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.