EXPIRED LISTING: Ask Your REALTOR The Right Questions Before You List Again!
If your house did not sell during the listing period, it is referred to as an “Expired Listing”. And now you’re wondering what to do. The question you may be asking yourself is, “Where did I go wrong?” Was it my choice of agent? Was it my price? Was it something about my house? Was it the neighborhood? Was it a combination of all of these? The answer is not in you, but rather the previous agent you trusted. Be prepared with the right information so you can interview your new prospective agent with confidence and assure you make the right choice this time.
With thousands of dollars at stake and the time invested, do not risk making the same mistake twice. Be absolutely certain your new agent is qualified to sell your home. Never feel you must make this decision based on obligation to a friend or relative. Your listing has expired and it’s easy to develop the identity of having a problem property in the market place. Even more so than before, it is critical that you get the right agent.
Typically, most people will ask business associates, family, or friends for a referral to a trustworthy and dependable real estate agent. Other sellers will watch neighborhood signs to see what names come up frequently. There are those who rely on the reputation of the major national franchise companies. Without reliable information, though, any of these routes could be a disaster.
It’s important to trust your instincts. When selecting an agent, he or she should be someone you feel good about. Remember, you are willing to trust them with the details of the largest financial transaction you may ever make. Do not allow an agent to dictate your time table. Find one you can work with.
When shopping for your new agent, ask for references from past sellers before signing another listing agreement. While a nice testimonial letter in an agent’s presentation booklet might be a good start, it may not be an accurate depiction of the agent’s experience. What you should look for is a listing agent. Listing agents specialize in listing and marketing houses to sell at TOP DOLLAR. A good listing agent is a good communicator and will give you specific recommendations for getting your house sold quickly. A good listing agent will also have other listings, and may find your best buyer inquiring on other listings that he or she has.
You should also pay close attention to the reputation of the company the agent works for. Talk to local businesses and even members of the chamber of commerce. A company’s reputation will be known in the community.
In a slow or declining market homes stay on the market longer and sellers can become frustrated that their homes aren’t selling. In a slow market or a hot seller’s market an open line of communication is important for both the seller and the agent. Also keep in mind that an agent who does a great number of sales is a lot busier than an agent who sells only a few homes each year.
When interviewing a new agent, learn what marketing strategy will be applied to sell your home. Do they have a specific 30-DAY MARKETING PLAN to get your house sold? Can the agent properly advise you about the current housing market? Is the agent a full-time agent or just part time? Ask for an updated Competitive Market Analysis to review the current SOLDS, FOR SALES, PENDINGS and EXPIRED LISTINGS. When an agent lists your house for sale the listing belongs to the broker and you may get stuck with a replacement agent who is inexperienced, which can be very costly.
Request a written step-by-step marketing plan for selling your house before the listing contract is signed. Make sure your agent is using the latest technologies for generating buyer leads. Ask if the agent has a personal website that offers virtual home tours so all prospective buyers can see your home 24/7.
Finally, establish a time to review marketing tactics with your agent and be willing to adjust the price of the home after the first fifteen days. Ask for feedback from showings of other agents. Help the agent understand that any news is good news because it can help you make adjustments in your marketing strategy.
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