How to move a stagnating property – Expert tips and advice

A stagnating property refers to a real estate listing that remains unsold or unoccupied for an extended period, typically six months or more, despite being actively marketed and if you find yourself stuck with a stagnating property, you are not alone as it’s frustratingly common in challenging economic times.

Fortunately, there are several strategies you can employ to breathe new life into your property and make it more appealing to buyers.

Understanding a Stagnating Property

Although six months is the rule of thumb, a stagnating property is a real estate asset that has been listed for an extended period, typically well beyond the average time it takes for similar properties to sell or rent out in the current market conditions.

There can be several reasons for a property to stagnate:

• Overpricing: One of the most common reasons for stagnation is an unrealistic asking price. If your property is priced too high compared to similar properties in the area, potential buyers will likely be deterred.
• Lack of Appeal: Properties that lack kerb appeal or require significant renovations are less likely to attract buyers. Likewise, a lack of maintenance as factors like peeling paint, leaky taps or unkempt lawns can create a negative impression and reduce the property's appeal.
• Poor Marketing: Inadequate marketing efforts can lead to limited exposure in a very competitive market, reducing the chances of attracting interested buyers.
• Local Market Conditions: Economic conditions, population shifts or development plans in the area may also contribute to a property's stagnation.
• Location Concerns: The property's location plays a vital role in its marketability. If it is situated in an area with limited amenities, poor accessibility, or safety concerns, it may struggle to attract interest.

Tips to Revive Your Stagnating Property

• Re-evaluate the Pricing: Consider adjusting the asking price of your property. Research the current market trends and consult with a local real estate agent to determine a competitive and realistic price. A well-priced property will draw more interest and increase the likelihood of attracting potential buyers.
• Enhance kerb Appeal: First impressions matter, and the exterior of your property is the first thing potential buyers will see. Invest in landscaping, ensure the property is well-maintained, and consider a fresh coat of paint to boost curb appeal.
• Stage the Interior: Empty or cluttered spaces can make it difficult for buyers to envision themselves living in the property. Consider staging the interiors with tasteful furniture and decor to showcase the potential of the space.
• Professional Photography: High-quality photographs can significantly impact how your property is perceived online. Hire a professional photographer to capture attractive images that highlight the property's best features.
• Upgrade and Renovate: If your property is outdated or requires repairs, consider making strategic upgrades. Focus on areas that can yield the highest return on investment, such as the kitchen, bathrooms, or energy-efficient features.
• Flexible Viewing Schedule: Make it convenient for potential buyers to view your property by offering flexible viewing hours, including weekends and evenings.
• Improve Marketing Strategies: Collaborate with your agent about how to better market the property or engage a different real estate agent who has a track record of successfully selling or renting properties. They can employ effective marketing techniques, including online listings, professional photography, and virtual tours, to attract more attention to your property.
• Seek Feedback: Request feedback from potential buyers. Constructive criticism can help you identify and address any issues that might be deterring buyers.
• Host more show days: Although this can be very inconvenient, it enables prospective buyers to really experience the property and imagine themselves living in it.
• Be Patient and Flexible: Selling a stagnating property might take time, so be patient and flexible with negotiations. Be open to offers and willing to negotiate to find a mutually beneficial deal.

Turning around a stagnating property requires a proactive approach and a willingness to adapt to market demands.

Embrace flexibility, be open to feedback, and consider seeking professional guidance to maximise your chances of success.

With persistence, patience, and the right tactics, you can successfully move your stagnating property off the market and achieve a successful sale.