If you had a property on the market and it did not sell after 6 months, or longer in some cases, you may want to take a step back and examine what happened? And more importantly you really need to determine what you can do going forward to ensure you get the result you wanted when you first decided to put the property on the market in the first place – a sale. With that in mind let’s take a quick look at why most properties don’t sell. As a Realtor on the Emerald Coast for more than 10 years and as the lead agent on the top ranked team for condo sales in our MLS I can tell you that our research shows there are 5 common traits that most expired listings have:
No Specific Plan
When I talk with owners who haven’t had success selling their condos one of the first questions I ask is, “What was your marketing plan?” Almost always they tell me that there wasn’t a specific plan. Ouch, for success your realtor must have a specific plan on how they are going to get your property sold. As a matter of fact we provide our client’s with a calendar showing exactly what we will do and when we will be doing it. That way everyone is always clear on the plan to sell your property.
Put Property in the MLS and Wait for a Buyer
I see this too often, a Realtor takes the listing, puts it in the MLS and then sits back and waits until a buyer appears. I don’t think that is the best use of an incredibly powerful tool – right now there are more than 3,000 realtors in the MLS that we can leverage to promote your condo. The challenge though is there are usually more than 5,000 condos for sale at any given time which makes it really hard to differentiate your property. To make sure you get the most exposure for your property we research which other realtors are selling condos in your price range and your geographical area and then we develop marketing pieces (email, flyers, and phone calls) specifically for these agents. That way we capture all 3,000+ realtors but more importantly we capture the top agents that specialize in properties like yours so it’s on the top of their minds at all times. Seems logical but I don’t see many agents doing this.
Lack of Property Database Marketing
The National Association of Realtors did a survey and I think the percentage is more than 85% of people begin their search for real estate on the internet. Here’s the thing about the internet that you need to be aware of – most people begin their search 6 months, a year and in some cases even 2 years before they actually buy a property. For real estate agents having to nurture a buyer for up to 2 years it can be very frustrating and we often see them get discouraged, stop communicating with that buyer and even stop sending them properties (like yours) thinking nothing will come from it. And if that is happening to you- you are missing out on lot opportunities.
We feel that proper database management will allow us to capture and maintain these buyer leads so you don’t miss out on them. We stay in touch with them every other week (thru email, direct mail or phone calls) so that when they are ready to actually buy – even if it’s a year or two down the road they come to us because we have been there for them throughout their “research time” . Right now we have more than 15,000 potential buyers in our database that we are currently communicating with. Very Important: Internet leads are very important to sellers so you have to be able to nurture them for extended periods of time. Most realtors want the right now business but real estate doesn’t usually work that way anymore.
As I mentioned earlier, most realtors take a listing, put it into the MLS and wait. They take a very passive approach to getting your condo sold. My feeling is – our clients deserve more. In this market you need an advocate – a full time realtor that comes to work every day prepared to go out and find you a buyer. We believe that if we push your property at the market we will have better success than if we wait for a buyer to find it. Seems simple but I find that very few people operate this way.
Most agents take a listing and you never hear from them again. Bad plan. In this economy, this market, things change quickly and we need to be in constant communication so that when something does change (rental status, HOA assessments, change of seasons are a few examples) we are on it quickly and are always moving toward a successful sale. When you list either myself or one of my trusted team members will contact you every week to review what is happening with your listing.
My name is John Moran, I’m the lead agent on Keller Williams Realty’s At The Beach Team, myself and all my team members are committed to doing the very best we can to get your condo sold. We feel that the number 1 thing we can to do for people who haven’t had success selling their condo is to identify why the property hasn’t sold and then correct the problem so that our clients can have the best opportunity for a successful sale.
I hope this information is helpful for you and if there is anything I can do to help you in the future please do not hesitate to call or text me at 850-217-7618 or email me at JohnMoran@AtTheBeachTeam.com