When a property lingers on the market, it's not just the homeowner who feels the impact; real estate agents also face reputational risks. High Days on Market (DOM) can signal red flags to potential buyers and their agents, leading to a slew of negative implications that can affect the sale process and outcomes.
Understanding the Impact of High DOM
A high DOM can be detrimental in several ways:
Perception of Value: The longer a property sits on the market, the more likely buyers are to assume there's something wrong with it, whether it's price, condition, or location. This perception can force sellers into unfavorable price reductions.
Negotiating Power: Buyers feel empowered to make lower offers when they see a high DOM, believing they have the upper hand in negotiations.
Seller Frustration: As time drags on, sellers may become anxious or desperate, often questioning their agent’s ability to sell their home effectively.
Agent Reputation: An agent with listings that have consistently high DOM might be viewed as less competent or effective, potentially affecting future client acquisition and retention.
Changing Market Perceptions
High DOM doesn’t have to be a death sentence for listings. Changing how a property is marketed and perceived can breathe new life into stale listings. Addressing issues that are turning buyers away, whether it's the price, staging, or making minor repairs, can alter the property’s market trajectory.
The key is proactive intervention. By understanding market demands and buyer psychology, agents can take strategic steps to ensure listings don't languish unnoticed.
Next Steps:
Are you ready to tackle high DOM head-on and change how your listings are perceived? Learn how JCC Concierge's strategic interventions can transform your listings and significantly reduce Days on Market, enhancing both your and your seller's chances for a quick and profitable sale.