WHY Listings Expire

Lack of Marketing

Although it sounds fairly obvious. Just listing a property on the MLS wouldn't be enough for it to receive the amount of exposure required to generate enough traffic to find a buyer. It seems to be that most properties stats are treated that way. Unfortunately it might be too late by the time you realize that your property didn't sell because of lack of marketing. The professional real estate agent will use every potential venue to generate traffic because you only need one single buyer.  it could be hidden within the sphere of influence of the Realtor, facebook, behind the traffic of the open houses or a passerby we wave to.

Agent-Seller broken communication

Agent and seller are partners to accomplish the same objective: getting the property sold for the  highest possible price. Partners have to communicate and review results together. When putting together the  marketing plan, also has to be taking in consideration the frequency and objectives of the follow up communication between the seller and the agent. During the weekly contact both partners have to discuss changes in the market dynamics like new properties that have entered the market, properties that are on the contract or offers to be reviewed.

Arbitrary high price

  • What your listing price really should be, ultimately comes down to is: figuring out what home buyers are spending on properties at the moment in your neck of the woods and what you’re comfortable with putting your residence on the market for. There is no one perfect price, rather you simply need to take some time to evaluate all of these aforementioned factors and consult with your agent to find the idea middle zone.
  • Most homeowners are not objective regarding their property valuation. Their emotions intervene in the valuation and this is a problem. They also have the perception that improvements to the property are worth as much money as they paid for them. Unfortunately the market doesn’t work like that and buyers are driven by value. Additionally the market is made of an heterogeneous combination of properties with different ages, lot sizes, square footage and an endless variety of designs and finishing materials. Owners have different tastes and not all of them hit the target when making choices when building or upgrading their properties. These many facts combined create a very complex situation. Establishing fair market price is tough and extremely important to sell the property quickly. If you overshoot the price you will have to chase the market down with price drops. Statistics confirm  that properties that are properly priced sell faster and for more money than the ones that have to sit in the market doing continuous adjustments until the buyer shows up. It’s a key responsibility of the listing agent to inform and educate the client in these matters and do the proper due diligence to establish the fair market price through an extensive CMA.
  • Sellers are wrong when they think time is their friend. One of the first things that buyers ask their agent when looking for a home is: “for how long has it been on the market?”  It is human nature to think that a home that has been on the market for long will have something wrong and there will be more opportunity to negotiate a lower price.
  • The most capable Realtor with the most sophisticated marketing campaign won't be able to sell an overpriced property. Remember buyers are looking for value.

 

 

 

 

Ignoring competition

When listing a property timing could be the key factor for success. Not reviewing one by one the properties that are listed in your neighborhood is a mistake. Those properties will be reviewed by potential buyers too. They will check the pictures on each and every one of them. They will calculate the price per square foot.  They will consider if bathrooms need updating or if the kitchen design is current, if it is in a cul-de-sac, if it has a pool or if it is a waterfront. After all that detailed reviewing they will also sense if it is appealing to them or not.  And  finally they will ponder if  the property is a good value for the price.

Deficient display

  • Keep your home clean and organized because presentation, staging and photography matter.
  • Home buyers want to be able to envision themselves living in a residence they tour, so keep everything tidy. Set the scene for them. Put nice magazines and candles on your coffee table, bring out the nice china for the dining room table, and ensure you’re home is dust and clutter free. Seeing a messy living space is a turnoff for many prospective buyers, so stay on top of keeping your home in tip-top shape while showing it off.
  • Work with a professional photographer. You may have a friend or family member who’s pretty good behind the lens, but a home sale is too important to leave in the hands of amateur photographers. Hire a pro.

 

 

Condition

Unfortunately, there may be a few aspects of your home that need to be overhauled and replaced entirely. Items like tub liners and certain types of wood floors don’t age gracefully and get scuffed and scratched with regularity. Moreover, pet owners can attest to their friendly feline and canine pals ruining things like carpet. Should you make major replacements, like new flooring, ensure you select high-quality, visually appealing material. When in doubt, go with a popular paint color, floor material, countertop surface, etc.

Location

And last but not least is location.  The image above is dramatic. Usually is not as bad, but highlighting the best qualities of your location can help you convince possible home buyers that your community, and even your particular neighborhood, is one in which they should lay their foundation. All it takes to persuade potential buyers is a carefully thought-out pitch using powerful language.

Voice & Text (954)654-5264

mauricio@mauriciobolanos.com

cel+text: (954)654-5264

Weston & surrounding neighborhoods | Broward County, FL

© 2016-2018 Copyright Mauricio Bolaños