Expired listings can be a frustrating experience for both sellers and real estate agents. A home that doesn't sell within the agreed-upon listing period might make a seller anxious and leave an agent questioning what went wrong. However, an expired listing doesn't have to be the end of the road; it can actually be a fresh opportunity to reassess, re-strategize, and re-market the property for success.
In this blog, we'll explore the reasons why listings expire, how agents can approach sellers with expired listings, and some practical tips for turning those unsold homes into closed deals.
Why Do Real Estate Listings Expire?
Several factors can contribute to a listing not selling within the agreed time frame:
Overpricing
This is one of the most common reasons a property doesn't sell. If the home is priced too high for the market, it may scare away potential buyers. The market is smart; buyers often compare similar listings, and if a house is overpriced, it will sit longer on the market.
Lack of Curb Appeal
First impressions matter. If the exterior of the home is not visually appealing, potential buyers might not even step inside. Poor curb appeal can lead to fewer showings and lower interest in the property.
Insufficient Marketing
The days of just putting a sign in the yard and listing the property on the MLS are long gone. If the marketing plan wasn't robust enough—like not leveraging online listings, social media, or professional photography—the property may have gone unnoticed by serious buyers.
Market Conditions
Sometimes, the market just isn’t in your favor. If there are too many similar homes available, or if it’s a buyer’s market, competition can be stiff, making it harder to sell.
Uncooperative Sellers
Occasionally, sellers may be unwilling to adjust their price or make necessary repairs or updates, leading to fewer interested buyers.
Approaching Expired Listings as an Agent
When a listing expires, the seller is likely feeling disappointed, stressed, or frustrated. Here's how real estate agents can approach expired listings with a positive, solution-oriented mindset:
Empathize with the Seller
Understand that the seller is likely frustrated. Listen to their concerns and demonstrate that you understand why the listing expired. Empathy builds trust, which is crucial when starting fresh with a client.
Offer a Fresh Perspective
Sellers with expired listings might feel jaded, but a new agent with a new approach can offer fresh hope. Point out any opportunities missed in the previous marketing strategy and offer creative solutions to get their property noticed.
Analyze the Past Listing
Take a deep dive into the previous listing and marketing strategy. Was the price right? Was the home professionally photographed? Was it staged correctly? Identifying the weaknesses in the previous attempt will give you valuable insights into how to do things differently this time.
Showcase Your Marketing Skills
Demonstrate how you’ll market the home in a new light. From digital advertising to hosting open houses or leveraging local connections, a robust marketing plan is essential.
Suggest Price Adjustments if Necessary
Sometimes, it comes down to price. Be honest with the seller about current market conditions and whether adjusting the asking price could make the home more competitive.
Tips for Re-Listing an Expired Property
Enhance Curb Appeal
If the exterior needs work, suggest improvements like landscaping, repainting, or updating the front door. These small changes can make a big impact.
Professional Photography
High-quality photos or even virtual tours can make the home stand out online. Poor-quality images are a major reason potential buyers might skip over a listing.
Adjust the Listing Price
If the property was overpriced, discuss lowering the price to align with current market conditions. Even a small price reduction can generate renewed interest.
Stage the Home
Staging can help potential buyers visualize themselves in the space. Consider hiring a professional stager to give the home a fresh look that appeals to a broader audience.
Refresh the Marketing Strategy
Explore new marketing channels such as social media, targeted ads, or even hosting a special event at the home to generate buzz.
FAQs
How long should I wait before re-listing an expired property?
It’s best to take some time to reassess and improve the property before relisting. Make any necessary updates and adjust the marketing strategy before going back on the market.
Do expired listings negatively affect a home's value?
Not necessarily, but an expired listing can make buyers wonder why the home didn’t sell. A refreshed strategy and updated pricing can combat this perception.
Can I switch agents after my listing expires?
Yes, once your listing contract expires, you're free to choose another agent who may have a different approach to selling your home.
Should I consider lowering the price on an expired listing?
If the home was overpriced, lowering the price can attract new interest. Your agent can provide a comparative market analysis to guide your decision.
What’s the best way to market a relisted property?
A fresh marketing plan should include online exposure, professional photography, social media campaigns, and possibly new open houses or events to draw attention.