are yet to get an offer. Initially we had some interest but as of the last few months we’re not even getting showings! We thought that we’d be able to sell by end of 2015 and now we’re about to end the first quarter of 2016. Are we doing something wrong? Why am I not getting offers? Please let us know if you have any suggestions and thank you – Emily
My first thought while reading this was: Ouch, one year is a very long time on the market. Since Emily didn’t mention which building she owns in or any other specific information, I unfortunately can’t provide a precise insight as to why her and her family have not yet sold their condo. Nevertheless, I still will provide several tips that can help sell any unit more effectively.
If you happen to be Emily or are going through a similar predicament then I dedicate this article to you. As always, if my staff and I can assist you any further let us know!
Why Your Unit Is Not Getting Offers
#1- Your Condo Is Not Priced Right
I’ve written about this before and I’ll mention it again because it’s still the #1 reason why your unit may not be getting offers: If your unit isn’t priced right, buyers will move on and buy another unit instead. Plain and simple. Of all places in South Florida, 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 necessary time to study the market with all the necessary due diligence in order to have the right expectations. Some key pricing facts to know include:
- Sales activity in the neighborhood
- Sales activity in the building itself
- Sales activity of units similar or equal to your unit
Seriously it’s not that hard. Just price the property right and watch how everything will be much easier to accomplish.
#2- The Marketing Is Not Doing Its Job
Let’s be real, things are very competitive out there. With the average attention dwindling down to just mere seconds, it’s important to make a good first impression online. The best way I can explain this is with an example:
The picture above, believe it or not is actually the main picture of a $1,500,000+ active listing at the 1060 Brickell development. It’s been on the market for months and has been reduced multiple times. 1060 Brickell is a gorgeous development with amazing amenities but how can you explain that to someone with a picture like this? In addition to that, there’s also no pictures of the interior itself or the views.
This concept also applies for properties below a million, but selling a luxury listing is a much more competitive ballgame in the real estate world. Success depends strongly on having an A+ marketing plan that will attract the clientele that can afford this type of unit. Never say never but I can’t see how photos like this will get an offer for this listing. What a shame.
#3- The Buyers Lack All The Information
It’s amazing how quickly a Buyer can decide after carefully doing all the research necessary but in order for that to happen the information has to be posted. By information I’m referring to:
- Maintenance fee
- Condo restrictions (if any)
- Floor plan and features
- Parking Information
Having all the details online is a must. As I write this, there are dozens of listings online with their maintenance listed at $0/month, no floor plan description and no balcony view. Help the Buyers by adding this information online and watch how much of a difference it makes.
Looking back at some of my best sales in the last couple of years, I noticed that one common denominator with every success story was due in part to having an extraordinary collaboration between us and each respective Seller on ensuring we met the criteria listed above. It’s never too late to make an assessment in your selling efforts and engage in other creative options. There’s no specific science to selling real estate but I can firmly assure anyone reading this that following these steps will help bring offers to your listing.
Last but not least, stay positive and focused on the task at hand. It only takes one showing and the right buyer to get the deed done. Maintain the same level of enthusiasm as when you began and know that the unit will sell by having the right approach.
Hope this helps get everyone some offers!
Marcelo Steinmander and The Miami Observer of EWM Realty International are local 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 in the area has already helped dozens of others achieve their real estate goals!