HOW WE SELL AN EXPIRED LISTING
Going through all the effort to get a home listed for sale just to have it NOT sell is frustrating. I get it. A reputable Real Estate Broker will position your property to sell for top dollar while also listening to your needs. Some clients prefer the highest net possible, some want to sell ASAP, some folks want to sell for top dollar without doing anything to the property. There are many different reasons people sell homes and there are twice as many ways to market those properties. There are several reasons properties don’t sell. Let’s take a look at a few:
THE #1 REASON PROPERTIES DON’T SELL IS BECAUSE YOU HIRED THE WRONG BROKER. TRY RE-LISTING WITH A REPUTABLE BROKER.
The photos, verbiage, flyers, ads, who your Broker targets ads to and how your Broker communicates will all have an effect on the value of your property. By ensuring these key points are addressed professionally, you’re ensuring that you will net the most amount of money possible when selling your home. When you hire a Real Estate Broker, you should be hiring them because you trust them. It’s critically important that you trust your Broker because your Broker will give you advice on where to price, where to spend money in updates or repairs, they’ll tell you what they think value is AND will show you why they feel that way. Real estate is DATA driven first then we add in the emotional factor of how WE feel the market will respond. Good Brokers are very accurate in predicting how the market will respond to your property.
YOU OR YOUR BROKER OVER-PRICED
Well, again, we could point the finger at your Broker here but it’s less common for a Broker to over-price a property than a seller demanding a price that is over market value. I get it though. We all want to NET the most amount possible but it’s VERY important to price correctly. The best Broker and marketing on the planet will not make up for an over-priced property. If you have 100,000 views to a listing, 100 showings, and NO action. You likely have a price problem. Price should be the LAST thing you change though! By tweaking ONE thing at a time with your listing, we can identify the problem. Changing target markets, photos, verbiage, open house days/times, staging or paint are all FREE or fairly low cost ways to try and maximize your NET before reducing thousands or tens of thousands of dollars. You can always move down in price. Moving up in price is often difficult to justify.
YOUR MARKETING WAS NOT GOOD ENOUGH
Let’s face it, this also boils down to who you hired. We aren’t magicians. We can’t make a property something it is not. However, we can market the property to it’s highest and best value. This starts by understanding the properties high demand features as well as the property’s short falls. Some properties require using the full 32 photo upload, virtual tours, custom videos etc while others will have better tour traffic if we limit how much information is given. The goal of marketing a home is not to sell it online. It’s to get people IN the door while presenting the property in it’s highest value. Value is perceived. The more views we have, the more tours we should get. The more tours we get, the more offers we should have. The better we present the property, the higher those offers should be.
YOUR PRESENTATION WASN’T GOOD
This is why staging is proven to work. It pulls the eye away from blemishes while giving a presentation of value. People fall in love with the feel of the home when that feel may be coming from the staging. Presenting a property in it’s best lights doesn’t have to be expensive. A quick coat of interior paint, a mow/trim with fresh flowers, staging & minor repairs can all be done with payment out of the close of the sale of your home! Be sure to present your home to demand top dollar while ensuring the steps you take are in the best interest of your NET proceeds.
TIMING WAS WRONG
This is a tricky one. While Brokers know the seasonal trends of real estate, markets can shift quickly. COVID-19 is a prime example. Shifting interest rates, job markets and many other factors have a quick effect on housing values. If your listing was truly priced correctly, marketed to it’s best value, represented properly by your Broker, and given enough exposure to buyers, perhaps the timing was just wrong. A home that did not sell for $500,000 in December may very well sell for $500,000 in March with the exact same marketing & Broker representation.