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My Property Expired! What Do I Do Now?

By
Real Estate Sales Representative with Wagner Real Estate Group NJ License 7872204

My Property Expired! What Do I Do Now?

Your home has expired and you may be feeling discouraged, confused, or frustrated. Sometimes a fresh perspective is in order. If you a committed to moving on with your life, you can ensure that your first experience is nothing more than a speed bump. Providing you find the right agent this time.

There are many reasons that may have kept your property from becoming a successful sale.

  • It was priced above other competing properties.
  • Poor quality or very few photos.
  • Showings were restricted.
  • Incomplete information in MLS.
  • Your agent didn't respond to questions or requests from other agents.
  • Not properly prepared for showings.
  • No Lockbox.
  • Poor curb appeal.
  • Your agent wasn't honest with you.
  • You were shopped and eliminated on the Internet. 

The list goes on...

There are certainly a myriad of reasons why properties fail to sell and expire.

For a FREE, no obligation assessment of why your property failed to sell, and how to get it SOLD this time, call or text us now at: 609-432-8025
 

What is the Number 1 reason that properties Expire?

Lack Of Information.

There is a primary reason why so many properties, like yours, expire. You, as a seller, were not provided with enough accurate information and advice, before and during the term of your listing, to enable you to make the educated decisions necessary to get your home sold.

If you don't know what is happening in your real estate market, on a frequent basis, how can you possibly play a pro-active role in the successful marketing of your home? The first rule in marketing any product or service is to be fully knowledgeable of what your competition is doing.

The real estate market is not static, it changes continuously. And, like it or not, you are competing for the attention of buyers that are actively looking at all the homes that meet their criteria.

expired listing 1

In order to be sure you have your property properly positioned against the other competing properties you need timely market information, on a continuous basis. 

Your agent must have a thorough understanding of the market and activity. Your agent must have the ability to interpret not only the real estate market but the entire economic environment that is, or may affect the market. More importantly, Your Agent Must Communicate with You Frequently.

It's impossible for you to make the decisions and adjustments necessary to Get Your Property SOLD without a continuous stream of information. 

For a FREE, no obligation assessment of why your property failed to sell, and how to get it SOLD this time, call or text us now at: 609-432-8025 
 

What is the Number 2 reason that properties Expire?

Preparation and Presentation. 

Buyers use the Internet extensively in their search for a new home. Their primary use is to view properties and to determine how much home they can get for their money. Second is to educate themselves about the entire home buying process. At no time in history have buyers been more market savvy or more knowledgeable.

expired Listings

Would you believe that in 2013, 92% of buyers used the Intenet to search for their new home. Even more unbelievable is that 43% of buyers found the home they ultimately purchased on the Internet themselves. Up from 39% in 2012.

33% found the home they purchased through their agent. This is down from 48% in 2001.

30% of buyers choose the agent they have been interacting with online. 

So as you can see, the Internet has become the primary source of information for buyers.

So how does this play into Preparation and Presentation? Simple, buyers and agents eliminate an enormous amount of properties through this same search process.

  • Properties with few or no photos.
  • Properties with poor quality photos.
  • Properties without room sizes.
  • Properties that lack detailed information.
  • Properties that are difficult to access.
  • Properties without video.
  • And many more things that you would think were minor

Most experienced agents, who work with buyers, avoid showing properties with limited information and photos. Generally, they assume the property must have issues or there would be more information and photos. They don't want to risk losing the buyers confidence and trust by showing a less than desirable properties.

The three most frequent requests we receive from our Internet buyers are for taxes, Home Owners Association fees and MORE photos of the listings of other companies that are displayed on our websites.

So, 76% of the properties that are viewed by buyers are decided by what is reflected online, whether via the Internet or the MLS.

So the real issue is not whether or where your property will appear on the Internet, but HOW it is Prepared and Presented on the Internet and the MLS. Buyers, and agents, will eliminate your property for lack of information, and few, or poor quality, photos.

You don't get a second chance to make a GREAT First Impression!  

Think about when you purchased your current property. You looked at a number of properties that met your criteria, you wanted all the possible information available   and ultimately purchased the property that offered you the best value. Today's buyers shop hard, just as you did. Except in a different way than 5 or 10 years ago. Which leads us to... 

For a FREE, no obligation assessment of why your property failed to sell, and how to get it SOLD this time, call or text us now at: 609-432-8025
 

The Hidden Shift in the Real Estate Industry

The business of successfully marketing real estate has changed more in the last five years than it did in the previous 100 years.

