Sellers: Why do Agents Call You When the Listing on Your Home Expires? It's Not Because They Have a Buyer!
A short time ago I contacted a homeowner whose listing had expired.
I, along with a few of my fellow realtors, received a rather nasty
e-mail from him. In it he said. "Where with you with all your buyers
while my home was listed? Now that it's expired you want to list it."
So I'd like to dispel the myth that your listing agent is the one
who should be showing your home to potential buyers. Not true! (It does
happen occasionally but it is not the listing agent's primary goal.)
The
listing agent's job is to drive traffic to your listing, through their
marketing activities, and create enough interest so that a buyer wants
to come and take a look, and buy it! After all, if they don't look they won't buy.
So what are some reasons homes don't sell?
Price. If a home is overpriced, no matter what the market conditions, it will not sell. Period.
Condition.
Maybe the house has dated wallpaper or carpet, or perhaps a water stain
on the ceiling that was repaired but never repainted. Perhaps the
furnace, air conditioning, and roof are all older. Buyers take all
these things into consideration when deciding whether or not to
purchase.
Location. Maybe your home is in top
condition but you live near a railroad, freeway or airport. Or maybe
you have a steeply ravined lot which a family with young children would
not consider.
In the end it still all comes down to price.
If a buyer is not interested because of location or condition, that
means that they are not willing to buy it AT THE CURRENT PRICE because
of those very conditions or that location.
Then what are some marketing efforts that are used to drive traffic to your listing?
*significant Internet exposure
*open house
*broker's open house
*getting feedback from showings (this one is critical to me)
*marketing reports at regular intervals
*updated market analysis at regular intervals
* lots of great pictures
If your agent is doing all that and more for you and you are
not getting the desired results, it is most likely your price.Stick
with your agent and lower your price.
And the next time an agent contacts you regarding your expired
listing. ask them about their marketing plan to direct buyers to your
home, entice them to look, and ultimately get your home sold!
You might be pleasantly surprised!