This is a great post by the Somers Team. They are very active realtors in Philadelphia and suburbs . If I have clients looking for homes in the areas they service I will be glad to refer to them. I agree fully with the reasons for an expired listing that they mention in their post.
Expired Listings - are you in contact with them ?
Part of our marketing plan in 2008 has been to consistently contact listings that have expired. As a result, we have had many settlements this year from this approach and are currently marketing some listings now as well.
It is not an easy task as when I show up for a listing appointment from an expired listing as I will see a whole collection of letters on the table and I wonder why they called me ?
I guess the bigger picture is that it really does not matter who they called but it is obvious that something went wrong in the last 6 months or a year with their prior listing. The bottom line is that these folks need our help. And I am happy to help them.
With the picture to the left, just imagine "listing contract" replaces "warranty". I must send out approximately 15 letters per week and that is only to our target market. Especially at the end of the month is when most listing contracts come to an end and thus when most expire.
What better way to market yourself and your company is to go right to someone that wants to sell but for some reason things did not work out in the past ?
In my opinion, there are 4 main reasons why the property did not sell before:
1. Improper Pricing
As an expert listing agent in Philadelphia, I will make an assessment of what went wrong that did not allow this house to sell. Often times the price is out of whack. The price could have been recommended by the previous agent who may have made a mistake or it simply could be a seller with unrealistic expectations.
2. Lack of marketing and advertising exposure
Often times, I will see that the listing only had one photo or no photo at all ! The desciption might be non-existent as well. You know in your heart the only thing that the prior agent did was to have someone put it in the MLS and that is it. This is where the benefit of Active Rainers and expert internet marketers really shine.
3. Not easy to obtain access to the property
As far as showings, maybe the other agent had a key in their office on the other side of town. Or showings were only allowed between 3 and 4 on Tuesdays and Thursdays. Either way, this is typically an easy fix. Our office uses eshowings which really helps get all appiontments confirmed as well as keeping a record of each individual appointment.
4. Property has a stigma associated with it.
As far as stigma, if there is a stigma, I believe there is a buyer for every property, as long as the price is right !
Either way, when we contact a listing that has recently been expired, all we do is send a professionaly crafted letter and a flyer to the owner. We do not cold call and we do not door knock. I think from just having a presence in the neigborhood combined with our letter gets us those phone calls over our competition. It is a great phone call when this seller reaches out and says "I received your letter regaring my property at ABC road. Can you help me sell it ? " .
Are you in contact with expired lisings in your neighborhood ?
When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.
Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com
She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email firstname.lastname@example.org
If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491
Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others in my post and comments is not to be construed to be legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.