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