Expired Vs. Withdrawn Listings in Manhattan
Delving into the world of expired listings as a real estate agent can be a daunting task but with the right tools, it can also be an excellent way to grow your business. Looking into working with expired listings? Wanting to make sure you’re clear on the difference between an expired listing and a withdrawn listing? The difference lies with contracts, the multiple listing service and time.
Is the contract still intact?
When a seller tries to sell their home, they’ll want to list it on the multiple listing service (MLS). If they hire a real estate agent, that agent will list it for them on the MLS. They have exclusive rights to list that home while the contract between seller and agent remains intact.
Is the listing still on the MLS?
However, when a listing is withdrawn, it is taken off the MLS. This does not mean the contract has ended or the listing expired. For a number of reasons, the seller isn’t able to sell any longer at that moment. Perhaps there’s a family emergency or a repair they’ve found that needs to be addressed. So in this case, the agent and seller are still bound by their contract. The clock is still ticking on that listing and so, you as an agent, can’t approach that seller for their business.
Is the listing still active?
If the listing has expired, that means the time allotted in the contract for the agent to sell that person’s property has run out. Perhaps they signed a 6 month or a year long contract and that time has passed and the house has not sold. If this is the case, and the listing is expired, you are able to approach the seller about their property (after checking the Do Not Call list of course).
Hopefully, you can move forward with a clear understanding of the difference between an expired and withdrawn listing and how to ensure you’re contacting expired listings in Manhattanappropriately.
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