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In our area in the past year alone, there have been 6,786 expired listings. These are homes that were listed by a real estate professional but failed to sell. They became dead listings and the seller was stuck with them. There are 5 primary reasons this happens and we want to let you know about them so you can understand what is happening and how to resolve those issues.
- Non-Strategic Pricing
- When an agent or seller fails to price their home properly, that property can become ostracized by the buying population, consequently preventing the sale.
- Lack of Exposure
- We live in the age of technology, where buyers and sellers alike have access to all the information out there. Failure of homes to sell in this era is due to not being properly exposed through various internet mediums they need in order to gain momentum to sell.
- Improper presentation
- When a home is not clean, not staged properly, or inaccessible, more often than not it fails to sell.
- Lack of effective communication between buyers, sellers, and and brokers.
- When a buyer views a property and they indicate that they decided not to pursue it for whatever reasons, its the listing agents responsibility to the seller to find out what those reasons are and if they can be resolved to the extent that a buyer might change their mind.
- Inability by the listing agent to create a sales opportunity
- An agent needs to make sure that any opportunity that arises which enables a buyer to want to purchase the home for the right price, the responsibility falls on the agent to bring that sale in. Doing this requires energy, effort, enthusiasm, skill, knowledge, and experience.
