Expired Listing: Tips for Relisting Your Home

expired-listing-what-to-do-when-your-house-didnt-sellIf you’ve taken your home off the market after a previously unsuccessful attempt to sell, now may be time to re-list your home.

Most are excited and nervous when they first sign a listing agreement to sell their home, hoping that the home sells quickly and for a big profit. It’s frustrating to wait week after week for a purchase offer when that offer never arrives.

Regardless of the length of the listing — whether the agreement was for a term of 90 days, 6 months, or a year — when the listing has expired, the broker / seller relationship has come to an end (more or less). This is often when sellers ask whose fault is it and why isn’t my home selling? When relisting a home, the first objective should be to tackle this question and if you’re relisting your home after three or more months off the market, the best place to start is with an analysis of what went wrong the last time.

Clearly, the economy housing market have suffered in months and years past and this can be one of many reasons, but something went wrong the first time, and for many sellers, trying again to sell the home raises more questions than answers.

Consider Hiring Someone Else to Handle the Listing

Whether you initially attempted to sell the home yourself as a For Sale By Owner (FSBO), or if you hired a real estate agent the desired result wasn’t achieved and your home failed to sell. While anyone can list a home, you need a professional who can sell your home!

Obtaining the highest price for your home involves providing far-reaching exposure to a qualified audience of motivated homebuyers. This requires the combination of a solid marketing plan, targeted media exposure, and the utilization of our powerful network of in and out-of-area brokers and buyers.

When you partner with myself and my team, you and your home become a vital component to our integrated marketing program. Our team has the connections and resources to expose your property to more potential buyers than ever before. Our unparalleled ability to expose your property through both traditional as well as advanced modern channels, combined with our industry contacts and local knowledge, assures that your home will be marketed through a disciplined and comprehensive plan that is based on proven marketing principles.

The days of putting a “For Sale” sign in the front yard and running an ad in the newspaper no longer apply. While these traditional marketing methods are still employed, they are not nearly as effective as some of the more modern, innovative tools we employ.

Look Again a Buyer Objections

Sellers should absolutely consider comments from agents and buyers who saw the listing the first time it was listed. You should have received feedback from agents and buyers and have a understanding of how the market perceived the home. What you hear should guide future strategy, especially if a number of agents and buyers raise the same issues. The key to improving your results the second time often comes down to the your ability to take constructive criticism.

Price Check!

Determining the value of your home is one of the most important decision to be made prior to marketing your home. A majority of the showings will take place during the first few weeks of the listing period, therefore an accurate listing price is crucial. Pricing the property correctly will almost always generate a higher sales price. If the price is too high realtors and their buyers may not show the property and the home could remain on the market for an extended period of time. Buyers commonly ask: “How long has the property been on the market?” When the answer to that question is more than four to six months (depending on price point) they begin to wonder why the property has not sold. This typically results in the buyer making a lower offer than what they would have made if the property were priced right from the beginning. Getting the most money for your home is about building demand and this is accomplished through pricing, enhancement and marketing with pricing being the most critical factor!

Consider Condition

Go out and look atyour competition, that is other comparable homes on the market in your price range to determine if your home is in the same condition as these active for sale listings. Buyer’s shop by comparison, they preview homes in the areas they are looking and the price range they can afford and typically base their selection of a home on what’s most appealing to their personal tastes but also what they feel is the best value based on all of the homes they’ve seen. So it’s important to consider this when setting a list price for your home and determining what repairs or improvements to make and if staging the home would be beneficial.

The Importance of Listing Photos

Over 90% of prospective home buyers report using the internet as an informational resource during their real estate search. The home buying process starts with the click of a mouse and can result in the largest purchase of a lifetime. What do these developments mean for homeowners?
Sellers need to hire a real estate agent capable of producing professional photography that stands out.

When using real estate search websites, home buyers usually narrow their search criteria with elements such as price, location, number of rooms and lot size, so their next click action is based on photography. After clicking on a specific listing, the following interior and additional exterior photographs need to validate the initial click through decision, and in turn motivate the viewer to schedule a visit. The number of photos, as well as the quality of those photos and their ability to effectively highlight such factors as: the condition of the home, the level of finish, quality of materials, and the size of the space of the space are all important factors. As buyers begin to narrow down the margins of their search, the key enticing element of their initial search will be photos.

Discount Sudden Activity

You won’t have to look too far to find agents because you’ll be inundated by realtor contacts and correspondences when your listing expires. Realtors are prohibited from soliciting a seller when the listing is active in MLS. however, you’re fair game when the listing has expired.

You may wonder why your listing, now that it has expired, is so popular. Many agents specialize in contacting expired listings because they want the listing. Realize that some agents will take an overpriced listing just to get signage in the front yard to generate buyer inquiries that the agent can then attempt to convert into clients.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington

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