The "Expired Listing"

Not long ago, I contacted a homeowner about their expired listing. One of the first questions I was asked by them was whether I really wanted to sell this home or just get another listing. . . I hadn't been asked this question before but it is a valid one.

Most homeowners experience a bunch of calls, if the homeowner isn't flagged on the Do Not Call List or letters from Realtors offering to re-list their property. Sometimes a Realtor will even show up at the front door.

When I contact people whose homes didn't sell and expired I'm calling to see if my services will help them. I start by asking a few questions. This helps me to know if the homeowner still has plans to move and if they are motivated to move. I then offer to stop by the home to view its location, condition and amenities. Before I meet with the owners, I do my homework and see what's active, pending, sold and expired in their area for the last three to six months. This will help to set a realistic price for the home and area. When we meet, I have a list of questions geared to see what the last listing agent did as far as marketing, staging and communication with the client. I sometimes find out that not much was done to give the home exposure and sometimes I find out that quite a bit was done to market the home. In order to take the listing I know it's my job to remove any possible barriers to the sale and replace it with a bridge to success.

As a homeowner, don't be so quick to re-list with the first agent that contacts you. Make sure you and the agent are on the same page. Communication is important. How will this person keep you informed about the progress of your transaction? This is not a question with a correct answer, but one that reflects how often you will be updated and by what method. If you have a preference, ask if your agent will contact you that way.

Here's some common mistakes to avoid when selecting an agent.

• Selecting your agent based solely on commission discount. In Real Estate as with so many other things, the saying you get what you pay for can hold true. Make sure you know exactly what you're getting, make sure the agent does what they say they are going to do and how does it compares in relation to other Brokers. Some Discount Brokers make the sellers pay the cost of ads, yard signs, etc. Some don't show your home for you, but leave you to hold your house open. In today's market, putting a for sale sign in front of your home and listing it on the Multiply Listing Service is usually not enough to get your home sold.
• Choosing the agent who offers the highest listing price on your home. Some agents use a technique called "buying the listing", knowing they can play on a consumer's need to get a higher price than the home may actually be able to sell for at this time. In the long run, all this does is waste time, stigmatize your home and delay your moving plans. If you've spoken to other agents and no one else is quoting that high, you may want to proceed with caution.

If your home recently expired try to remember that "expired" doesn't mean dead, it just means delayed. If you still want to sell, find an agent that will meet with you and come up with an action plan to get it sold. Ask for their marketing plan and a time frame that each item will be put into action. Be open to their suggestions about price, possible repairs or updates. I'm sure with a bit of investigation, you'll find the right agent and a sold sign will be placed in front of your home too.

If you live in the Indianapolis, Indiana area and would like to know more about my expired analysis, please feel free to contact me. Visit my website www.cyndisloop4indyhomes.com.