The 4 Major Factors That Sell An Expired Listing

The 4 Major Factors That Sell An Expired Listing

As a real estate professional in the current market you are bound to run into your share of expired listings. Weather it is your listing that has expired, or a competitors, here are four major areas to address with the seller to get the listing back and get it sold-

1. Communication-
Teamwork and communication between the seller and agent is key to know how to alter a marketing plan for success. Inattention to a listing can be a factor, but rarely is the core issue. Make sure you let your sellers know that you want any feedback they can provide and that you will offer the same to them. The seller is the key source for information regarding changes in the neighborhood and property condition that affect the property's salability. The more you work together, the faster a sale will be closed.

2. Price-
This is the obvious most common culprit for the lack of a sale. An incorrectly priced home attracts the wrong buyers or worse, none at all. When working with a previously expired listing be sure to prepare an up-to-date competitive market analysis, the market conditions have probably changed since it was initially listed. Activity without offers often indicates overpricing. Remember, any home, no matter what the condition is, will sell for the right price.

3. Condition-
A home in like-new condition sells faster and gets the best price because it outshines the competition. Make sure your sellers fix all the little squeaks and drips, paint neutral colors where needed, brightened up and concentrated on outside curb appeal. I suggest having a few other agents from your office take a tour of the home with you and allow them to point out the areas that need to be addressed to make a sale happen. Make sure you relay any information that might be useful to the seller.

4.Marketing-
The saying goes, "Advertising doesn't sell homes, agents do." The secret to success is a carefully crafted marketing plan that exposes the property to the widest possible pool of prospective buyers. Some elements you might like to include in your plan: direct promotion to other agents/brokers, brochures and flyers, listing in an area wide internet website and MLS, broker open and buyer open houses if appropriate; and any other activities designed to capture buyers.

As a rule of thumb, make sure the home is in buyer-ready condition before you re-list it. If it didn't sell the first time around, don't just hope for better luck this time; make sure the necessary changes are made to inhibit a fast sale. Your sellers will thank you for it at the closing!