Taking An Expired Listing To New Heights – Despite Months of No Success

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Many markets these days are experiencing exaggerated numbers of expired listings – both because of the dwindling economy and also passive marketing techniques on the part of real estate agents. When a listing expires, it means that the property has been on the market for as long as 180 days without any movement toward selling.

To actively avoid prolonged limbo status on listings, it is essential that the listing agent perform key marketing and communication tasks to ensure maximum exposure of the property to potential buyers. Gone are the days when properties sold themselves. Though it is a buyers’ market, buyers are savvy and know they have the upper hand. Through a series of steps taken by a seasoned Realtor, the home has a far greater chance of selling and with a good price.

PITFALLS LEADING TO AN EXPIRED LISTING

There are a few major mistakes made by listing agents and Realtors. To avoid them from occurring again, it is important to understand them so you can recognize them as they may be happening.

Pitfall Number 1: Incorrect Pricing

When you are dealing with an agent who has no idea how to truly research the value of your home, you are automatically setting yourself up for potential failure. Inaccurate pricing is one of the biggest roadblocks to successful sales, since buyers have myriad options to choose from and they can easily move on to another more realistically priced property.

A good Realtor will sit down with you to learn all the details of your home and then conduct an extensive Comparative Market Analysis to determine where your home stands in light of other like-kind properties in the same vicinity. But it doesn’t end there. The next step is to establish a price that will strategically work to achieve your goals as a seller. Your agent will determine your priorities and help you set a realistic price, keeping in mind that he or she will try to get you the best price possible.

Pitfall Number 2: Less Than Complete Honesty

Many times the truth hurts – and especially in the current real estate market, it is a hard truth that home prices have taken a hit recently. Many listing agents find it hard to break it to their clients that the price they are expecting is unrealistically too high or way out of the competitive market’s reach. Despite knowing this, they foolishly keep their clients’ hopes up and list the home at a price that is next to impossible to successfully sell.

As we continue to witness a challenging market, it is imperative that real estate agents share the harsh realities of home selling these days. Good agents who are familiar with their clients’ profile and needs, at times suggest holding off a bit if it is not an optimal time to sell. And if this is not viable, then the agent is open and honest about the price they must set in order to get a worthy offer on the property.
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When you are selecting which Realtor to use to list your home and help you get the property sold, it is essential to find someone with a proven track record of sales, despite the challenging market. You should be able to fully trust your agent and know that you will be told the truth, no matter how hard it may be. Also, experience will translate to knowledge about the market. A good Realtor will help you realistically price your property. Don’t be afraid to ask for a list of the most recent clients for whom the agent you are considering has sold a property. A little bit of proactivity on your part can and will result in months of time and effort saved for everyone.

The St. Louis Mid-Summer State of the Market Report

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It’s no secret that the economy has been on the minds of everyone, in every industry. But in terms of real estate it has hit home – literally. Comparing some statistics from the previous year to this one, we take a look at how our market is performing and try to assess where we are heading as we transition into the next season.

This Economy Hits Home – Home Sales, That Is

In the St. Louis market, we are seeing a downward trend of sales happening for at least two reasons. First, it is fairly expected that as we move into the Fall season, home sales begin to slow down significantly. But on top of that, we are reporting a stronger than average slow down of sales when comparing the figures from 2011 to last year. There are fewer buyers out there scoping out the inventory right now as there were just a few short months ago.

Despite it being the season where sales tend to slow down, we are still witnessing a greater slow down than usual. This is because of the economy especially with the recent volatility we have been experiencing both in the stock market and the jobs outlook.

Interest Rates Are Still Offering Some Good News

Throughout all the market fluctuations, one thing has remained constant for at least a while now and that is the low, low interest rates available these days. The cost of borrowing money has not been so low in decades and when you couple that with the historically low housing prices, it becomes a win-win situation for anyone who is able to buy right now. Throughout almost the entire country, it is still just about the best time to buy – ever.

In some cases we are seeing mortgages being approved for as little as 3.875% on a 30-year fixed mortgage. It does vary but not to a huge degree and the nice part is that since these rates lock in for the entire duration of your term, as our real estate market begins to upswing (which it will eventually), you will enjoy significant savings and/or earnings on the investment.

Sellers Don’t Have It Too Bad Either

While it is clear that the market leans very heavily toward buyers at the moment, sellers do have some advantages as per the current slower selling trends we are experiencing. There are fewer homes on the market so there is a greater likelihood that the buyers that are out there looking to buy will undoubtedly be exposed to your property.

