Some Facts about Expired Listings Nearly 25% to 35% of all listings don’t sell during their first listing agreement.Unfortunately the market rejects them for one reason or another. In other words, the market didn’t accept one or more of the following: - Asking Price
- Property Condition
- Property Location
- Marketing
As the home owner, you will control the asking price and the property condition. Nobody can change the location and the real estate agent you hire will be responsible for the marketing.
Asking Price -Being overpriced is usually the number one reason why a home doesn’t sell during its first listing agreement. If your home is overpriced, it will actually help competing homes to sell by making a home that’s priced properly look better. Make sure the agent you hire is an expert at properly pricing homes. A comprehensive PSA (Pricing Study Analysis) should be done using at least 8 recently sold comparables and 8 currently listed comparables found in your market area. The PSA’s I put together for my customers usually consist of about 30 pages of information and will show you exactly who your competition is. Property Condition - Most home sellers know they should have their home in showing condition by having it neat and clean but many sellers forget about condition. Making sure there aren’t any broken, worn or defective items in the home can make a difference. If a buyer views two properties that are identical in price and amenities but one has few noticeable defects, most likely the home buyer will choose the one that’s in better condition. I can inspect your home and help you indentify items that could make a difference. Property Location - When it comes to property location it’s either going to be where a buyer is attracted to or not. There is no changing it but if it’s located in an area that isn’t in high demand, it’ll be up to your agent to market its good points. If it is located in a desirable area, your agent should be reminding everybody through the marketing pieces they put out. Accenting the positives and minimizing the negatives of a property’s location is must in today’s real estate market Marketing Efforts - Many real estate agents think all they have to do after you hire them to market your home is to just place in on the MLS and another agent with a buyer will find it. That lazy mentality may have cut it for some in 2005 when homes were flying off the shelf but it won’t cut it in a buyer’s market. Neither will an occasional print ad or placing it on a few websites. Today’s tough marketing conditions demand that real estate agents use every marketing tool available especially on the web where over 87% of buyers start their search. Make sure your next agent has a comprehensive marketing plan that can get your home noticed in a crowded market place. Here’s what you get when you hire me to market your home: My 10 Point Marketing Plan The first course of action will be to sit down with you and go over all your homes features and amenities. Then after all the information is gathered and studied, I will perform a Pricing Study Analysis on your home to see where it fits into your local market. Once we’re able to compare it to similar homes that have recently sold and similar currently listed homes, we’ll be able to properly price your home to sell in your time frame. When we launch your home into the market, the following marketing strategies will be employed: 1. Your home will be submitted into the MLS (Multiple Listing Service) for regional exposure & the KWLS (Keller Williams Listing Service) for National Exposure 2. Large Reflective Signage that gets noticed and doesn’t fall down will be brought in and strategically placed 3. An Information Box with Flyers will be posted for drive by shoppers 4. Just Listed Cards will mailed to Targeted Areas and Buyers 5. Full Color Property Brochures will be distributed to buyers at showings 6. Several Hundred Photographs & HD Video will be taken of your home so we can show off all the rooms and your homes best features 7. Photo Slide Shows & Video Tours will be created and launched on the web 8. Open House Programs will be put into action 9. News Paper and Real Estate Book Advertising will be put into print 10.Your listing will be E-mail Broadcast to 1000’s of other Realtors & launched into the Internet to appear in up to 35 of the industry’s top websites, such as: Plus constant seller updates! |