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November 9, 2014

Your Property was Listed and Unsold, Now What?

by derekespeer

frustration

Your listing has expired and now you are not sure what to do. You’re frustrated, more than likely emotionally and physically drained. What’s next?

Now is the time to ask, “Why did your property not sell?”. We have posted before that there are four reasons why property sells:

  1. Location
  2. Condition
  3. Price
  4. Marketing

Evaluate these factors. In our experience, a common reason a property did not sell is that the agent did not market it properly and educate you on the market along the way. Thinking of relisting with the same agent? “What will they do different?” is the first question we’d recommend asking.

Be open-minded when you get phone calls from agents to relist, at least they are proactive and aggressive. Don’t risk this decision out of obligation to a friend, family member, neighbor or acquaintance. Your listing has expired, the market knows it, and it is time to attack. That is, if you really want or need to sell. Here are some tips in selecting a consultant to meet your real estate needs:

  1. What broker is the agent affiliated with? Are they with that broker in their own best interest or yours? How many brokers have they partnered with? Why did they leave? We can tell you, most of the time; it’s not because of benefit to clients.
  2. Follow your gut. Are you comfortable with the agent? How do they present themselves?
  3. How aggressive will they be? Do you want an agent that is proactive and aggressive, or one to stick a sign in the yard?
  4. Do your homework. Some may say that you need an agent that has done a lot of business. That may be true, but don’t discount new agents who may bring new ideas, and don’t always do things “because they’ve always done it that way”. Take a chance if they are aggressive and you like them. What is their background if they are new? If it is sales of some sort, you’re on the right track.
  5. What does their marketing plan look like? How will they communicate their efforts? Set expectations. The marketing plan is a checklist for action items.
  6. If you are using a friend or neighbor, could you fire them if they do not execute their marketing plan or communicate with you?
  7.  Do they ask you questions about your situation? A good consultant helps you achieve a desired result or avoid a negative result. Do they understand the consequences if they do not deliver?

We have a designated task force that specializes in Expireds and For Sale By Owners. They are naturally aggressive, proactive, and consultatively trained to help you achieve your real estate goals. Contact us if you need assistance.

Read more from Progression to Success

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