Don’t Let Your Listings Expire or be Withdrawn
Your seller calls to let you know they’ve decided not to renew their listing. They’re going to wait for the market to improve or they feel they’ve been listed too long and their house has become stale. They plan on possibly relisting in the future and will “let you know”.
You get this call and you think about all the time and money you spent in an attempt to sell the listing. You also wonder if they’re really going to keep it off the market or if they’re considering listing with another agent. You know that as soon as the listing is withdrawn, dozens of other agents will begin contacting them.
The solution? Don’t let the listing be expired or withdrawn. Make keeping the listing one of your top priorities. A good strategy that will encourage your sellers to keep their property listed with you, is to remind them that timing is everything. In other words, because of economic conditions and slow real estate market activity, only the best priced properties have been selling. Remind them that up to this point their strategy and your marketing efforts have been sound. It’s just that the timing wasn’t quite right. Reassure these frustrated sellers that because of all the pent-up buyer demand, real estate activity will improve during the coming months or in season. Remind them of all of the effort they’ve already put in and emphasize that success is just around the corner. They just have to be a little more patient.
You may want to also consider re-launching a new marketing strategy to include fresh photos, open houses, additional communication with other real estate agents, and possibly even a price reduction.
This approach is logical especially given improving real estate market activity. Putting a fresh face on your listings and rolling out a marketing campaign using the same approaches as you would a new listing, should stimulate renewed interest. Remember, listings will drive most of the business in 2012. Your best buyers will come from existing listing marketing. You’ve already done most of the work for the listings that you already have. Do not let them withdraw or expire under any circumstances. Keep in mind, even the best agents miscalculate the situation with expired and withdrawn listings. The lesson is often a painful one because it’s hard to see another agent collect the commission you deserve. Learn from the pain that has been experienced by many other agents and keep your listing.