Putting a condo, loft, or penthouse in Midtown Boston back on the market after a sale falls through can be tricky business. Boston luxury condos that get relisted can raise suspicion among prospective buyers, especially if they’ve sat for a while in the past. Some investors consider properties like these to be either overpriced or inherently flawed. The good news is that there are plenty of strategies for finessing your way into a successful sale regardless of why you’ve encountered problems before.
Deal with Existing Issues
There are countless reasons why a sale might fall through. More often than not, buyers have last-minute financing issues that eliminate their ability to back their offers up. In some instances, however, sales issues can be inspection or appraisal-related. When this is the case, your first and most important order of business is to resolve the underlying problems. Talk to your Downtown Boston real estate agent about adjusting your asking price to reflect any new findings and perform any recommended improvements or repairs that fall within your budget.
Keep Your Agent On Board
Unless you’re having serious communication issues with your agent, there is no need to let this professional go right away. Your agent is already familiar with your property, the neighborhood, and any nuances of your condo. This makes your agent the best candidate for successfully marketing your property within the shortest period of time.
Create a New Sales Strategy
Putting a downtown Boston condo back on the market should always go beyond merely reactivating your old listing. Spend some time talking with your agent about what went wrong in the past and determine how the two of you can prevent it from happening again. Also, look at new ways of marketing the property and consider fresh visuals and other marketing materials. Adding a virtual tour and a more comprehensive image gallery is a great way to incite interest. Adding lots of visuals to your listing will show potential buyers that you have absolutely nothing to hide.
Modest Price Changes Can Make a Huge Difference
If you don’t need to alter the sales price in order to reflect appraisal or inspection findings, consider making a modest price cut to capture the attention of people who are searching just below your price point. This can also trigger an email alert to investors who have never encountered your home before. When using online platforms to search for local properties, many shoppers specify strict budgets and only get listings that fall within these guidelines. Thus, a decrease of just $5,000 can open the door to a wealth of new prospects.
Make Use of Your New Market Knowledge When Staging Your Home
Although relisting a property can be a real pain, there are actually a number of advantages that you’ll have the second time around. Foremost among these is a clear understanding of the type of people that your space is currently attracting. This means you can streamline the look of your condo or loft to better suit the interests of your audience. For instance, if you staged your place with antique pieces and gave it a more sophisticated and mature look for your first sales effort, consider modernizing it to capture the attention of millennials. A better understanding of who your target market is will allow you to stage your home for optimal appeal.
Looking for a new agent? Or perhaps you want to list your Downtown Boston condo for sale. Either way, give us a call at 617-720-5454 and schedule an appointment today.