This is part three in our sellers guide for Lake Barrington Shores property owners. Today will hopefully be a shorter post than the last two, we are looking at homes in the neighborhood that did not sell. Either the listing agreement expired or the seller and broker mutually agreed to cancel it.
Lake Barrington Shores – Your Listing Was Canceled
If your agreement was in mid flight, so to speak, but you decided you no longer wanted your property on the market, you might have been able to get your listing brokerage to agree to cancel the agreement. Let’s assume here that the reason was not because your plans did a 180 and now you are staying, but more you lost patience for now and wanted to take a break.
If your reasons for selling remain the same it stands to reason you are going to come back to the market and try again. Here are some questions you should consider with solutions too.
1. Should you re-list with the same broker? I guess the answer to that lies within the reason you canceled in the first place. If you were not at all happy with the job the broker was doing then it would not really be a good idea. So why not call and interview for a new broker. Everyone markets homes different: it might surprise you to find out how little some do to get the exposure your home needs. Do they simply add it to the MLS and hope another broker brings your buyer. Or is the approach more pro-active? Find out how much they really do. I also think you should interview at least a few brokers. There’s nothing as bad as a relationship that is strained from the get go. Do you like a formal all business “it is what it is” kind of approach or do you prefer a more relaxed but enthusiastic style.
2. Was your property over-priced? Do you even know? The only way to establish this is to look at the recent sales and try to find similar units sold in the last 6 months. If you don’t like the numbers then maybe selling now is not right for you. There’s no point in listing your property above market value. No – one will come or if they do they’ll not see the value compared to others in that price range. If you are prepared to price better the second time around the response will be better. You should get more showings and an offer. Be aware though of how long you should expect to wait. If you don’t know the average marketing time for LBS, I’ll be sure to give you that information at the time we sign paperwork.
3. Are you over loaded with furniture? Are you cluttered? Are your closets packed. Is there any wallpaper? Are your bathrooms outdated? Does your kitchen need renovating? Is your basement unfinished? Are you close to entrances and exits? All these things can detract from a property’s appeal. If you can, then address the things that can be changed. If it’s too expensive to do renovations or upgrades then your price may still be too high? Even in a recovering market, where sales were good in 2012, buyers are still picky and most don’t want to do the work any more than you do. It becomes a stalemate, you don’t want to do any work or cannot afford it. The buyer won’t pay full price on a property where work is needed and nor do they desire to buy and immediately deal with deferred maintenance or upgrading so they move on and look at other units. Of course there’s nothing that can be done about location, backing up to a busy road does not make you comparable to a unit that backs up to the lake.
4. Did you make showings easy? Showing your property to potential buyers can be a strain but it’s just something you have to deal with to get a sale. It’s always preferred that you leave for showings. In the summer time it’s easy to go for a stroll by the lake but in the colder months that’s not a pleasant idea at all. The best I can suggest is pop around to see a neighbor, go into town for a coffee or visit the library and read for a bit. You’ll be given a time for the showing but just consider that as brokers we have little control over how long a buyer wants to look at each property. Some are quick, others go on much longer, so our schedules can get a little off track, so don’t come back too early. Take your pets with you if you can, we don’t want to let them out by mistake or lock them in a room either.
5. Unrealistic expectations. There’s no magic when it comes to selling real estate. Location, price, condition. Those are the 3 big aspects to making your property sell. As a seller you must know what the expectation of your sale is. If you get very few showings, there is a problem. If you get a lot of showings and no offers, there is a problem. Ignoring those problems is unrealistic. Data plays a big part here, pricing, market time are things you should be told.
6. What About The Marketing? How enthusiastic was your broker? How much marketing did they actually do? Do you know? Let’s assume that your home was on the MLS. How many photos were published, maybe you only got one. Did you get a virtual tour? How about a web site just for your property? Did you get a domain name with a property website? Did you broker write a story (blog post) about your home with photos. Was your broker able to attract buyers to their web site to see your listing? Do they even have a web site? How about social media? What’s that and how does it help you?
As you can see there is so much more that can be done to market your home, just adding it to the MLS is in my opinion not marketing at all. It’s abdication of the job.
If you canceled your listing but are ready to try again, let’s talk now. Give me a call today 847-363-3686 or
Lake Barrington Shores – Your Listing Expired
If you had an agreement with a brokerage that agreement has an end date. Most commonly our agreements are for a year and that by law, is the maximum allowed. Your’s may have been for a shorter period of time. Once that period of time has finished your home listing on our MLS goes into an expired status. The questions are:
- Did you even know?
- Do you still want to sell your home?
- Was your listing bought? ***
- Should you hire the same broker?
If the answer to the first question is NO, then absolutely you should look for a new broker. Other than that the same questions and answers for the canceled listings as above apply.
If your listing expired but are ready to try again, let’s talk now. Give me a call today 847-363-3686 or
Pricing Your Condo and Town House
We’ve explained the rules but it’s strange how some people take offense at the numbers we show you. As REALTORS® we are not in control of how much your home should sell for. It’s not a number we come up with nor are we trying to offend you. The sales numbers tell us what buyers were willing to pay for other condos and town houses in the neighborhood. There’s always a little variation but ignoring the range dictated by comparable sells is the fastest was to becoming another fatality, another non sale, another canceled or expired listing.
***No I don’t mean did one broker buy your listing from another. I mean did your broker tell you what you wanted to hear, like an inflated price so they could win your business. Now the property didn’t sell and your listing expired it becomes apparent that this may have happened. This is a deplorable business practice but to say it never happens would also be as deplorable, at least in my book.
Or call me at 847-363-3686.
In next weeks post we’ll be wrapping this series up by talking about what happens when you get offers and the procedure from then to closing. For now I think we escaped much of the snow last week, I got about 3 inches and a few flurries the next day. Look out though, winter isn’t finished yet, there’s more snow for Tuesday this week. Seems somehow Mother Nature is determined to catch up.
Best Regards, Corinne.