Each day I check my hotlist for listings that expire in my specialty areas of South Beach, Brickell & Downtown/Midtown Miami. The good news is if you are really motivated to sell your property there is sound research available that can help you better understand why your property has not sold and what to do about it.
Facts About Expired Listings
In general nearly 15% to 25% of all listings do not sell. Simply stated the market rejects them. In other words, the market did not accept the Marketing Effort, the Price, the Condition, the Location or a combination of these areas all or all of them together.
The good thing is that you control two of these areas: Price & Condition, while your Real Estate Agent controls the Marketing Efforts.
Marketing Effort
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Staging and Pricing Strategies
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Email Blast to Personal Database
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Flyers in House/Comment Cards
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Broker’s Open
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For Sale Signs, Rider Signs
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Email Blast to KW Realtors
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Multiple Listing Service
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Track Showings/Collect Feedback
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Web Listings on:
www.miamicitydiggs.com
www.jameyprezzi.com
& KWLS & syndicated to over 20 different websites. -
Web Listings with Virtual Tour
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Weekly Seller Updates
Condition
A hundred dollar bill is a great metaphor: they all look good, but people will always choose the nice, clean, crisp dollar bill over a dirty wrinkled one.
How does your property look in comparison to the other properties that you are competing against? There is a big difference between showing condition and living condition. Have your Realtor pull a comp sheet of the properties that your unit is in direct competition against and make sure that your unit looks the best. Maybe this means having the unit professionally cleaning, throwing out old junk, touching up paint or more. The most important thing to remember is that in this market, buyers have a lot of choices and some times going the extra mile preparing the home for sale will mean more money in your pocket or at the very least faster time to sell.
Price
Being overpriced is usually the reason a home did not sell, but condition will help determine what the market is willing to pay. Remember that YOU control price and condition. The wrong price attracts the wrong buyers. It creates a bad reputation for the house in the market place and makes properly priced homes look even better. Would anyone intentionally put their home on the market to help sell the competition?
Location
Nobody can do a thing about their location except to accent the positives and minimize the negatives.
Today you need a good agent that knows the market and knows how to position your home in the market. If you are just listing to “see what happens”, that is not enough. You need an agressive strategy and an agressive ambition to sell.
© 2005 Keller Williams ® Realty, Inc. Some of this information was gathered from Keller Williams materials for buyers.
