What to Do when your Real Estate Listing Expires
When listing your property for sale with a real estate agent it is a
good idea to make sure you have a good understanding of the various
types of real estate listing periods that can apply to your listing agreement. The
shortest period that you will typically find for a listing agreement is
a 30 day listing period. This can be a good idea if the market where the
home is located is currently hot and homes are selling quickly.
Properties commonly sell within weeks if not days in a seller's market.
If you have not received any serious offers on the last day of the
listing period you can then easily end the services of your current
listing agent and locate a different agent who may be more aggressive in
pursuing the sale of your property. Before actually deciding on a new
listing agent, make sure you consider the selling price that you have
set for your home as this could be the reason why your property has been
hard to sell. A 30 day listing period is not a good idea if the real
estate market in your area is currently in a slump. Most real estate
brokers will not agree to this type of listing if that is the case.
The most popular term for a listing agreement is a 90 day listing. This
is an appropriate listing period if the local market is fairly normal
because the length is not too short to locate a buyer with a good offer
and it is not too long for a buyer to experience impatience. When your
home is correctly priced, it can be possible to locate a serious buyer
within 30 to 60 days. Talk to your agent about ideas for increasing the
curb appeal and overall condition of your home in order to increase your
chances of selling prior to the end of the 3 month listing.
If the real estate market is in a downturn, it is a good idea to
consider a longer listing for your property. This is because buyers
typically take a longer time to purchase a property when the market is
slow. A longer listing period will prevent the need to deal with a lot
of tedious paperwork and other hassles that can result from the need to
extend your property listing when it expires. In addition, it is
important to understand that an agent typically may not be as motivated
to market a property when they only have 30 or 90 days to sell the
property during a downturn. The agent may not be willing to invest their
time or money when they know the listing will have expired before a
serious buyer even comes along.
A 360 day listing agreement may not be that common but it could be
appropriate if you are selling property that is located in an area where
there may not be that many interested buyers. You might also consider
this type of listing period if the property us quite expensive or has
some rather unique qualities that might not be attractive to a large
pool of buyers. In this case, the property may be difficult to sell
because the pool of attracted buyers would be smaller.
Regardless of the type of listing period you choose, remember that it is
important to carefully select your listing agent. Many people commonly
rely on the recommendation of a friend, neighbor or relative when
choosing a real estate agent; however, this can be a mistake. Simply
because a real estate agent was a good choice for someone you know does
not mean they are the right real estate agent to market your property.
Spend some time finding out the types of properties the real estate
agent specializes in; such as whether they primarily sell high-end
properties, etc. Also, find out how long they have been in the business
and how many properties they sell on average per month. Remember that
just because an agent has been in the business for a long time that does
not necessarily mean they are the right person to sell your home.
Finally, find out specific details regarding the market plan the agent
intends to employ to sell your home as quickly as possible. Do not
settle for a cookie-cutter marketing plan, particularly if your home has
unique properties. Look for an agent who will be able to market the
unique features of your home to a targeted buying audience.