Homeowners sign a contract with realtors hoping their home will sell immediately; however, there’s no guarantee that someone will buy the property. Ultimately, it’s a huge letdown when their home is on the market for months and eventually becomes an expired listing. Majority of the time a property will become an expired listing for two reasons: poor marketing and poor pricing.

Marketing

It will be extremely difficult for a realtor to market each property to every type of buyer and see success. For example, it is nearly impossible to market a two bedroom, two bathroom apartment to a family of five. There is not much space available for this family yet that apartment may be perfect for a newly married couple. Each property already has, in a way, its own target audience. This is important to recognize from the beginning so that your efforts as a realtor are not spread thin on marketing to the wrong crowd.

Focus downtown condos on younger couples and those who have a desire to be close to all the action. This includes people who are frequenting shows, commuting to work, and love the hustle and bustle of the city life. Those who are wishing for a slower pace of life or are in search of more space will typically look for properties outside of the crowded downtown areas.

Pricing

Poor pricing is also a main reason for expired listings. It is crucial to take a detailed look at the current market, analyze trends, and research various comps in the same neighborhood of your listing.

Know the difference between a buyer’s market and a seller’s market. A buyer’s market will give the seller less flexibility with the price of their home because the number of buyers outweigh the number of homes. A seller’s market will give the homeowner more flexibility in list price and may even find themselves in the middle of a bidding war amongst Brooklyn and Manhattan buyers.

Setting the list price of your property according to the neighborhood comps and the market will ensure the best possibility of success for the sale of your home.

If you’re ready to take on some expired listings in Brooklyn and Manhattan, be sure to contact us to get the best leads in the area.

*ExpLiMO provides high quality leads on a daily basis and offers a unique opportunity for Manhattan and Brooklyn real estate agents to prospect for expired listing leads and grow their business exponentially.