An ‘Expired Listing’ a property that was listed by a Brokerage and whose time period has elapse. The property’s status in the Multiple Listing Service automatically switches from ACTIVE to EXPIRED and thus, available for anyone and everyone to call to pitch their services.
If you are reading this, it means that you have either had a listing expire (and are trying to figure out why you are being bombarded by calls from Realtors), or are morbidly curious about how our industry works. Whatever the reason, understand the agents who religiously monitor the MLS for expired listings and call them daily are generally pretty good agents and have adopted a proactive stance in how they find business. They prospect habitually and generally take no prisoners.
As a new listing Agent, my work life revolved around expireds. I learned that in any given month most listing expirations occurred over the course of a few days, and that is still the case today. Having your listing expire means effectively broadcasting to the world that you want to sell your property but as of yet, have been unsuccessful.
The problem, in most owners’ eyes, is that the previous Agent didn’t perform. Before you blame your agent, let’s review some of the common reasons that causing a home not to sell.
Why’s It Didn’t Sell
1. Enclose the Garage
You may want a family room, but when it comes time to sell, an enclosed garage is a huge turnoff to Buyers. Where do they park their cars now? Plus, such enclosures usually look amateur, and are often done without proper permitting.
2. Lack of Maintenance
Neglecting simple maintenance can cost you thousands of dollars. For example, clogged gutters can cause rain water to wick up under the shingles, rotting the underlying deck. Failure to change the air conditioning filters strains the system and shortens its life. Neglected maintenance can be a Red Flag to home inspectors and Buyers.
3. Trendy Paint Colors
I saw a house recently that every room was painted garnet (dark red), the doors and baseboards were painted gold. No Buyers liked it; no Agents liked it. Use neutral or subtle paint colors for the interior and exterior of your house.
4. Overdoing the Outdoor Living Area
I came across a homeowner just spent $100k on an incredible pool, patio, and outdoor kitchen. It looks like the cover of Southern Living magazine. The problem is the house is worth $200,000 at the most. He is asking $299,900. Not a chance!
5. Above Ground Pool, Trampoline
Get rid of these. They distract from the view of the yard. Plus, even though these pools and trampolines are expensive, they often cheapen the appearance of the property.
6. One Bathroom
People expect a minimum of two bathrooms, even in a small house. The best investment that you can make in your home is to install a second bathroom.
7. Losing Bedrooms
Converting a bedroom into an office or a gym? If you knock out walls, remove closets, or make structural changes, you have just reduced your house by one bedroom. Your 3 bedroom house is now a 2 bedroom house This makes a huge difference in value to Buyers (and Appraisers).
8. Bad Floor Coverings
If your carpet or vinyl floor coverings are worn or out of date, replace them.
9. Old Appliances
A Seller told me that her 1960’s kitchen range was still working perfectly, why should she replace it? Because it looks like a 1960’s range, that’s why! Your kitchen look old and outdated.
Smoke odor (especially cigarette smoke) is offensive to most Buyers. It is difficult and very expensive to get rid of smoke odor. Smoke outside, away from the house.
To sum up
In this post we talked about why the property’s status in the MLS automatically switches from ACTIVE to EXPIRED. When it comes time to sell, these 10 reasons will be less desirable to potential Buyers. Think long and hard before breaking any of these “rules”!
ABOUT THE AUTHOR: Rachel is a professional digital marketing expert, real estate aficionado with a lot of knowledge in the area of marketing, SEO, Social Media. Her company, SEO Babe, offers online digital marketing consultation, SEO plans, web design, and related services.