I see it all too often on Long Island, people list their homes and then they don't sell.
An expired listing is like a bad cold or even worse a paper cut in the crease of your finger. You can't ignore it. So what do you do?
The way I see it, you have two options: complain, or fix the problem. Complaining might make you feel better, but it won't sell your house. In order to fix the problem, it's important to understand what went wrong in the first place. Let's dive into a few reasons on why your home didn't sell and then take a look at a couple of options to get it sold in the right amount of time and for the most money.
When a listing expires, most people assume it didn’t sell because it wasn’t priced right. While many a home has spent too much time on the market as a result of the listing price, there could be other factors at play. Before you immediately reduce the price and relist , it is important to understand the other possible issues and how they work with the price to get your home sold.
What are these other factors? The majority of expired listings are a result of one or more of three things: presentation, promotion, and yes, pricing. These 3 Ps of real estate market are essential to selling your home, no matter what the market. They are so important that I think they deserve a more thorough explanation.
This includes any way that potential buyers encounter your home. From the online MLS listing of your home all the way to the staging of your property during open houses and walk-throughs, the presentation of your home creates the strongest impression on potential buyers.
If a potential buyer doesn’t realize your home is on the market, they can’t buy it. Promoting your home goes beyond simply listing it online and putting a sign out front. Smartphones and social media have changed the way people shop for homes and an effective real estate agent will use this to their advantage.
I mentioned that price was not necessarily the problem if your listing expires, but that doesn’t mean price is unimportant. Deciding on a listing price for your home is difficult. Every potential buyer is looking has a budget. While many are willing to offer a bit more than the asking price for the right home, most are unwilling to even consider a home when the list price is out of their preferred budget. Overpricing can prevent them from ever seeing your home.
Knowing that these 3 Ps are key in selling your home is only the first step. The next step is figuring out how to do them right. That is where an experienced real estate agent comes into play. I’d like to share a few of my techniques for listing homes.
Jim Haydon's Presentation
These days most people review properties online when shopping for a new home. This makes it extremely important for you to work with an agent who can leverage new technologies to present your home beautifully online. This is why I use Matterport Spaces to create innovative, 3D property listings. Anyone can list your house, but I will go the extra mile and showcase your home.
Jim Haydon's Promotion
Social media provides me with a chance to highlight your property and reach far more people than an MLS listing alone. Though I have a good amount of social media savvy, I have to admit that am not an expert. That’s why I have teamed up with the social media marketing experts at Curaytor.com. Together we work to get your listing the best exposure to the market through Facebook campaigns.
Jim Haydon's Price
While price is not the only factor in selling your home, if your house is not priced right, it will not sell. That’s why many people are so quick to blame price for expired listings. Prior to listing your property, I will complete a comprehensive market analysis to ensure we price your home competitively.
There you have it, the 3 Ps of real estate marketing. If you find the right balance, you will find the right buyer. It is crucial to generate excitement about your home in the first two weeks of listing it. I invest far more than other realtors in the area on marketing in order to help sell your home for the right price in the right amount of time. If you have any questions about preparing to list your home or are ready to get started, contact me today.