Reviving Expired Listings: Secrets to a Successful Relaunch

A Listing That is Just Sitting

There are so many questions that surround sellers when they list their home with an agent and their home just sits… for days… weeks… and even months… As an agent, in order to take on a listing like this, I typically have a very involved and invested approach into every aspect of the property to propel interest in the ideal buyer.

Several key factors need to be understood when looking at a particular property. Most agents will take a listing, say they’ll send out a postcard or two, and do some photos in order to find that right buyer. However, so much more needs to be considered when a listing is just sitting and sitting and sitting…. This is what differentiates a decent Real Estate Agent from a professional Real Estate Agent. 

Price Analysis

Often times, you’ll have a listing appointment and Mr. Seller wants to shoot his price in order to see some type of return on his investment. Doing so without reviewing market data will set you up for a listing that will be baby-sat by the market for months on end. Many Real Estate Agents and neighbors will ask the question, “What’s wrong with the property?” When in actuality it isn’t the property itself, rather it’s the price. The price was left in the air for the seller to decide rather than a professional who understands whether the price is considered competitive or just plain high.

Online Presence

It’s not enough for Real Estate Agents to just take on a listing and depend on MLS to sell. Many Real Estate Agents and loan officers love to argue that it isn’t the Real Estate Agent that sells the home but MLS. This could not be further from the truth. Take a look at the social media campaign a Real Estate Agent proposes, if he or she has one. What other online avenues has this Real Estate Agent pursued in order to promote the sale of a property? Do they refresh the online listings with new photographs, provide meaningful descriptions, or even integrate a 3D virtual tour through Oculus? How does your Real Estate Agent leverage the internet? These are valuable questions that will determine the age of your listing.

If It’s Sitting, Consider Revising not Repricing

When a property for sale just sits, sometimes a Real Estate Agent will just wait until the listing expires leaving you with nothing but a sense of defeat and a failed sale. Or their next option is that they approach you with a price reduction. These do not have to be your options. You’ll find many well-qualified professional Real Estate Agents who have a knack for revisiting photographs, re-writing listing descriptions, reconstructing online marketing strategies, and online target marketing campaigns. For instance, restaging the home, re-executing a more aggressive online and direct mail marketing campaign, and repositioning the home’s marketing efforts with different approaches to an open house- all of these are very tactful ways to save a listing from dying down and losing momentum from seeking out its buyer.

Curbio, Freemodel, and The Qwik Fix

Investing a little bit on the front end for a more appealing exterior and/or interior makes a big impact. Companies like Curbio will allow you to get repairs or jobs done and you pay before or shortly after closing. Think: small updates make a large impression. When hosting an open house or broker tour, these updates also become the topic of discussion and even the reason for the sale of a home. Something as simple as a color change in a paint job has the ability to attract a newer set of buyers who might have not considered the property otherwise.