Here is a question that I unfortunately hear so often. Sometimes even during real estate "boom" periods!
Of course, the explanations can be multiple. However, the main reasons why owners (or real estate agencies) do not sell are the following:
Setting the correct price for the property in the listing.
Promotion/Marketing and how the listing advertisement looks.
In this article, also YOOL's mission, we set out to address the first and main reason that generates success in a real estate transaction: setting the right selling price for a property.
Most of the time, when the owners (or real estate agencies) want to set the sale price, they check what other ads with similar properties exist for sale in the main real estate portals (imobiliare.ro, storia.ro, publi24.ro, etc.).
Logical action we might say, but what do we do if those ads/listings have exaggerated, or unrealistic, prices? What do we do if many of those listings are properties that have already been listed for months and are not selling, some of them even having 12+ month history on the market? It's simple: we have the best chance to follow their "fate".
Each property has its own particularities and it is recommended to analyze each aspect in depth: exact location, floor, equipment level, comfort, compartmentalization, neighborhood reviews, heating system, history of technical problems, noise level, orientation towards the sun. All these details matter and can place you differently from the other ads listed in the market.
To be able to do a correct market study, 2 (two) essential components are followed, not only the ads existing in the market at the time: Transactions already made, for similar properties, in the last 3-6 months;
Competition: similar properties that already exist for sale at that time; IMPORTANT: here, in order to be relevant, it is absolutely necessary to carefully study the competition and see exactly to what extent the properties are similar (area, location, equipment level, number of bathrooms, renovation, parking space, etc.). And, in case we find some differences, we must take into account certain adjustments.
In many cases, setting the right price is even more important than the way the ad looks (photo quality, video quality, ad description quality, establishing the niche of potential buyers).
In most of the cases, potential buyers are well prepared, have studied the market for a long time and have a trained/trained eye in property selection. So that, as soon as he notices the "right price" for one of the properties, he takes action and requests a viewing.
And YOOL does exactly that, it gives you the opportunity to set the right price of the property, implicitly to attract the attention of potential buyers (even trained ones). More specifically: it increases your chances of selling within a maximum of 1-3 months after listing.
But be careful: the correct price must also be found in the listing. If too much is added ABOVE the fair price, we are automatically out of the fair price zone and the property will become unattractive to the trained buyer.
To ensure that YOOL (our calculator) is able (in most cases) to display the correct price of a property, we introduced 3 essential components into the analysis:
Official data reported quarterly at national and local level;
Active listings with similar properties;
AI algorithm for differentiating properties according to particularities.
Until next time, when we will cover this topic in more detail, go to yool.ro and find out how much your property is really worth. Now you have the information, the decision is yours!
Choose to be an informed seller, use the calculator and sell within a maximum of 1-3 months from listing!
Best regards,
Team Yool Romania
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