Why did your listing expire in a seller's market?

By
Real Estate Broker/Owner with Realty One Group BRE 01230211 & 01919354

Why did your listing expire in a seller's market?

 

Today is the first of the month, besides being the first day of the year for 2017. Many are probably sleeping or trying to catch some zzz from a night of celebration and ringing in the New Year. 

 

I, on the other hand, started my day early even before sunrise. I wanted to practice the concepts of SAVERS (Silence, Affirmation, Visualization, Exercise, Reading and Scribing) from the miracle morning book by Hal Elrod. It was not easy, but I rose up early and was able to accomplish so much more all before 8 am.

 

This brings us to my blog. I was getting ready to call expired listings being that it was the first day of the month and all, when I discovered that there were 553 listings that expired last night alone for Riverside County and the County of San Bernardino had 359 listings expire. Los Angeles County had 774 listings expire, and the County of Orange had 297 expires.

 

That is over 1983  lost opportunities for buyers and sellers. In a hot seller's market, this number is way too high. You have to question, why are there so many expired listings.

 

Reason #1 - Price

In this day and age with all the technology and availability of online data, buyers are prone to know the market. When a house is over-priced, it tends to be overlooked by many buyers. No one wants to pay more than what an offering is worth. Buyers are always looking for a deal.

 

Reason #2 - Photos

The photos on the MLS is the first step to capturing buyer's interest. Few photos or too many photos can impact a buyer's decision. The quality and content of photos can be a determining factor as to whether or not a buyer picks up the phone to call an agent to schedule a tour.  Photos should be of a good resolution to peak a buyer's interest. Use a professional photographer for ultimate photos that sell.

 

 

 

Is the rug hiding something? The curtain should have been pulled open when the photo was taken. To attract interested buyers online, a virtual stager should have been considered.

 

 

 

 

 

I would have invested on a gardener before taking this photo. All I see are bushes and trees. This photo does not tell me anything about the house. No curb appeal is from this photo.

 

 

 

Where is the focal point of the photo? My eyes are going everywhere except to see the back of the house. Once again a little sprucing up of the backyard might have done the trick. I would have added some potted pots with colorful flowers.

 

 

 

 

I am a pet lover, however, not when I am posting MLS photos. I would have recommended decluttering the room before snapping the photo. The photos are also too dark.

 

 

 

 

I will let you comment this photo. Are they trying to sell a post with numbers on it?

 

 

 

 

Reason #3 - Availability of showing

Time is money. In a hot seller's market, opportunities are few, limited and far in between. When a buyer is ready to buy, and they have identified an interest in your house, make sure your house is available to be shown.  Prior appointments, unaccessible lockbox, unreturned phone calls from listing agents all are roadblocks. Make your home accessible and easy to be shown.

 

Reason #4 - Condition

Buyers typically make up their mind the first 60 seconds after seeing a house. Spruce up the curb appeal.... a fresh coat of paint for the front door is the secret of stirring buyers interest. A well-maintained landscape is a plus. Up kept and spruced up porch is the inviting atmosphere that you want to attain. Make the entrance inviting by adding colorful plants or welcoming decors.

 

Reason #5 - Features

Has the property had a recent upgrade or remodel? Buyers want to be able to purchase a property that is a move in ready. The easiest and quickest return on your investment is a fresh coat of neutral colored paint for the exterior and interior of the house. Upgrade the appliances and flooring for a quicker sale. Buyers purchase homes based on their emotion. If they like what they see, they will want to buy it.

 

Reason #6 - Floor plan

Buyers search for houses that have the open concept. The bigger, the better. Many times just a different placement of furniture can make a room seem much larger than it is. The secret to one's best return on investment is to hire a stager. He or she is capable of stirring buyers emotion. They concentrate on touch, smell, and sight that attract buyers.  

 

Reason #7 - Marketing Plan

The real difference between a successful listing and an expired is how the agent marketed the listing. Was there enough exposure of the listing to the neighbors? Was there open house that attracted the right and interested buyers? Did the listing agent utilize all the available social media to market the listing?  Was the listing marketed to the right prospective buyers and investors? 

