Expired Listing Q&A

The past few weeks most Realtors have been prepping for the big open house season, so I have been writing as many possible blogs to help buyers and sellers start the season off right.  This week I want to take the time and write about what you should be looking for in a real estate agent when your looking to list your home.

Expired listings are my specialty and I have many clients whose homes I listing that can attest to my knowledge, experience, and hard work got their home sold ! This blog will not bore you with the things you already know but touch on those questions you should be asking, that only a Real Estate Agent would know need to be asked.

Photography

• Most important is always quality, but what you should be seeing in the pictures is very specific.  You should make sure your pictures are clearly defining each room, and make sure you can see floor to ceiling of only that room.  Pictures that contain more than one room often make the home seem smaller.  

• How often will your pictures be updated, this is very important this time of year.  Your home will obviously look quite different without it having snow piled in front of it, and your outdoor living space has been put away for the winter.  You should have this discussion before listing your home, this way come the spring you will know your home will be updated with the season. 

Internet

• Where will your ad stand in the ranks compared to other homes, that is the specific question you need to be asking.  The reason why is only an educated agent will be able to explain that after paying for "Featured Agent" or "Featured Listing" the next manner is by the number of pictures that are associated with your listing.

•  You will want to also ask what kind of "Branding" is done for the listing.  What many sellers do not realize is that any home on Trulia or Zillow has ad space that is for sale next to it, which is bought by Realtors.  If your agent is not purchasing the ad space than it will be given to 3 other agents, in turn any buyers looking for information will be directed to someone other than your agent. 

Communication

• How quickly will they respond to inquiries or appointments made to find out more about your home ? The best way to find out is to actually place an inquiry on one of their listings and see what kind of response time you get ! Inquiries made online need to be answered within 30 minutes or statistics show the chance of getting to them is less than half ! 

• How often will you hear from your agent, and how will they go about getting you feedback from Realtors and buyers who see your home ?  Sometimes it can be difficult to get feedback, so as agents we have had to come up with more ways to do so.  I created a quick survey on my tablet to get feedback from those who attend open houses before they leave, and send weekly updates on the number of hits your home has gotten on each website.  

Private Showings 

• Because your home is listed on MLS other Realtors will want to show it you will have showings by other agents.  Buyers will tend to feel as if they are intruding so we recommend that you leave during showings. You can't control if the other agent is knowledgable so I prefer to be present to make sure that the buyers are getting all the information they need from the price of your house but things like where the schools are and what the town offers.  

• What will set your home apart from others while its being shown? Each agent is different but in order to set your home apart I have created buyer folders with information about your home, helpful articles about buying a home, and community information.  

Open Houses 

• How often will they hold the open house ? Are you looking to sell your home quickly, than holding open houses every 2-3 weeks, if your looking to sell in a 6 months than every 4-6 weeks.  Every agent has their own opinion and strategy about open houses, find an agent whose opinion on them is similar to yours.  

• Who will be the one who is holding the open house ? Many agents will allow other agents from their office to hold open houses, this is not a bad thing as a matter of fact I did some open houses for a colleague just this weekend ! Your agent should of course also hold open houses as well, but open communication about this is important.  

• What kind of advertising and lead time happens before an open house ?   Simply putting your house on MLS with an advertised open house isn't enough because many websites have not created a open house search on their websites.  Most buyers will be looking at Newsday for their open houses will your agent be paying for your ad to be featured ? 

There is of course other questions that you should be asking before you list your home but these are some of the uncommon questions that could make or break that sale of your home.  For additional blogs like "The Full Service Brokerage Difference", you can use the link or use my blog archive tab on my website ! 

What To Do When Your Home Isn't Selling

Now you might be thinking, here is another real estate agent trying to get a price break but I am actually going to give your some other insight onto why your home might not be selling ! Price is just one aspect but condition and availability are just as important !

So let's begin with the "Condition" this does not only apply to what your home looks like when it is seen in person, but also about how your listing presents itself to those looking online !

Pictures

• Prepare For The Photos: You want your home to show well so before your photos speak to your Realtor about some staging.  This doesn't mean you need to hire a professional or rent furniture many times simply re-arranging your existing furniture and a bit of de-cluttering can go a long way.  

• Professional Photos: I am a firm believer in spending the time and having a professional photographer come and take pictures of your home.   They are able to showcase your homes attributes with angles, and staging that can make a huge difference.  

• Updated Photos: - Keep your photos up to date with the changes in season, this is very important for those homes listed in the winter because spring gives you the opportunity to show off your "outdoor living space"! 

Now "Availability" this covers much more than just "How easy it to show your home", so let's take a look at some of the other aspects you as the homeowner may not think of.  

Internet Presence

• Where Does Your Home Place? This is a very simple thing to check and correct, go on as a buyer and search for homes that share the same basic characteristics (style, bedrooms, baths).  If your home does not show up within the first 10-15 houses than you should consider finding a way to get your home up to the top.  You should do this with your agent so they can rule out homes that may come up before you, but are not the "competition" you may think.  

• Where Is Your Home Listed?  The most common place you ask about your home being listed is Multiple Listing but where else are they being promoted ? Many buyers from the city & the boroughs look at publications like New York Times and Redfin.  Others will utilitize quick apps while they are around town viewing other properties or open houses on websites like Trulia or Zillow.  You should also be tracking how many views your home is getting on at least the top 6 or 7 sites that are used which also include Optimum Homes, Realtor.Com, and Yahoo Homes to name a few.  
• • How Quickly Do Buyers Receive Information: Buyers who make online inquiries expect a timely response. Statistics show that buyers who do not receive a response within an hour of placing the inquiry will likely not return the call of your agent.  Your agent simply calling them immediately to at least acknowledge the inquiry and than setting up a time to speak with them more about the home can be the difference ! You will want to find out what set-up they have to receive these leads do they receive it via email, voicemail, or does the office handle the inquiries.  

  • Who Receives The Inquiries On Your Home? This is often a big problem for most homeowners and they don't even realize it.  No matter what site your home is on with the exception of MLS SELLS the ad space surrounding your listing ! If your agent has not purchased this space they will not be the contact person for inquiries ! 

  • How Often Do You Invite The Buyers? How do you invite the buyers your asking, its very simple you hold an advertised open house.  Often times buyers will spend their weekends visiting open houses so why not take the opportunity and the chance to let them see yours !  
  
  
  If your home has been on the market for over 6 months and did not receive any offers, than unfortunately the only remaining factor is the price.  There are very rare exceptions where this is not the case, but you should take the time and speak with your Realtor for their professional opinion.