Some key things to remember though:

Be sure to price your home effectively. Pricing too high can make it seem that you are not in a hurry or serious about selling.

Hold at least one or two (or more) open houses so that there is plenty of exposure through all channels, especially word of mouth.

Maintain a well kept and “showable” home that will entice buyers of all tastes. It is essential to remove clutter and personal items and make the home available often.

Seller Strategies That Work, Despite the Slower Market

DON’T WAIT THE MARKET OUT

The important thing to remember if you are looking to sell your home now is that even though there are fewer buyers looking, holding off on listing your home will only decrease your chances of selling the home. Keep in mind that buyers are being offered the lowest mortgage rates ever in a long time and if someone happens upon your home and falls in love with it, the season will not be an important factor. Your not having listed the home will have been detrimental to a successful sale in this scenario.

MORE HOME SALES USUALLY FOLLOW FEWER SALES

Usually a period of growth in sales happens after one or two quarters with fewer sales have gone by. Even though the cooler months are not typically the best time to sell because that is not what the majority of sellers do, it does not mean that there are no buyers looking during this time.

We Are Now Part of An Exclusive Real Estate Team for SportStar Relocation!

We are very pleased to announce our acceptance of an invitation to join the exclusive real estate network SportStar Relocation, comprising of the country’s 50 top selling real estate agents to assist professional athletes with their relocation needs.

We are particularly excited and grateful about this opportunity because this will not only bring more real estate revenue to our St. Louis market but it will also be a great chance to continue serving sports heroes looking for quality homes in our region. This will also open up additional marketing opportunities to the area, regardless of the value of the home, bringing more buyers into our real estate playing field – both athletes and non-athletes alike.

Is Your Realtor the Cream of the Crop or Just Small Potatoes? Here’s How to Tell

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There’s no doubt that there are LOTS of Realtors out there – but how can you tell which ones are the better ones?  With some industry insider information you can definitely have the edge in knowing which one to hire for your needs.  It goes without saying that a better Realtor translates to better results for you, whether buying, selling or even just hanging out in limbo in between.

What Do Top Realtors Do Differently?

In almost every market, the story is the same.  A very small percentage of agents manage a very significant percentage of transactions.  So that means that there are a choice few that end up driving most of the real estate market in the industry.  To distinguish the high performers from the low achievers, there are some key things to look for.

Knowledge and Expertise

Comprehensive knowledge of what’s going on in the industry as a whole as well as in the specific market area where the agent is located is essential.  This is accomplished with a series of analytical tools performed by the agent and their staff.  Some agents engage in online marketing tools designed to study the progress of their area.  Other agents assemble detailed reports that analyze statistics and help determine and predict foreseeable trends.  Another practice of successful Realtors is keeping tabs on active and pending sales, the number of units sold month to month and also year to year, prices, valuations, Days On Market stats and more.

Proactive Approach

Sitting ducks never do as well as the agents that go out and actively grab the business that awaits them.  For sellers, hiring an agent who takes a proactive stance is especially beneficial because these are the agents that go out and grab people’s interest and actively share your listing.  Aggressively seeking a match for their client’s property results in more efficient transactions and obviously far more success.  Buyers also experience major benefits from having a proactive agent.  Constant, regular communication and an understanding of what their clients desire are aspects of a great Realtor and client relationship that result in success on all sides.

Innovation and Adaptability

With the advent of technology, agents that use new tools and techniques end up providing their clients with far better results than those who tend to stick with traditional methods.  Utilizing online technology to the fullest, embedding videos of the home or property, incorporating real-time statistics of the area and more.  Providing insight into key factors that may persuade a potential buyer to move to an area (such as crime rate information or details about area schools, dining and shopping) is also a useful strategy.

Involved and Responsive 

There is a paramount difference between an agent who does not respond to his or her clients’ calls versus one who is ready and available.  With the market as challenging as it is these days, often potential home buyers want to act fast and of course sellers want to capitalize on any offers that may have come in.  Not having a responsive agent can cost a potential seller a good offer or a potential buyer the home of their dreams.  Whether through email, telephone or availability for meetings – it is essential that the Realtor and client relationship be an open and involved one.
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The qualities of a good real estate agent are what can easily make or break a transaction for many homeowners and potential buyers.  With just a little research, asking around and checking references – you can learn of your agent’s track record.  A little work now can mean a huge difference later.