House listing expired? Condo did not sell? What is the next step?
By: Bo Kauffmann
Did your “Listing” expire? What’s 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.
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?