Your Listing Expired- Now What?
Did You Know; December and January Have The Most Expired Listings?
As most people know, Listing agreements all have an expiration date. No one wants to think about what
happens when the listing expires; both the seller and agent hope the home will
sell long before that time. But it does happen. An expired listing means two
things; first, the home is now off the market, and second, you as the seller are no
longer under contract with your agent.
Nearly 40% of expired listings, re-list with a different agent within 30 days.
Now you have some decisions to make. The most important question is to decide
if you still want to sell the home. Let’s face it, it’s a challenge to have your home
on the market; the home must always be kept show-ready and the last-minute
scramble to accommodate a potential buyer is tiring. You should also consider the
real estate market and whether current conditions will still allow you to sell in
your expected price range.
If you decide to continue with the plan to sell, it’s time to consider whether you
want to change agents or stick with the current one. There are many reasons why
a home doesn’t sell that have nothing to do with your representation, but if you
sense that the agent is not the right fit, this is the time to make a change. If the
agent isn’t the problem, then the next step is looking at the home itself and the
price. Are you overpriced for the home and its competition?
No one wants to think about an expired listing nor a home that didn’t sell—but
this is the time to take stock of the situation, adjust if necessary, and try again;
hopefully with the right combination of condition, price, and agent.
Talk to Your Existing Agent First
If your agent has fulfilled the marketing plan, worked diligently to sell your home, and the market is not working in your favor, then you might need a price reduction. Ask your existing agent to prepare another comparative market analysis to determine if your home is priced to sell. If you respect and value your agent, relist with that agent.
Adjust your price accordingly and follow your agent’s suggestions, even if it means making repairs or improvements you’d rather not do. If your agent is spending money on your listing through advertising, aggressive marketing, and networking that listing, that agent deserves your loyalty.
Top 3 Things That Make the Agent Different
Examples can range from marketing to knowledge. Acceptable answers are:
- Strong repeat record of satisfied customers
- Extensive online marketing
- Good negotiation skills
- Assertive, doesn’t take no for an answer
- Strong communicator.
- After your listing expires, review some basics about your time on the market, such as why you want to sell, your marketing strategy, and any buyer feedback your agent received.
- Due to solicitation restrictions that lift when your listing expires, expect to hear from a sudden surge of agents hoping to sell your home.
- If you decide you want a new agent, interview several and ask what they would do differently next time you list.
- If you want to stick with your current agent, ask them to do another comparative market analysis to see if the price was an issue.