Atlanta Real Estate | Atlanta Housing News for Real Estate

Advertising across the board, having the home show ready and putting it out there at the right price is the best way to assure a property never expires.

I eat expireds for breakfast!!! :-D

LOL!  So do i! 

Well Jim, it looks as though you covered just about everything that could cause a property not to sell.  I do think that for the right price, anything will sell regardless the condition.

In our market last year over 35% of the listings expired. That's alot of breakfast. What % of your business comes from expired listings?

Expired listings can be a lucrative market.  As the second agent in on a listing, the seller is usually more informed and realistic, and they are more receptive to lowering the price to be competetive in the market. 

In my opinion any listing that does not sell will almost always come down to price!  If the listing is priced correctly from the beginning, it will sell!

Sometime it seems so obvious, and just a little nudge on presentation or price might have got the house sold!

I've found a little cleaning may do wonders!  I have gone in myself to clean, paint, stage etc. Sometimes they don't want to do a thing...no sense making them feel like a pig (even though thinking it) ....I just offer.  I've had them turn their thinking around (after being firm about selling "as is" ...dirt and all) and chip in when I go there!

Thanks for all the comments!  At one time this was my specialty!  We sold over 37 Expired listings in Atlanta when we first moved here.  We became so good at selling them, even the competition would refer them to us!  Some seller;s you can nudge all you want, they are just not interested in changing their routines.  It is not about belittling the sellers, it is about being business-wise and objective.  That translates into being the professional always.

LOL!  Isn't it sad?  Adults that act like kids!  A friend of mine the other day was telling me she got quotes for painting on a listing she had.  When she gave the quotes to the seller, the seller told her "Did I tell you I went to the doctor the other day?"  My friend sid to her "I guess that is your way of saying  you are not painting!"  The seller said yes!  Is that pathetic?

Yes, I think your list about covers it all!  I will have a listing expire tomorrow due to the seller refusing to do any of the things I suggested to make the home more appealing in the buyers eyes.  It's mind boggling what some people pass off and still believe they'll get the high price.

Hey Cynthia, not in this market.  When I used to work expireds in the early 90's...the 3rd time Expired was always the charm!   Sellers start to listen!

One question...why hire someone you aren't going to listen to? 

I don't.  Usually you will get one or just a few items.  However, in a buyers market, 1 item could be critical because the buyers have a lot more to choose from!  Sellers keep thinking its last year, and it is not. 1 item of the above could make the difference or sale or no sale!

Good list Jim, but as you said, the secret is in getting the seller to do it.  I had a beautiful home for sale last year - high end, but with an unorthodox floor plan.  The sellers always came into the house from their garage.  Could not get them to understand the front entryway was stunning, and would they please put some gravel in to drive up to the front porch?  Brought them two offers of $420,000, but couldn't get them together.  Sure enough it expired and I didn't get the renewal.  10 months later it sold for $415,000.

In this market you can have a perfect 10 and if the price is off by just a little bit, it may as well be overpriced by a million dollars. 

I agree Jim.  I have several listings that are in the bottom 5% of price, wihtin a market area.  Even though the price is right, if the property isnt up to par, forget about closing that deal.  It is a two way street, however....marketing a home is just as important as price and presentation.

I fully agree.  I've been doing this for a long time.  Some sellers look at you when you try to explain this market to them like you have 5 heads on your shoulders.  You wonder if they even turn the news one, or read the paper, or have they noticed every home on their street is for sale?

I still believe that regardless of location, condition, odors, garbage, broken windows, neighbors, pets, busy street etc....

EACH AND EVERY HOUSE, has a buyer at the right price--- it just comes down to adding value for the positives and subtracting value for the negatives...

Thats what the foreclosure market proves to us every day---- every (or should i say 99.999%) will sell eventually--- when priced right...

I disagree.  This is a buyers market with a lot fewer buyers.  I believe all the components have to be addressed to effect a sale.  Now your original statement I would agree with if this were normal times.  However, this time I see some major differences.  Inventory in Atlanta is absolutely through the roof.  The home has to be a 10 in appearance and price to sell.

Jim,

I agree with your comment above,if I could find a qualified buyer by walking outside naked to get their attention ..I would...the sellers should know it is the opposite now ...they should be shaking ..not the buyers...I have a listing like that now....she refuses to reduce...and the house has no upgrades...she actually wants me to raise the price...in here neighborhood there has been only 4 closed sales from Jan-end of  March and only 3 pending...and she still thinks the market will come back(YEAH RIGHT)

Fire her!   In real estate the new term will be "N-E-X-T-!"  Lithe the Kenny Rogers song "The Gambler!"

"....You got to know when to walk away, and know when to run..."

Short but sweet... great post!  Who amongst us hasn't had this question and absolutly known the answer?  It's not the agent, it's the seller's fault.

Yes, but the sellers never want to hear it.  I have one where the seler keeps saying they'll take action next week, and next week never comes.  They expire shortly and we will not renew.

I work expireds heavily and they account for about 50% of my business.  Usually I'm the 2nd or 3rd agent having a go at the property and 95% of the time the issue is price.  I agree the 3rd time seems to the point sellers see the light.  Expireds are a terrific source of business, but they are also a breed of their own.

 

Pre-Internet they accounted for over 80% of our work!  I had a routine that worked so good!  I used special deliver packages, I puchased a $5 rubber Stamp taht said "IMMEDIATE DELIVERY!"  And inside I had a pre-list kit with some marketing materials.  Expireds are an easy source of income.

You know, it occured to me that sending the above list in the form of a humerous letter to expireds just might open a door or two.  Plus, if they see anything on the list that applies to them, they might say yikes! 

It might make them realize maybe, just maybe, they have a part in the home not selling.....it makes me wonder.....hmmmmm.

Thanks I agree, however, please create your own list of similar terms since I am also a columnist...this material is copyright.

Hi Jim,

I see that I am a little late reading your post but I felt compelled to comment. I love your comments. It made me laugh because it is sooooo true.

I hope to read more from you and make it a great week.

 Susan Emrich (RE/MAX of Lebanon County)   You're not late...this story is timless in real estate.