Why let a listing expire when you know the seller wants to sell?
1) Days on the Market… buyers may think there “must be something wrong” with the place due to the D.O.M.
2) It may be that the selling season is not the bitter cold winter months, or unfinished projects can’t be completed due to the weather.
3) I suspect many MLS systems (like mine) buyer’s set up an automatic alert software when a new listing comes on the market… in my market your listing must be off the market for 30 days or more…to be considered “new” when it’s re-listed.
4) Buyers tracking the MLS… can see your home “is not going anywhere” so on the market for months – is not a call to action. But going off the market for a period of time then coming back…can spark movement.
Why you may not want to let a listing expire, even if it is seen as tired?
1) When a buyer is deciding now is the time to look…you wouldn’t be seen. Obviously not listed is no longer on MLS.
2) The seller will start getting calls by other agents working the “expired” listings…and you can’t control what is said or what tactic is employed to sway that listing away.
3) You know the seller will take your advice on: a price change, staging, or other recommendations soon… so long as you are active.
4) The current lease term is coming to an end, and there will be more opportunity to show in the coming months.
When should you not take the property listing to begin with??
1) The seller’s price expectation is totally without merit.
2) The seller’s just accepted and signed an unbreakable lease for a year on the property they want you to sell.
3) The seller wants to dictate how you will market the property, and require paper ads; open houses, attended showings…and other inane strategies that you know will not work or have positive results.
4) The seller’s will not disclose issues on the property that they are aware of, and take the attitude that it is the next guys’ problem. No one wants this liability, or ethics concern in this type of property sale.
When is it alright to take a listing that has been on the market too long?
1) When you know “you can sell it”.
2) When you know the seller is ready to take a tough love approach and is willing to do what you recommend to get it sold.
3) When you know the prior strategies employed were all wrong and you have a plan that will produce results.
4) When you can easily identify the right type of buyer for the property and you know how best to reach them.