So your real estate listing with the agent who promised results has expired, after being on the market 3 months, 6 months, or longer. There is nothing more frustrating for a home seller than not getting any showings, except getting lots of showings and no offers.
Only 3 factors lead to the sale of a property: Condition, Price and Marketing.
Condition
The home seller has total control over the condition of the property. A good agent will make recommendations to maximize the property’s condition, both inside and out: painting, de-cluttering, cleaning, fixture updates, etc. The agent should point out the negative as well as the positive features of the property. More and more agents are employing the services of professional stager to get the home looking like it is ready for a magazine photo shoot.
Pricing
The home seller also has total control over the pricing of the property. Remember, price is not determined by the seller; it is determined by what someone is willing to pay. What the seller feels the property is worth, or even values from comparable sales statistics and appraisals, may not reflect the value a buyer thinks the property is worth. The agent should present a strong case for a reasonable market price, based on market conditions, recent comparable sales, and the condition and location of the property. Chances are that if your property got very few showing or lots of showings with no offers, there is a pricing problem.
Marketing
The agent should have a dynamic aggressive marketing plan to sell the property. The days of putting a sign in the yard and running an ad in the newspaper are over. Internet marketing, targeted marketing, and email marketing are the way most buyers are introduced to properties in the 21st century. Good agents understand the value of great pictures, virtual tours, web syndication, e-flyers, and targeting buyers. Good agents communicate with their clients about market conditions and provide feedback on showings. And good agents know that the longer a property stays on the market, the more the sign’s colors fade, the more potential buyers assume that something is wrong with the property, and perceived value drops.
It is interesting that sellers often re-list with an agent who has had a property listed for 6 months until it expired, committing themselves to another 6 months without results. It is also interesting that, in this highly competitive market, many agents take listings in any condition, at any price just to get a sign in the yard and add a property to inventory. In this tricky market it is imperative that the agent be straightforward with the seller on pricing and condition and aggressive in marketing the property.
Contact me before you re-list.
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What do you think? Leave your comments.