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Expired Listing Specialists Get Homes Sold
Monday, May 18, 2015
A contract between a property owner and a real estate professional to market a property with the goal of producing one or more acceptable offers in an agreed upon period of time is a listing contract. When the term of the contract ends, it is known in the industry as an expired listing. Certain real estate professionals specialize in selling properties with recently expired listing contracts.
The real estate professionals who keep abreast of expired listings in their communities maintain a robust inventory of well-priced properties available for sale. Real estate agents who are qualified to evaluate the causes behind a failed listing and overcome obstacles are expired listing experts. These savvy professionals are virtuosos when it comes to marketing homes anew with a more focused and effective approach.Common Causes of Expired Listings
- Listing contract term does not allow adequate time to market property under current market conditions. High priced or specialized homes need more time to be exposed to limited markets. Market conditions that limit financing availability and adverse weather conditions also affect the time it takes to sell real estate. A listing contract should provide adequate time to market property.
- Listing price is not competitive. Many listing contracts expire because there are other comparable properties available for lower prices.
- Marketing strategy is ineffective. Advertising and promotions for property do not reach the target market. Successful real estate agents use internet sites that reach interested buyers as well as print advertising such as newspapers and brochures. Professional photography with videos and a large number of quality photographs are necessary to showcase any real property for sale.
- Buyers are not qualified. An accepted offer on a property effectively removes the property from the market. Buyers must be lender-qualified before an offer is accepted and the home is taken off the market. Most listing contracts will expire during an escrow period. Many agents will ask to extend listing contracts in order to survive the sales contract period.
- Unco-operative sellers. It is highly unlikely that any home can be sold if the sellers are unwilling or unable to make the property readily available for viewing. An expired listing on a home that cannot be shown is inevitable.
Expired listing specialists are agents who are able to sell real estate
in circumstances where others have not had success. Owners of expired listings are advised to respond to the assertive, hard-working expired listing specialist and get their homes sold!