Before the listing expired sellers were happy and optimistic. The listing agreement was signed, and the sellers expected a quick sale and lots of cash in their pockets.
When the offer doesn’t arrive and the listing expires, the relationship with the agent and seller has ended. Frustration and disappointment are natural at this point.
Casting blame on the why the house hasn’t sold isn’t going to get the house sold. Now is the time to examine the property and the methods used to sell the house so you don’t make the same mistakes the next time around.
WHAT’S YOUR REASON TO SELL?
Some people want to see how much they can get for the house. Others want to sell but make it challenging for agents to show the house. Some sellers overprice the house out of the range of similar homes that are selling. There could be other reasons, but if you’re “not in a rush” then perhaps you should wait a while.
Selling a house takes two. A sign on the yard and flyers in the box doesn’t mean you’re ready to sell. Save yourself the hassle and wait a while until you’re ready to move.
WHAT WAS YOUR MARKETING PLAN
Did your agent go over the marketing plan? Was a lock box on the property? Were other agents in your area notified that your home was for sale? What was their Digital Marketing Plan (almost 90% of buyers start their search online)?
If you’ve lived in your home for a while or were renting it, it will more than likely need repairs. Why not visit other homes in the area or look them up online to see how they were staged. Is it in similar or better condition? That’s important because those homes are your competition.
Is the grass cut? Does the house look warm and inviting? Do you have pet odors? What about paint and carpeting? Small fixes like that can go a long way.
Some things cannot be changed, such as house location or area. However, feedback is very important. Did you find out what the buyers thought about your house such as neighborhood, condition, and price? Were these things discussed prior to listing the house? If the buyers have a valid point, what could you do to balance those concerns?
WHY ARE ALL THESE AGENTS CALLING ME?
When the house was on the market you barely heard a peep. Now you feel the agents are everywhere! Where were they when your house was on the market? Here’s the answer: Realtors aren’t allowed to contact sellers until they are no longer listed on the MLS. Once that happens, they will use a service to obtain your phone number and you’re phone will ring off the hook.
Looking for an agent who understands what it takes to sell your house should be Priority #1. It’s best to get an honest opinion regarding the sale-ability of your home than use a discount broker or worse – an agent who will take your listing knowing that it’s overpriced just to get their sign on your lawn.
WHAT YOU CAN DO NOW
Providing a true assessment of your property is the best thing you can do before you list again. Will you get the price you want or need in order to move forward? Is your property ready to be marketed digitally? Have you made the necessary repairs in order to alleviate buyer’s concerns?
Even though two people use the same pen to sign their name, the signature is significantly different and unique. The same goes for Realtors. We all have the Multiple Listing Service (MLS). We all have access to the Internet. We all have marketing plans. Interview agents and determine what services are best for you. Do they listen to you? Have you checked out the agent’s credentials and do they have online reviews? Are they competent? Those are things to think about.
Selling a house is no easy feat. Don’t become too frustrated. About 40% of listings expire the first time around. It’s not too late to get it done right. If your agent has done their best to sell your home, relist with that agent. Follow your agent's suggestions, even if it means making repairs or improvements you'd rather not do. Review the marketing plan as well as your goals. Maybe other homes have come on the market since your house was listed that changes market value. Maybe now that you’ve received buyer feedback you’re ready to make changes to the home to make it more appealing.
I welcome the opportunity to give you a second opinion of your property. There is no charge for this service. Feel free to contact me by phone, or fill out the form below and I will contact you shortly.
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I hope that you enjoyed this What Happens Now That Your Listing Has Expired? post!