There are 3 reasons why a home does or does not sell. PRODUCT-PRICE-PROMOTION & perhaps a new element POSITIONING.
PRODUCT - making the most of what you have, packaging, staging, curb appeal... the analogy would be makeup & accessories on a woman before going on a date. Statistics show a staged home sells in half the time for 4% to 8% higher price.
PRICE - all a Seller can do here is make the mistake of over pricing. The market determines value by voting with it's $$$'s. Seller and their agent in reality have no control of this other than some impact in maximizing the other 3 P's. It's the Seller's decision to set the theoretical price, but the market will determine reality.
PROMOTION - This is essentially THE fundamental value brought or more often NOT brought to the table by a listing agent. This is a combination of strategies and tactics deployed to get the home maximum "eyeballs" and then "click through" mindshare, resulting in decisions to come tour the home. For every 10-12 showings statistically you should receive at least one offer. Ironically this is where 90%+ of agents fail miserably. There are easy ways to measure this # of virtual tour hits, # of calls, # of tours. Our clients know we generate 5 to 10x's the activity on all metrics compared to most other agents. How? Why? That's our "secret sauce" which our clients & we are happy to discuss but not while other Realtors might be listening!
POSITIONING - Creating marketing messages that attract niches of the Buyer's market. Looking at the homes' "assets" strong points and asking "who is our ideal buyer"? A family with young children? Artists? A retiring couple? Horse owners? Sportsmen? etc... Positioning takes a level of marketing education, skills & experience that few Realtors possess. How many Realtors would be hired to be Directors of Marketing for some of the world class companies in the Bay Area? Check out my resume. But even among those that could and would, a small % of those are masters at POSITIONING which takes a level of marketing talent bordering on genius. You're welcome to talk with our clients.
I have a philosophy on price, I call "Market Dynamic Pricing". The price of a home is fluid, like all market places it fluctuates based upon many factors weekly, not the least of which is competitive homes on the market. The reality is that typically at any one time in most markets, there are actually just a hand full of competitive homes (2-5). Think of the competition as the homes that a Buyer of your home is likely to tour the same day they see your home. You want to be the best value proposition among that handful of competitors each week you are on the market. You want it to be clear after those Buyers tour your home and the others, that yours is the best overall value. Otherwise you will watch the other homes sell week after week before you do.
So think of a 3 legged stool. Without one leg, we've got problems! That's how it is with getting a home sold in the least amount of time at the best possible price. Missing or weak on any one of the 3 P's and it's going to cost the Seller even at the low end of the marketplace 10's of $1,000's of $'s. On the high end above $1mil could easily be $100's. It's been validated dozens of ways statistically... don't sell a home in the first 30 days, and that usually costs the Seller 3% to 6% of the value of the home. Take more than 60 days deadly. 95% of the time, my team and I get the job done in 45 days or less. That's why we can offer our "Put our money where our mouth is, Pay for Performance Listing Agreement". If we don't sell the home in 60 days we will continue to use our "secret sauce" to get the home maximum exposure, BUT you pay us $0 at close of escrow. We still have to offer the Buyer's agent a commission, but we didn't deliver on our commitment, so, we don't get paid! ZERO DOLLARs
So back to your specific situation. The home didn't sell. It was either Price, or Product, or Promotion... or a combination of more than one. There's no magic in figuring out which "leg" or "legs of the stool are weak", that is IF the agent is gathering data/market metrics (most don't). Identify the weak leg(s) take corrective action, measure the results. Time is of the essence. If you have any doubts or concerns about the level of marketing expertise of your Realtor, GET REAL! there is too much at stake, interview a few & hire a new one. I don't care if it was your neighbor, brother, friend or golf partner your hired! About everyone in CA has a Real Estate license now, less than 1 in 100 know what their doing. GET REAL there's $10's of $1,000's of YOUR hard earned $'s at stake! Could your listing agent qualify to be DIR of Marketing for the company you own or work for? Why not expect that level of excellence from your Realtor???
Kaizen Group of Keller Williams