Overcoming the Challenges of an Expired Home Listing
There is nothing more frustrating for a professional realtor to see a sales listing expire but it happens often. When a home is listed with a realtor, a legal agreement or contract is executed that gives the agent a specific amount of time to get the property sold. However, if that time passes and the home is still not sold, the homeowner has the option to relist with the same agent or turn to another professional. Therefore, getting a home sold prior to the listing expiring is critical.
Losing out on a Sale
For one thing, the real estate agent misses out on commission but this can also shed bad light on the agent as being unqualified to get the job done. For the homeowner, this can create a laundry list of problems. For example, if the homeowner is building a new home and needs to get the current house sold quickly, having it sit on the market unmoved would lead to that person having two mortgages. The good news is that by following a few simple guidelines, homeowners can avoid the problem of an expired listing.
- First and most importantly, a homeowner should hire a real estate agent who has in-depth knowledge of the industry and current market. A good agent will be proactive in getting a home sold by using many different selling methods. Preferably, the professional will have years of experience in the business and a definite solid reputation for excellence. The homeowner should ask about the number of homes sold, average time on the market, and the number of listings that have expired.
- It is just as important for the price of the home to be correct. Of course, all sellers want to get the most money possible but sometimes dollar figures are not realistic to current market demand. A qualified real estate agent will perform an analysis of the market, as well as current neighborhood, upgrades and renovations, and other aspects to help a seller set the price of the home that is fair but also where the home will move quickly.
- A seller should be sure the home is prepared to go on the market. Unfortunately, many people do little, if anything, yet they expect big bucks and a quick turnaround. A home must be prepared, which means having any problems fixed, making any necessary upgrades, and having it staged or at minimum in proper showing condition.
- While the last thing anyone wants is for the listing to expire, it is best to expect the unexpected. This can work two ways. Expecting the unexpected could mean the house sells within days of being on the market or after being shown only once or it might mean because of no fault of the realtor, it sits to the point of the listing expiring. In either case, if the realtor has worked hard to move the home, it might not be that person’s problem but perhaps that the selling price is too high or the home sits in a slower market area.