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Expired Listing Now What?

Your listing has now expired, and now you’re faced with several important questions. Do you take the property off the market? Do you re-list with the same agent? Do you try a new approach that will get your property SOLD?

One thing to keep in mind, it’s a seller’s market in many neighborhoods across the Chicago area. If your home isn’t getting offers, something could be wrong. Unfortunately, you are not alone. Over 25,000 homeowners listed their home in the Chicago area in 2016 which never sold, or failed to sell on the first try. However, there could be many reasons your home is not selling.

The good news: there are solutions to getting your home SOLD! So if your listing has expired, or perhaps you have decided to cancel your listing and explore other options, you are faced with several important questions.

1. Do you keep your home off the market?

Perhaps your situation has changed and taking your home off the market makes sense. That’s ok! But if you’re reading this, most likely you still want to sell. So…..that brings us to the next two questions.

2. Do you re-list with the same agent?

If you are thinking about re-listing with the same agent, there are two questions you should ask yourself. The first questions, what are they going to do differently this time around that they could have already done? Think about this for a minute; what is so unique or special that it’s going to get your home sold? And, the second question I would ask if they have more tools or options to get your home sold, why did they not bring their “A” game in the first place? Why did your agent let your home fail to sell?

3. Do you try a new approach that will get your home sold?

At the very least, you should get a second opinion before you re-list with the same agent. A new approach could be the difference between getting your property sold and revisiting this page in a few months.

Marketing and Exposure:

  • Did your agent use high-quality marketing materials and professional photography?
  • Did they have the ability to provide professionally printed brochures, floor plans, and videos?
  • Where was the property advertised? How was their online exposure?
  • Did they rely heavily on the MLS to drive traffic to your home? Guess what? According to the National Association of Realtors, 92% of buyers used the web in their home search. For 42% of those buyers, the first step in the process of buying a home was to look online, even before selecting a realtor. Ultimately, 65% of buyers walked through homes they viewed online. How many buyers did your Realtor miss?

Price:

  • Was the home overpriced? Did you listen to your agent’s recommendations or did you start high to try and test the market
  • In most cases, the price is the issue, but it’s often not the only issue. Sometimes homeowners and agents get overconfident in a seller’s market and get lazy about the rules of “Home Selling 101.” Just because it is a seller’s market, that doesn’t mean every home will be snapped up at a premium price, regardless of the condition without some effort or strategy.
  • With my comprehensive pricing analysis, we explore the effects of market time has on the final sale price. We look at rates, pricing variables, and the seller’s net. If purchasing a new home, we evaluate buying power, interest rates, and the effect of market times as a single financial transaction. We look at how time impacts appreciation on both properties. We provide you with a full comprehensive CMA (Current Market Analysis) that goes beyond looking at recently sold homes.

Appearance and Condition, or Needs TLC:

  • What are the conditions of the home? Does it have curb appeal? Does anything need to be repaired?
  • What feedback did Realtors and Buyers give you? Did you listen to their suggestions? After all, they are viewing the home from a buyer’s perspective.
  • Are the appliances old? An HVAC system on life support can scare potential buyers away.
  • Does your home smell? You might not notice anything, but someone who is entering your home for the first time might notice a smell. Typical scents that turn buyers off are cigarette smoke, pet smells, fried food or other cooking smells, and the over-use of scented pine cones and air fresheners. Is there a moldy and musty smell? Have you opened a window lately, or does it smell stale?
  • Does your home qualify to star in its very own episode of “Hoarders?” A cluttered home is distracting and often makes the house look smaller than it is. Do you have an extensive collection of bugs, GI Joe’s, or participation trophies? It’s time to pack them away.

Access and Accommodations:

  • Was it easy for buyers and agents to schedule and show the home? How accommodating where you and your agent? Did you have any day or time restrictions?

Did Your Agent Go MIA, or Seem to Not Care:

  • Was the realtor actively selling the house? Were they hard to reach? As the client, if you had a hard time, perhaps agents trying to show the home had the same difficulties.
  • Could your agent be turning people off? Your agent is the first point of contact and represents you and your home. Some agents have little to no personality, some are burnt-out, some don’t care, and others have no social skills.

Location:

  • Is the home located in a hard-to-sell location? (e.g., major street, next to the train or expressway)

Deal Fell Apart, Tittle Issues:

  • Did you receive any offers? If so, why did the contract fail to close? Were there inspection issues or financing? Were there any problems with the title?
  • Keep in mind that inspection issues usually don’t go away and in most cases now need to be disclosed to the next potential buyer. Correcting any items on the inspection report may help ensure your home closes with the next buyer.

To successfully sell your home for top dollar takes a strategic marking plan and comprehensive pricing analysis. Together with @properties, I have designed an effective marketing plan that utilizes a multitude of marketing vehicles to position your home to qualified buyers. It’s certainly worth a few minutes of your time to explore your options for actually getting your home sold!

Tired of the wrong marketing strategy?

We’re here to help you price it right and get your home SOLD for top dollar.