What to Do If Your House Isn't Selling?

A significant issue in long-term real estate investment is low liquidity. Selling a property can take a long time, often requiring years of waiting. TerraBKK presents solutions for when your house isn't selling, as follows:



1. Is Your Asking Price Reasonable?

This is the most crucial factor in selling a house. If potential buyers see your price online or call to inquire without viewing the property, they may already decide that your house is more expensive than others in the area. Therefore, set a price that aligns with the market. For example, if similar houses in the same location are selling for 3 million baht, but you list yours for 5 million baht, it is unlikely to sell. Even if you have made extensive renovations, pricing significantly above market value will force you to lower your price to something more realistic.

2. Consider Renting Temporarily

Open the opportunity for some cash flow by advertising both for sale and for rent simultaneously. If you find a buyer, great! But if not, having a tenant can still provide rental income, which is better than leaving the house vacant and deteriorating over time. If you're lucky enough to find a good tenant, they can help take care of the property as well.

3. Expand Your Selling Channels

Check if you have utilized all possible channels to advertise your house for sale. Besides putting up a sign in front of the house or within the neighborhood, listing your property on websites is a very popular method. It can be accessed anytime and anywhere without any cost, and it is not limited to local viewers as with physical signs. So, ask yourself if you have listed your house on at least five different websites.



4. Low-Quality Photos in Your Listing

If you have listed your property online but received no inquiries, check if all details are complete or if the photos are of low quality or too small. It is not ideal if potential buyers see your listing with blurry images that make it hard to identify parts of the house, or worse, if there are no photos at all! Good listings should include photos taken from key angles of the house, arranged in a sequence that simulates a walkthrough, such as 1. Front door -> 2. Garden -> 3. Living room -> 4. Family room -> 5. Kitchen -> 6. Second-floor bedroom -> 7. Bathroom, etc.



5. Improve the House's Curb Appeal

It would not be good if potential buyers enter to see a dilapidated house with many issues. This can create a negative impression from the first visit. Renovating or even just sprucing up the garden can create a positive first impression. Nowadays, buyers do not have much time to fix up a house after purchase; they often look for move-in-ready homes or those that are fully decorated without needing repairs.

6. Learn More About Potential Buyers

Every time someone contacts you to view the house, gather information from their comments about what they liked or disliked. Understand the buyers as much as possible. Even if the final answer is "not buying," you should ask, "Why not?" The feedback you receive can provide valuable insights to improve your property and reduce mistakes for future buyers.

7. Take the Initiative to Find Buyers

This is not the era where buyers solely search for houses. Some buyers specify the type of house and location they want on various real estate forums. You should regularly check these sites for potential buyers or use your network to ask if anyone is looking to buy a house. You might find someone who is interested in a property that matches yours, or even an investor with multiple properties. If you have old contact numbers of previous buyers, consider reaching out to suggest other houses that might interest them.

8. Seek Professional Help

Hiring a professional real estate agent can help sell your house faster. These agents often have extensive networks of clients, know who is looking for what type of property, and understand the best selling and advertising methods. In many cases, they are more skilled in negotiations and the buying/selling process than the average seller.

*However, keep in mind that hiring an agent typically incurs a commission fee of about 3% of the selling price. Some may add this fee to the asking price, which could lead to missed opportunities for selling at a better price - TerraBKK