Sep

10

Long Island Real Estate Market: Three Simple Steps Toward Relisting Your Expired Home

Filed Under Sellers |

Has your home expired off the market? Did you have it with an agent, who took the listing and then disappeared? All too often, people fall victim to agents who do not actually know how to sell real estate. There is a tremendous difference between being a professional salesman and getting a license and slapping a listing on the Multiple Listing Service website.

In the Long Island real estate market, homes for sale are in abundance. One of the key factors in selling houses has to do with having a command over the information and sharing it with the client! There’s a little dirty secret that agents don’t share with their clients and it is - agents make money off of your home (in most cases), whether they sell your home or not.

So selling your home, may not be on the top of the listing agent’s list of things to do, because they’re most likely going to get:
A. Buyers from your listing (whether they buy your home or not).
B. New listings in the area (neighbors will see the sign and call the agent to “see how much their home is”).

So here you are with your expired listing and what are you to do? Well here’s a thought, interview more agents. Here’s three simple tips when considering a new agent to list your home:

1. Sign for a 30 day listing (no exceptions - be firm). Don’t believe the hype. Tell the agent if they impress you, you will gladly sign an extension. They will tell you that they “can’t” take a 30 day listing or that they really can’t commit to the listing if they don’t have your complete confidence. While I agree somewhat with this - I still think, if I’m doing my job right (pricing it correctly and aggressively marketing the property) then in 30 days, I’ll either have an offer or at the very least, it will be shown by fellow agents, alot and you’ll gladly sign an extension. There are other issues agents will throw at you for not signing a 30 day listing and they are somewhat legitimate, but stick to your guns or…

2. Sign for a six month listing but have in there that after 30 days, if you have had no offers (in writing) that are within 20% of your asking price, which include a pre-approval, then you have the right to fire them with no conditional obligation. This means, your home would be released from the agreement completely and you could list with another agent (important). You want it to be within 20% because even though you may not accept something that low, it’s not a “low-ball”. Any agent can pretty much get a low-ball offer - you want to see a relative respectable offer. Also, the pre-approval means that it’s a semi-serious buyer, not some schlub the agent just picked off the street.

3. Addition to number 2, put in subsequent 30 day reviews. The agent may negotiate that in these 30 day reviews, that if you decide to continue the listing, you will also agree to alter the listing price (and rightfully so).

Now these three simple steps toward relisting your expired home can pay off and should help you to get back on track. Remember, not all agents are created equal. There are many questions you can ask of the agent about his/her office and how much they sold last month/last year, etc. But getting an agent in the act of negotiating a listing is where you get a chance to see them in action. Interviewing skills are not so important in selling a home. If the agent can negotiate on their feet, and are creative and confident enough to negotiate a listing agreement with you, then chances are, they know what they’re doing. And if not, then you’ll be able to fire them after 30 days!

(c) Copyright 2008, www.tommcgiveron.com

By Tom McGiveron Licensed Real Estate Salesperson



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