An expired listing is when a home is listed with a licensed broker or realtor, usually with a six-month exclusivity agreement, but the home does not sell within that allotted time. At that point the seller is the free to list with another broker if they so desire.
Some sellers simply re-list with the same broker because they think it will be easier, but often times a change of plans is needed to kickstart interest in your property.
While price is often a sticking point for people as they are searching for properties to buy, and your new broker should help you adjust that if needed, it’s actually marketing that can make or break your home sale. One of the most important things your new broker can do for you is revamp your marketing plan (or make a plan if you’ve never had one to start with.)
Real estate professionals run the gamut of ages and backgrounds, which means they take different approaches to marketing. Some rely solely on the MLS and open houses to get eyes on your property, but that method is proving to be an ineffective strategy on its own for modern homebuyers.Today’s property buyers are busy, and they want convenience, accessibility and promptness. Marketing to them means embracing some of these more updated tactics:
- Mobile Marketing – Your listing and all associated marketing should be mobile accessible. House hunting is a lot of legwork, and both your selling agent and the prospective buyers should have all the information they need at their fingertips, no matter where they are. Plus mobile marketing is ideal for targeting in-market prospects based on location and browsing behaviors.
- Social Media – If your broker isn’t on social media promoting your listing, then they are letting major opportunities pass by, including bringing in awareness from prospective buyers outside the target market area. Social media is one of the best ways to spread awareness about a listing and start dialogues with prospective buyers, and it costs nothing! Being averse to technology and social media is, we’ll go ahead and say it, unacceptable for a real estate pro in 2019.
- Shorter Open Houses – All day open houses where people wander through empty homes are proving to be far less effective than keeping them short and sweet, gathering a larger volume of browsers in the home at once. Think about it—you walk into a restaurant that’s empty on a Saturday night at 8pm and you wonder if there’s something wrong with the food or the service. A crowded open house will give the impression that it’s a property in demand, which could lead to a quicker sale at a better price for you.
The first couple of weeks after you list a property are typically the busiest. If your listing hasn’t attracted much attention after 4 to 6 weeks, it may be time to ask your broker how they are marketing your property. If you’re ready to switch brokers, talk to SR Real Estate, the experts in converting expired listings.
With their Multi-Cultural Background, over 35 years of combined experience selling Real Estate and because they are Licensed in New Jersey, New York and California, Rahul, Smitha and their team can offer global reach. They have lots of experience representing a diverse group of clients, from Local New Jersey Buyers & Sellers to Relocation and International/Foreign Buyers, Sellers and Investors. Rahul and Smitha are exceptionally well-respected Realtors in the industry with high ethical standards and GLOWING REVIEWS. Their team offers a high level of expertise, innovative technology and cutting-edge real estate marketing and sales solutions. They specialize in Morris, Somerset, Essex and Union counties.