Is it worth taking on a million dollar expired listing?

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Real Estate Agent with Chase International 01366299

I recieved a call today, (we always like the phone to ring and have clients call us) but this was regarding a listing that is expiring in two weeks. Research proves it to be beautiful mediterraneon 4/3 bath home that is only 4 years old.  The home has been listed for 7 months with no offers.  Pricing you ask?  I think it is priced well compared to the other homes.  Are properties over 1 million moving in our bay area market?  I think so.  Could the staging really make a huge difference?  Will advertising on the free websites give it more exposure?  Has anyone tried Utube?  Do you think a TV ad  for a million dollar property would help bring in more traffic?  If it's not getting the exposure in our local area, are there sites that would help us with relocation?   The seller needs to sale, and I would like to be the realtor to go and beyond to get the job done.  Is there an aspect that I am missing to get the job done.  We talk about taking expired listing, but at what expense?

So if it's not pricing, what is it?

 

Kimberly

Why Settle For Less When You Can Have Moore?

 

          

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Rainer
36,211
Ron Fuhrer
Nazareth,Easton, Bethlehem - Prudential Patt, White - Nazareth, PA
Lehigh Valley PA Homes

Good question.. will watch to see if you get answers here!

Oct 08, 2007 04:43 PM #1
Rainmaker
64,648
Barry Shapiro
Broker-Associate - Camarillo, CA
Location, Condition and then PRICE.  Sometimes you just have to wait for the right buyer.
Oct 08, 2007 04:45 PM #2
Rainer
117,521
Bob Volanti
Keller Williams Realty Fresno - Clovis, CA
Fresno and Clovis, CA Realtor

Kimberly,

Take it and run with it. Since the seller has to sell they might be a little more giving this time around. Sometimes a home expires, the price gets reduced and it sells. Go figure. Sometimes a change in marketing can make a big difference and the eventual buyer may be just getting ready to buy.

Good luck with it.

Oct 08, 2007 05:06 PM #3
Anonymous
Lazarus

Kimberly,

Smart of you to ask that question.  My guess is that the house is probably overpriced for THIS market.  I would certainly spend some serious time with the Sellers reviewing the market.  If there are other homes in the neighborhood that are priced better, they will likely sell first.  Try to get the Sellers to price the home at a price that YOU think will sell the home.  

If the Sellers are not agreeable to YOUR price and unwilling to take your (hopefully expert) advice then proceed with caution.  If the Sellers are not willing to price the home where you think it will sell then this is what I would do:

 put in writing, in the listing agreeemnet, exactly what the extent of your marketing services will be.

 

for example: you might be better off to tell them that since they are not willing to lower the price to where YOU believe it will sell that you will take the listing under the condition that they pay for print advertising (newspaper) and that you will only do one open house, but w/o advertising it (unless/untill they lower).  I would even offer to lower the commission some.  Then - if its not priced right and its just dead weight, its not costing you an arm and leg to market.  

On the other hand, if they are willing to price aggressively you may very well be able to sell the property. Part of the problem in this market is agents are taking on listings that are not priced to sell.  They just sit for months with no action.  THEY ARE HAIL MARY LISTINGS.... all you can do is pray that maybe someone will step up and buy them.

 

good luck!

 

Lazarus 

Oct 08, 2007 05:56 PM #4
Ambassador
579,980
Rich Jacobson
Fathom Realty West Sound - Poulsbo, WA
Your Kitsap County WA Real Estate Broker
7 months with no offers. It would appear that the market has responded rather loudly to the current listing price. Unless there are no major material defects or things shouting "DON'T BUY ME!" then it has to be price.
Oct 08, 2007 09:11 PM #5
Rainmaker
488,043
James Lowenstern
Castles Unlimited® - Newton, MA
Castles Unlimited. Newton MA Real Estate
so many things to comment on...first of all Realtor has a capital "R"...that said I would take the listing...take price improvements upfront with SIGNED amendments to at least a 180 day listing...I would rarely advertise it in the paper unless I'm doing an open house...I would place at least 8 open house signs out everytime I did an open house...hmmm...advertise it for free on castlesmag.com...listings over $1 Mil only on that site (yes it is my site)....don't OVER PROMISE to the seller...and don't over advertise...the Internet does the lifting in today's world.
Oct 08, 2007 09:37 PM #6
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Rainmaker
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Kimberly Moore

Why Settle For Less When You Can Have Moore
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