Your Listing Contract Has Expired—What’s Next?
Sunday Jan 07th, 2018Share
Today I have three tips for you to try if your listing contract has expired and you have had few or no offers that meet your expectations. Today we’re answering the question of what to do if your listing contract has expired.
The first solution I suggest is to reconsider your asking price. If your listing had no offers at all when it was first placed on the market, this is typically a sign that the property was overpriced by about 10%. In the event that you had offers but they didn’t quite meet your expectations, this is a sign that the property was a little overpriced by about 5%.
The second solution would be to give some serious thought to the buyers’ objections. When your property was listed for sale, you naturally should have had a lot of feedback from the buyers that was communicated to you through your listing agent.
Give this feedback some consideration. Maybe buyers have mentioned that there are particular upgrades or improvements that could make your property more saleable; this is a chance to make those changes.
The third solution is to change agents. We usually see that when sellers relisted with the same agent and the same thing happens—their properties didn’t sell.
This is your chance to interview a few agents and find out whether or not they have experience in selling property that has already been up for sale with another agent. Also, find out their marketing strategy and see if there is anything your previous agent had not done.
If you have questions about this or other real estate topics, please reach out to me. I look forward to hearing from you.