When a property is put up for sale, the first few weeks are crucial to attracting buyers. If there is no interest during this period and the property remains without proposals after three months, it may be considered "out of price" or "burnt".
A "burnt" property is one that, despite being available for some time on real estate portals, does not receive visits or proposals, generally due to a high initial price, poor presentation or inadequate publicity. Typically, these are properties placed on the market by owners who decided to do it without professional advice and tried to manage the sale on their own or without an exclusive contract with a real estate agency, which generally produces negative consequences.
Poor marketing management and lack of professionalism harm sales. Common problems include amateur photos, poorly designed advertisements and multiple agencies for the same property.
The owner's fear of handing over the property to just one real estate agency can condition the process: as the commission is not guaranteed, consultants tend to invest less in promoting the property, whether in digital marketing or hiring a professional photographer, which can lead to the property being advertised at different prices on real estate portals.
Too high a price is another problem. When the owner realizes that he is not receiving contacts, he tends to lower the value, sometimes more than once, which can discredit the property in the eyes of buyers, who end up expecting further price reductions.
It is crucial that property owners understand the market value of their properties. Even if they are emotionally attached to them, the price must reflect real and comparable market conditions.
To revitalize a "burnt" property, it is recommended that the owner entrust the sale to a good real estate professional so that he or she can reset the process: remove the advertisement temporarily, adjust the price to the market, improve the presentation and establish a professional strategy for marketing.
Photo by Tim Schmidbauer at Unsplash