To us, taking a listing at the same price at which it expired....with no change to the property...the foundation is still not reinforced, roof still not replaced....the shag carpet remains shaggy....the pink tile in the bathroom awaits "your decorating touches" is just the same as an agent "buying a listing." We have often wanted to be mice in the corner with the new agent when the listing presentation is being given. How DO they convince a seller that somehow it must have been the other agent...and their magic marketing program...with the same price and no property change will bring a buyer and an acceptable offer shortly thereafter.
If you are a seller....we understand your disappointment ...the market has done some things to the price of homes that no seller likes...we all wish that we had marketing wands that would enable us to sell a home for the price you want....and not the one that the market has chosen. Know that the property has to appraise....that your buyer has to get financing to make your house, their new home. It is not your fault...and it may well not be the agent's fault either. If no advertising and marketing was done...you never got feedback from showings...or got no showings....maybe you do have the wrong agent. You want one that answers the phone...is on top of e-mail...aggressive promotes your house and has verified the price with recently sold comparable homes in the neighborhood.
There are good, bad and better agents like there are of everything...ask for the track record...how many prie reductions over what period of time...what were their sales figures...what is the marketing plan. How do they monitor market and how often will you get reports on your listing and the market you are in ?
If an agent wants to list your expired listing at the same price...with no changes to the property....and a promise of a Magic Marketing Wand,...just say no and find an agent will tell you the truth with verifiable information amd comparable recently sold homes. The truth and the market decide.
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Great post. Thanks for this timely information. Always a good thing to discuss.
Hi Sally:
Great points made here about expired listings.
I'm with you....there are no magic wands in this market!!!
If you watch those agents who do this....and want a listing that expires yet again...they are there ....again !
Hi Sally and David,
These are some very valid points concerning expired listings.There are no magicial agents able to wave their wand and the house will sell! Thanks for the post.
This is a timely post for me as I received a call from an expired listing seller yesterday. I know his inclination will be to relist at the same price and I know it won't work.
When trying to get a listing, are agents honest about what a marketable price is? I'm asking for your experience, because I don't know...
I wish Jay...the answer was that Agent Suzy and her counterpart Sam who do "whatever works for the moment" were banned as agents everywhere...unfortunately not. You can and had better show the seller very recent comparables to get a realistic price...and invariably of course, their house is better ....and you have a choice, "buy the listing at their price" and know it will need reductions...or be honest from the beginning and tell them what you believe is a salable price. You know the drill Barb...if you want them to buy...price is King, Queen and Princess...Thanks Dorie...what no wands out west either ?
Just Say No, so often such good advice. As it is in your example. Just as we would just say no to that listing...
Ah, but who wants to hear the truth in these day and ages. Yicks! Smoke and mirrors is much more convenient, until the mortgage lender comes calling with an NOD. Double yicks!
And to think...if you got a NOD in the olden days...it was the official okey dokey....and a good thing !