If you had your home on the market in this market and it failed to sale, there is a reason.
In order to determine the reason and what can be done to correct the situation, I look at the previous MLS listing itself. Since you are not in my business you might find that strange. In fact, the MLS is the number one method, by far, that real estate gets sold according to the Florida Association of Realtors.
I am highly educated in real estate marketing and extremely experienced at listing and selling formerly expired listings. I see things in the MLS that are just totally wrong, in my opinion. The fact is when many of the items I am referring to are done the MLS works against a homeowner. Sound remarkable? Yes, I agree.
Over my 20+ years of being a REALTOR® I have noticed that many, if not most people think all REALTORS® are pretty much the same. And, those same people think that just putting a home in the MLS is all that is necessary to get a home sold.
Another fact is all REALTORS® do not possess the same skill set, have the same education, the same experience or the same track record. Many REALTORS® earn a license to sell real estate but have never taken a marketing class in their lives. Many, if not most, have never run any type of business in their lives either. And, very few if any have a 20+ year of success record of selling their listed properties as I do.
I have earned a designation from the National Association of Realtors (NAR) as a “Certified Residential Specialists” (CRS) which is the most coveted and sought-after designation offered by NAR. The CRS designation has been awarded to less than 5% of all REALTORS® nationwide.
Since your home has spent time on the market and failed to sell, the following might sound a little too familiar. I have gone to more than one classroom being taught by the latest guru and heard some things that I think should qualify the guru to get arrested.
One such thing is the plan to just get the listing first even if it is overpriced. Two things that will work in the listing agent’s favor are, “the phone will ring with buyers calling after seeing the home is on the market. Then you can take the buyer to a home they will buy. The second thing is when the homeowner calls to ask why so few showings, you can go for a price reduction.” I have noted that the earmark of this type of listing agent is what I call the “Open House” listing agent.
Almost to a tee, those agents are the same ones that have held an open house after open house. The Florida Association of Realtors maintain statistics on how real estate gets sold and they share that information with every licensed REALTOR® in the state of Florida. Those FAR statics are that less than one-quarter of one percent of open houses result in a sale of the subject property. So, why do they do it? The same reason they will do almost anything to get a sign in your front yard. They are fishing for buyers and your home is the bait.
A few of the things I look for on an expired listing’s MLS display are minor things that make a big difference. Stupid items like these additions in the Agent to Agent remarks. Yes, there is a section on all MLS displays that have Agent to Agent remarks. If your previous Agent did not show you this section, maybe there was a reason.
These remarks include remarks like these: 1-hour (all the way to 24 hours) notice to show; Owner will open the door for you; pre-qualified buyers only; buyer must qualify thru a certain mortgage company prior to showing; don’t let the cat out; dogs will be removed for showing appointment; no showings after 6 pm; no weekend showings; buyer must have proof of down payment or purchase funds before showing approval; washer & dryer does not convey (or other items); price just reduced; motivated Seller; make offer; etc.
And, there is something that really makes no sense at all. Many listing agents are offering different commission amounts to different Brokers based on how they represent the Buyers. Is there a homeowner in the world that cares how a Buyer is represented by his own Agent? And, I wonder if the listing agent mentioned what was going to happen to the commission that was not paid. Or, was that money just going into the listing agent’s pocket. I have asked homeowner after homeowner with an expired listing about this and have yet to find one that even knew what I was talking about. Yet, there it is right on the expired listing’s MLS display, i.e., Single Agent 3%; Transaction Agent 2.5% and Non-Rep Agent 0%. This could be a serious problem when you consider that the listing agent could very well be running off one-third to two-thirds of the potential buyers. You, the homeowner or the listing Agent never even knew it.
That was a brief summary of what I see wrong. I have not even started on what I see that was not done at all. For me it is difficult to determine what is more important, i.e., what was done wrong or what was not done at all.
As far as what was not done at all. That is something you might just find equally shocking. Ever heard of this? Agent’s remarks again: NO OFFERS – ASKING PRICE ONLY. I can show you how and when to do this. There is much more to it than just adding the words to the MLS. Don’t do this or don’t do it correctly and you might be leaving $10,000; $20,000 or more on the table.
Find some other suggestions I make to every homeowner before listing a home for sale. You will see quite a difference in what I suggest you do and what you did; or, didn’t do. Find out right now by going to the tab above titled “Selling.” There you will find my suggestions on how to make your home irresistible to a buyer. You have never heard of some of these very valuable suggestions.
If you had, you would not be reading this. Go to the tab “Selling” and let me show you how to get your home not only sold but sold for more MONEY!