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Expired Listing? What’s the next step?
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Credit to Zach Klein's photostream on flickr
First of all, don’t despair! Even at the height of our busiest times in the past few years, approximately 25% of listings did not sell during the first listing period, becoming an expired listing. So you are not alone. But now is the time to take a closer look at why the listing failed to sell. Here are a couple of the major reasons this could be:
1) Inadequate Marketing: A major contributor to an Expired Listing. One side-effect of a super-hot market is ‘complacency’. Real Estate Agents, who are traditionally known as some of the best marketers in business, start to believe that every house will sell, even without advertising and marketing. The thinking went: “Just put it on the M.L.S. and it will sell”. That may have been sufficient in most cases, but in a slower, more level market, it will not be enough.
Add to this a huge influx of new real estate agents, lured by the promise of ‘quick and easy money’, and who need to spend more time and money promoting themselves rather than their clients listings.
So question is: did your home receive adequate coverage, in printed newspapers, magazines and on the internet? For a look at my marketing plan, click on Marketing Plan
2) Selling in “As-Is” Condition: Another side effect of the hot market is that home-owners start to believe that every house will sell…….no matter what! I recently toured a home where nearly half of the light-bulbs were burned out. After going into yet another dark bedroom, flicking the light-switch in futility, I suggested to the owner that they replace the burned out bulbs. The response was “We’re selling it “as is”…..if someone wants our home, they can replace their own bulbs”. A sure-fire way to become an “Expired Listing”.
This is a bit of an extreme example, but you get the idea.
3) Price: Actually, this has always been the main factor for an expired listing. And these days, it will be even more important to get the ‘asking price’ correct, right from the start.
4) Be out of the home when it shows: This is where the private sellers completely ‘miss the message’. The fact is, most buyers want to be able to examine a home in peace and leisure, with their agent, so that they can discuss various options and features of the home, without having the owner overhear what they are saying. Don’t believe me? Think of it this way: the next time you go to test drive a car, do you want the salesman to drive you, or do you want to go for a drive with your spouse or significant other, so you can discuss the car, test it, etc etc, without a pushy salesman nattering in your ear?
These are some of the main reasons why a home might not sell right away, and become an expired listing. If our Winnipeg market starts to level off a little, going from a super hot sellers market to a more balanced one, these reasons become even more important.
For a copy of my brochure titled “Selling…How to avoid the 10 biggest mistakes”, contact me, Bo Kauffmann, at 204-333-2202 or e-mail me at bokauffmann@remax.net
Suggested To-Do list for putting your … – Winnipeg’s Real Estate Blog
Tips to get your home ready for sale. Preparing your home before putting it on the market can help you get top dollar in any real estate market.
Publish Date: 10/25/2011 9:53
http://bokauffmann.com/suggested-to-do-list-for-putting-your-house-on-the-market/
How do Property Assessment Values … – Winnipeg’s Real Estate Blog
In order to determine a fair market value for your home (or the home you wish to purchase), you need to compare it to the real estate market…. because that’s all that matters. What are BUYERS willing to pay for this … Real Estate Market Update. Bo Kauffmann of Remax Performance Realty is the recipient of the 2009 Silver Medallion Award from Winnipeg REALTORS®, the Platinum Club Award from Remax, and is one of Winnipeg’s top-producing Real Estate Agents. …
Publish Date: 11/16/2010 18:34
http://bokauffmann.com/city-assessment-values-all-over-the-map/
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{ 1 comment… read it below or add one }
Listing expired – some month ago we didn’t almost know this term in Canada
Now, sales growth is going in minus (however, average days on market are still below 40 in Toronto) more and more clients are facing this situation.
But I believe for the good professional realtor it’s no problem to sell a property quickly. I would never sell a property in “As-Is” conditions, no matter whats the market. The proper price is the most discussed topic with my client. And full marketing backing is a must. So if realtors follow these basic rules, they will have no problem with expiration.
Take care
Elli
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