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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.



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