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Hello!
Spring is in the air! And so are some for sale signs sadly flapping in the wind without a sold sign. Isn't that frustrating? It can be, understandably so.
I am sure you've seen this happen to friends, family or neighbours when a property doesn't sell on the first try. There are typically a number of reasons and contributing factors to the lack of success. Here’s the good news; an expired listing is not the end, it's an opportunity to reset, recalibrate and relaunch!
When working with expired properties, I practice the three P's approach;
1. Product - What condition is the property in?
2. Presentation - How does the property look, feel and smell?
3. Price - does the price align with the property’s condition and presentation and is it in range of the area’s market value? How does it compare to other properties in the area that sold in recent past?
My approach is twofold; first and foremost, I acknowledge the frustration that accompanies expired properties; selling can be an arduous and stressful process and being unsuccessful often leaves sellers feeling exhausted and confused.
My role as a Realtor is to listen with an open mind and through honest conversation, gather information about the property and the seller’s experience to help me understand the present situation, and generate options on how to change their outcome in the future.
The second part of the process involves a very detailed look at the property; the home’s floor plan, the overall presentation; any quirks or unique aspects of the property that we need to talk about?
Are there areas where we can make physical improvements, elevate aesthetic, lighting, cleaning, decluttering, painting, and finally, the price; does the product and presentation align with the price? A review of current and past market conditions will enable us to understand and gain insight into market performance and what we can expect to happen at present.
Another important aspect of successful real estate sales is effective marketing with an objective of driving traffic to the property and converting it to showings. Has the property been effectively marketed, showcasing its full value in the best way possible?
Have important value points been specifically noted; updated shingles, new windows, etc. Has the marketing strategy been able to effectively convey a particular lifestyle to the potential buyer?
How is the property being perceived by potential buyers; what do they see when viewing the property? How many showings did the listing generate? What was the feedback?
While every property, situation and market conditions will vary, and there are many ways to make a listing more attractive, one thing I’ve come to appreciate is to be a successful seller, one must think like a buyer.
If you or someone you know will be selling this spring first or second time around, I am happy to help!
