THE VIEW FROM OAK PARK
The Official Krisztina Blogsite
I enjoy the challenge of selling an Expired Listing. It pushes me to up my game in every area. I have to overcome the bad reputation of a property that’s been on the market over 90 days. I have to increase my marketing, spreading the word that the property has changed and show it in a new light. I have to advertise these changes – new Agent, possibly a new price and possibly some home upgrades. (Actually, you can change ‘possibly’ to ‘probably’!!) Dealing with Sellers of an Expired Listing is an especially sensitive area. They have been through the wringer for a number of months. They are tired. They are frustrated. And they might even be a bit angry. This is the time for my Psychology degree to kick in! I have to reinstate confidence in the process. I have to re-energize the Seller. I have to be patient. I have to listen. And I have to gently get them on side with changes – in pricing, in renos, or both. If I do my job well on all these fronts, I will sell that Expired Listing.
In my experience, many listings expire because the Seller used an Agent unfamiliar with the Listing area. In this case, the Agent may not understand the localized pricing or the sphere of influence for the potential Buyers. Expired Listing Client, Terri Bruyns says that she chose me based on two things: 1) A lot of my signs were up in her area, and they were SOLD quickly, and 2) Internet Research. I was a match for her because of my knowledge of the neighbourhood and location, the fact that I understand the area Buyers and area Pricing and because I am strong in tailoring my Marketing efforts to each individual property. (In her case, it was important that I do the Open Houses myself, I used Coming Soon Signs while we did renovations to create excitement and I used the backyard fence facing the Park for extra signage to pull people in.)
When determining pricing of an Expired Listing, I have to show my research – recently sold homes in the area and other market comparables. Fair Market Value is not pricing from last year or last month. And it’s also not the price you originally paid plus upgrades. It is a current temperature of the market on the day you list. When I am suggesting upgrades, I always balance them against the price and I always direct them toward the elements that will help sell the property. Selling an Expired Listing in today’s market is even more difficult because most of these properties were originally listed in a HOT Spring Market, so it is extra-important that I crunch the numbers and show statistics for any price adjustments. To date, I have handled a number of Expired Listings and I have always sold them. I attribute that to 1) Listing the property at the right price, 2) Staging and Prepping the property for targeted Buyers, 3) Making sure my Marketing is top notch and 4) Being present at the Open Houses. Terri’s final advice: “A Good Agent is the key. They will guide you through all of the details and the pricing.” What can I say? I AGREE!!!!
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