Whether you just relisted another agent’s expired listing, or you’re fearful that you are about to have a listing expire yourself, the process of resuscitating a stale listing is the same.
Follow this simple plan to revive the listing and not just get more showings, but get it sold, maybe even with multiple offers!
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Part One:
Analyze and evaluate the situation.
1. Perform a new comparative market analysis. A lot can change since the listing was fresh. Check for the following and factor all of your findings into an accurate price:
-Which homes that you used to be competing against are now sold or pending? Why did those sell versus your listing? Are there any commonalities like age, floorplan, view, size, condition or amenities?
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-Are the pending and closed homes in the price range under your listing price?
-What NEW listings are now competing against yours?
-What are the current average days on the market?
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2. Preview the competition. How does your listing compare?
3. Is there new construction in the area that competes with your listing? What are the current builder incentives? -rate buy downs, landscaping or pool packages, appliance packages, etc.
4. Meet in person with your seller and simply review the new Market Analysis. Ask what they think based on the facts.
*Note: in some cases, you will find that you don’t really have a PRICE issue, maybe there are other reasons the home hasn’t sold yet. We’ll talk about that next!
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