Your real estate listing has expired, so what’s next?
First, we know how hard it is going to be to feel optimistic about the present situation. After all, you’ve put so much time and effort into this. But that doesn’t mean you should give up. What you should do is ask yourself what you would like to do now; try again or wait?
To guide you through your decision-making process, ask yourself the following questions after your real estate listing expires.
1. Why do I want to sell my home?
The first step to take after your listing expires is to evaluate your reason for selling.
Do you need more space for your family? Are you moving because of a new job opportunity?
Your reason for selling is important in deciding what to do next. If you can’t name a tangible reason for sale, you may need to change your mind about selling.
2. What should I do differently to sell my home?
If, after re-evaluating your motivations, you are sure you still want to sell your home, the next thing for you to do is to reassess your marketing plan with the agent.
Start by finding out what caused the listing to expire. Should you or your agent have done something better to make it work? For example, should you have done a virtual tour, sent more direct mail, or knock on your neighbors’ doors?
Did you have unrealistic expectations of what price your home would sell for? Overpricing is one of the top reasons why listings expire.
By going back to the drawing board, you will be able to improve on your previous marketing plan and learn from what didn’t work the first time.
3. What is the buyer’s feedback on my property?
Your agent may provide you with a review buyer feedback document during your initial listing. Go through this document to gain insight into why your house did not sell and determine the changes to make for your home to sell.
One important tip for dealing with buyers’ feedback is to be objective. Try your best to look at the situation from the buyer’s perspective. Remember that buyers are like people looking at items in a store and your home exists in a market with competing houses. Therefore, you have to listen to feedback because if another house better meets your buyer’s expectations for the price they are willing to pay, they will choose the competing house instead.
4. How can I make my home more appealing for sale?
One of the primary reasons why your listing expired could be that your house is not in the same condition as the other houses on sale.
For example, let’s say all the other houses for sale in your neighborhood have granite countertops. A buyer might expect your home to also have this feature, especially if they are in the same price range. If your house doesn’t many buyers will avoid your house.
You could ask your agent to check out the houses around to confirm if there are improvements you need to incorporate into your home. A savvy real estate agent will be able to identify the most comparable or similar houses to yours and identify what features your home might need to compete with the others.
Sometimes, the changes that must be made are simple, such as new carpet and fresh paint; however, sometimes more extensive changes must be made. The agent will help you decide if it will be more effective for you to make these changes (such as renovating your kitchen) or decrease your selling price, especially when your timeframe for selling your home is considered.
Perhaps all you need to do is make additional repairs or improve your home curb appeal. Be sure to talk with us at Bost Redevelopment to ensure you make the most cost-effective repairs for your home.
5. Should I approach a new agent?
If you feel your agent does not have what it takes to sell your home, you should consider contacting a new agent.
Your prospective agent should be able to answer the hard questions with the right answers. Can they fulfill your marketing plan? Do they seem credible and knowledgeable? Do they effectively answer your questions? Are they respectful?
Find out what a new agent might do differently from your former agent to help you sell your home. Know the innovative techniques they may employ to ensure your home attracts many buyers. While doing this, make sure you are wary of agents who make vast and false promises to convince you. Remember, if it sounds too good to be true, it is probably too good to be true.
However, if your agent has already found a ready, willing, and able buyer before you terminate the contract, you may need to seek counsel from an attorney.
Let Bost Redevelopment handle your expired listing problem
If you have problems selling your house, you’ve come to the right place.
In addition to our marketing expertise and the seamless experience we provide, we at Bost Redevelopment hold ourselves to the highest standards of ethics, accountability, and transparency.
Be sure to consult us before you begin the process of preparing your home for the market. Whether you need to sell your home quickly or get top dollar for your home, we will save you time and stress from start to finish.
Lastly, we are running a limited-time offer – you get a 5-day cruise vacation for 2 if we successfully help you sell your home. So, what are you waiting for? Send us a message below now!