House listing expired? Condo did not sell? What is the next step?

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Mortgage and Lending with Mortgage Solutions FCS DRE 02062657, NMLS 146016

House listing expired? Condo did not sell? What is the next step?

By: Bo Kauffmann


Did your “Listing” expire?  What’s the next step?

.Winnipeg selling real estate market real estate agent Real estate mls home selling home buying condominiums Bo Kauffmann  House listing expired? Condo did not sell? What is the next step?

First of all, don’t despair!  Even at the height of our busiest times in the past few years, approximately 25% of listings did not sell during the first listing period, becoming an expired listing.  So you are not alone.  But now is the time to take a closer look at why the listing failed to sell.  Here are a couple of the major reasons this could be:

1) Inadequate Marketing

A major contributor to an Expired Listing.  One side-effect of a super-hotmarket is ‘complacency’.  Real Estate Agents, who are traditionally known as some of the best marketers in business, start to believe that every housewill sell, even without advertising and marketing.  The thinking went: “Just put it on the M.L.S. and it will sell”.  That may have been sufficient in most cases, but in a slower, more level market, it will not be enough.

Add to this a huge influx of new real estate agents, lured by the promise of ‘quick and easy money’, and who need to spend more time and money promoting themselves rather than their clients listings.

So question is:  did your home receive adequate coverage, in printed newspapers, magazines and on the internet?

2) Selling in “As-Is” Condition

Another side effect of the hot market is that home-owners start to believe that every house will sell…….no matter what!  I recently toured a home where nearly half of the light-bulbs were burned out.  After going into yet another dark bedroom, flicking the light-switch in futility, I suggested to the owner that they replace the burned out bulbs.  The response was “We’reselling it “as is”…..if someone wants our home, they can replace their own bulbs”.  A sure-fire way to become an “Expired Listing”.

This is a bit of an extreme example, but you get the idea.

3) Price

Actually, this has always been the main factor for an expired listing.  And these days, it will be even more important to get the ‘asking price’ correct, right from the start.

4) Be out of the home when it shows

This is where the private sellers completely ‘miss the message’.  The fact is, most buyers want to be able to examine a home in peace and leisure, with their agent, so that they can discuss various options and features of the home, without having the owner overhear what they are saying.   Don’t believe me?  Think of it this way:  the next time you go to test drive a car, do you want the salesman to drive you, or do you want to go for a drive with your spouse or significant other, so you can discuss the car, test it, etc etc, without a pushy salesman nattering in your ear?

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Christopher Shearer is a multi-family / commercial real estate consultant achieving property owners the highest possible NOI through the implementation of optimal rents for the property, accomplished through careful market, property, comparison grid analysis, effective cost control and revenue improvement programs; identify and analyze trends and recommending appropriate strategies to increase a properties maximum efficiency. Expert at Preparing new investment analysis presentations, offering memoranda and marketing materials, including key investment metrics. IRR, COC, DCR, CR etc.

A seasoned professional, with over 15 years' experience in real estate and finance management. A real estate broker licensed in Florida and Virginia specializing in real estate and asset management of multi-family and commercial properties. Christopher is currently pursuing his M.B.A. in real estate, he holds a B.A. in business as well as an A.A. in business management. Christopher has the following state licenses; Virginia Real Estate Broker, Florida Real Estate Broker, Florida Mortgage Broker and Colorado Mortgage Broker.

Contact me for a consultation and analysis of your commercial or multi-family properties.

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Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thanks for the great tips. Sellers should read this post and take your advice.

Apr 09, 2013 09:42 PM #1
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