Why? Technology.

The Internet has facilitated the ability for the consumer to access voluminous amounts of information and media immediately, from their computer, tablet and mobile devices. As described earlier, it has become the primary source for obtaining information about homes.

Whereas, in the past, buyers and sellers would have to physically visit a real estate office to view this information. Today this information, and more, is readily accessible from anywhere.

This accessibility has dramatically changed the timing and shopping patterns of today's buyers and sellers.  

Whereas, in the past, buyers and sellers would wait until they were well into the Active Research Phase before contacting a real estate agent, the anonymity of the internet allows them to begin their search for information and education years in advance of making the actual decision to buy or sell a property.

It also affords them the ability to become a much better informed consumer.

Changes in expectations also include response times to inquiries, the use of electronic signatures and the speed at which the elements of a transaction are processed.

Unfortunately, the vast majority of agents and brokerages are struggling to make the shift necessary to meet consumer expectations. Many are not even fully aware of what changes are needed. 

It requires agents and brokerages to completely change their approach to the business. It requires they change from the mindset of getting a call from a buyer or seller, setting an appointment and making a sale or listing a property in a couple weeks to... Receiving an Internet inquiry for further information and realizing that this is a valuable future client that very well may not buy or list for two years.

Most agents and brokerages do nothing to accommodate the Internet Consumer. Most are still of a mindset that Internet Leads are a waste of time because this new consumer is not ready to by now. Today buyers choose the real estate agent that they will work with based on response time, the amount of knowledge the agent is willing to impart to them about the buying process and the level of trust that builds over this considerably longer time-frame.

The amount of invested time, effort and capital required to successfully make the changes necessary to meet the expectations of today's buyers and sellers is enormous. The biggest obstacle is the required change in mindset.   

92% of consumers are shopping on the Internet but only 4% of real estate agents and brokers are generating a significant portion of their business from the Internet in 2013. This emphasizes the level of disconnect between real estate agents and the consumers.

For a FREE, no obligation assessment of why your property failed to sell, and how to get it SOLD this time, call or text us now at: 609-432-8025
 

How Do You Choose an Agent Who Will Get Your Property SOLD?

Choosing an agent to guide you through the successful sale of your property has become much more difficult over the last decade. The Internet has caused a major paradigm shift in the level of knowledge and skills required to deliver the high level of service today's sellers deserve. 

  • Market Knowledge.     
  • Brutally Honest 
  • House ExpiredInternet Marketing.
  • Generate a Significant percentage of their business from the Internet.
  • High Quality Photos.
  • Staging.
  • Detailed Property Information.
  • Room Sizes
  • Video
  • Readily accessible by cooperating agents.
  • IDX Feed for website.
  • Subscriber Database of registered buyers.
  • Real Estate Blog or Blogs.
  • Social Media Integration.

As is easily surmised, it's no longer possible for a single agent to accomplish all of the tasks necessary to provide a high level of of service. It requires the efforts of an integrated team to meet the demands of today's real estate business. 

You want a team that can provide you with the most accurate market information available. 

You need an team who knows how to attract, interact and build relationships with Internet buyers.

You need the advantage provided by a team that knows how to capitalize on the Hidden Shift in real estate.

 

By Bill Wagner

609-432-8005 cell

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If you are considering the sale or purchase of a home give us a call to benefit from our 35+ years of experience.

If you are located outside of our service area, feel free to give us a call and we will be happy to connect you with a quality agent in your area.

Content written and published by Bill Wagner - Wagner Real Estate Group

Copyright 2014 Bill Wagner All Rights Reserved - Originally Posted at: Atlantic County Home Finder Blog - Wagner Real Estate Group

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Bill Wagner

Wagner Real Estate Group

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Comments (3)

Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Bill, great article and information for consumers on why properties expire!  Thanks for sharing with us

Feb 04, 2014 10:13 AM
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Bill-Good analysis. I don't think I've seen projections on the planning phases timeline for Buyers and Sellers. Pre-planning is a lot longer than I imagined.

Feb 09, 2014 12:31 AM
Laura T. Perry
Keller Williams Elite - Lancaster, PA
CRP, GMS, Award Winning Relocation Specialist

Interesting Presentation ! Good news for this blog post -  http://actvra.in/4hVj  !!!

Jun 25, 2014 10:47 PM