 

Reason #8 - Negotiation skills

How an agent negotiates a contract can be the difference between a closed transaction or a listing that just lost its opportunity. Hire the best. Typically an agent who will put a seller's need before their own.

 

If you are thinking of selling your home in 2017, hire the best and call Eastvale Team Realty. We are ready to serve, list and sell your home for the highest price and in the shortest amount of time. Call us today at 951-707-9919. Experience and knowledge matter. There is no excuse for expired listings in a hot seller's market like ours.

 

       Why did your listing expire in a seller's market?

 

*all photos were pulled from CRML expired listings

 

Posted by

Eastvale Team Realty  

"Service and Excellence in Action"

One success story at a time.

 

We are now accepting qualified listings.

                    CALL or TEXT us NOW – 951-707-9919 

 

 

What is your house worth? Click here for a Free market analysis.

 

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Topic:
Home Selling
Location:
California Riverside County
Tags:
the importance of making a listing available for showing
market a property correct to sell a house quickly
how to market ones home
photos do matter
how to avoid expired listing

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Rainmaker
535,483
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

WOW Thats an incredible number of expired listings in your market place Les & Sarah - we specialize in re-marketing expired listings to sell in NW Indiana and called on some expireds today as well. Great points on your blog! Hope your appointment book filled up for this week! Happy New Year!

Sincerely,

Grace

Jan 01, 2017 05:01 PM #1
Rainmaker
528,481
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

This is a great article Les & Sarah Oswald . It's very thorough and I love your integration of sample photos.

Jan 01, 2017 05:24 PM #2
Rainmaker
862,763
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Jeff&Grace Safrin - The numbers is for all our local counties. Pretty much all of Southern California. It is a lot of expired. It just shows how many opportunities were lost for sellers during 2016. It still boggles my mind how some agents just don't have their client's best interest at heart.

Happy New Year. Wishing you a very productive year!

Jan 01, 2017 05:38 PM #3
Rainmaker
862,763
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Nathan and Angie Gesner - Thank you for stopping by. Wishing you a very prosperous and a year full of gratitude.

Jan 01, 2017 05:39 PM #4
Rainmaker
4,651,177
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Enjoy the holiday weekend, have a very productive January and the best ever year.

Jan 01, 2017 06:13 PM #5
Rainmaker
862,763
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Roy Kelley - Thank you. I am very optimistic about 2017.

Jan 01, 2017 06:43 PM #6
Rainmaker
2,753,867
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Les & Sarah your post is spot on and good for you that you are up and at it. Now just to be clear you  might want to reconsider when you call someone.... If you called me at 8am or before on a Sunday morning and especially after New Years Eve I would not appreciate it and more than likely scratch your name off my taking calls from you....Endre

Jan 01, 2017 09:19 PM #7
Rainmaker
293,897
Christina Sanchez Hood
Palo Alto, CA
#SiliconValleyHOODS | Inspired Living

Great post and Happy New Year Les & Sarah Oswald!  It's been so long since our AR meetup so long ago.  I look forward to reading more great posts from your AR blog in 2017 :- 

Jan 01, 2017 11:36 PM #8
Rainmaker
862,763
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Endre Barath, Jr.  - Thank you for the heads up and great advice. I am looking to grow and learn so much this year, especially when it comes to social skills.

Reminder to self: Do not call Endre at 8am on Sunday, not even for brunch

Jan 02, 2017 05:29 AM #9
Rainmaker
862,763
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Christina Sanchez Hood - Happy New Year. It is has been so long indeed. Hope North Ca is treating you and your hubby well. 

Jan 02, 2017 05:31 AM #10
Ambassador
2,183,723
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

That is a lot of expired listings. 

In our market I tend to see bad MLS photos like the ones you showed us. Often they are too dark or blurry. This is really doing the seller a disservice. I always send a copy of the MLS listing to my sellers for them to check out. When you do this, you had better do a good job of taking pictures and writing a good description for the property. 

Jan 02, 2017 03:03 PM #11
Rainmaker
862,763
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Debbie Gartner - Buyers are searching for their dream house firstly by looking at the pictures on the internet. There can't be any interest if the photos don't attract the buyers.

Jan 03, 2017 06:39 AM #12
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Rainmaker
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Les & Sarah Oswald

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