If Your Real Estate Listings Have Expired, What Should You Do?
After a listing has expired, sellers may find it difficult to remain positive. When the listing agreement is first signed, most people are both excited and worried, expecting that the home will sell fast and for a large profit. It's aggravating to wait long lengths of time for a buying offer that never comes.
The broker-seller relationship is effectively over once the listing has expired. This is when sellers frequently inquire about who is to blame for the home's failure to sell.
Examine your motivation
The first step is to consider why you're selling. Perhaps you need extra space for a growing family, prefer a liquid income, or need to relocate for a new job. The cause itself is less important than having a reason at all. If you can't think of a cause for selling, take your house off the market for a while and think about if it's really what you want to do. You will have a difficult time selling if you are not inspired to do so.
Look over your marketing strategy.
Step by step, go over your marketing plan with your realtor to ensure you have a feasible approach for selling your home. Determine whether you or your agent failed to deliver, as well as what worked and didn't. You may have taken a virtual tour, sent out direct mail, installed a lockbox, or done none of the above. The idea is to go back to the drawing board and revise any past marketing strategies.
Consider Condition
Examine other properties on the market to see if yours is in the same condition as those already on the market. Perhaps you need to make repairs or have your house staged before selling. You want your home to have curb appeal in any scenario.
Examine the Buyer's Objections
To understand what buyers are saying about your house, review buyer feedback, which your realtor should have acquired for you when your home initially went on the market. Consistency in feedback indicates that potential purchasers share your sentiments. If what they're stating is true, figure out how to compensate for the objections.
Review the essentials about your time on the market after your listing has expired, such as why you want to sell, your marketing approach, and any buyer comments your agent received.
Expect a sudden influx of agents wishing to sell your house once the solicitation restrictions on your listing expire.
If you feel you need a new agent, interview a few and inquire them what they would do differently the next time you list.
ExpLiMO provides high-quality leads daily and offers a unique opportunity for Manhattan and Brooklyn real estate agents to prospect for expired listing leads and grow their business exponentially.