Why Listings Expire

Most of us at one time or another has experienced failure. Whether it was not putting your best foot forward on an interview, not giving 100% to a relationship, or visa versa, not getting 100% from the other person in a relationship or not getting the chance to prove your abilities in a new job role... we've all been there.

Real estate is really no different.

It starts with a good agent and a good seller. By good, I mean two parties 110% committed to one mutual goal and willing to help each other get there. This results in a relationship (in real estate terms, an Agency relationship). These parties should be simpatico, meaning you have a good working relationship built on trust and understanding.

Some will choose an agent that's nice and friendly. Some will choose outgoing and spunky. Some will choose based on position with the company (i.e. top producers only). Some will go for the cheapest service they can find out there.

Rarely has a client chosen me for being a top producer, but my personal attributes that got me there. I am outgoing, sincere, diligent and hard working. I have ideas and I bring along a whole toolbox of resources to help my clients get top dollar for their investment in the shortest amount of time possible. We talk in great length about concerns, needs, goals and selling points. We discuss the market; I give them a timeframe in which it should sell. My clients are just as informed about their progress, as I am, every step of the way.

Assess your time on the market. There are four main reasons homes fail to sell. You probably have a good idea of why it didn't sell, but check and make sure that wasn't all.

Reason #1: Improper Pricing
Many sellers want to overprice their home when they first list. Listen to your agent. The agent cannot tell you what to list for, but they can show you all of the market data on comparative homes sold, pending and expired within the past 6 months, where they were positioned price-wise and being active in the field, probably more intimate facts about these specific homes that will help you position yours. After reviewing all data, objective, honest conversation needs to happen. As a general rule, do not list more than 5% above market value. Agents that shrug and say "sure, why not" have no idea how important your sale is to you.

Reason #2: Marketing
Buyers aren't driving around street to street to find your home. In fact, most that stop at the flyer boxes never call the agent for a showing. Like driving from open house to open house, they're finding homes outside of their price range. Informed buyers have spoken with a lender and have a firm range they're looking in. 74% of these buyers are using the Internet to find their home and 90% are using an agent. They're going to major real estate websites, such as Realtor.com. They're looking on TV and in home books. They're skipping homes without photos or home tours. Your home, with photos, should be everywhere they're searching to reach the largest pool of buyers that you can.

Reason #3: Poor Condition
Every home needs some repair or improvement. Get a pre-listing inspection. Fix any necessary problems. Then stand back and look at your home's cosmetics. Stained, worn carpeting, scuffed walls, dirty cabinets and countertops, rusted sinks, dirty siding, broken windows, pet smells, cigarette smoke, etc are a major turnoff to buyers. A personal consultation with a feng shui knowledgeable agent such as Tabatha will help you set your home among the most desirable. It doesn't take much - and it will bring in the profit!

Reason #4: Communication
It's a nominal percentage, but some failed sales are a result of the agent and buyer not being just a phone call away from each other and in constant communication. Either to schedule a showing, or ask a question for a potential buyer, or a buyer who calls the agent to set up a showing and just doesn't feel comfortable with the agent's tone or inquiries into personal matters such as financing. You'd be surprised how many showings do not happen because the buyer's initial conversation on the phone with the listing agent makes them uncomfortable

Not All Real Estate Agents Are Created Equal

You're interviewing agents. All of them are telling you different things about advertising your home. This isn't uncommon. Even when you're talking with two agents from the same company, you're bound to hear different ideas and services. Why? Because times have changed. It used to be that the broker would pay for all marketing and advertising on your home. Now, the listing agent has a financial responsibility in marketing your home.

It's crucial when interviewing, to ask agents what they will do to get buyers into your home. If they start talking about MLS or the Broker and what they do, I guess you have your answer; they are not going to spend any money on marketing your home. Now ask yourself this, "Do I want to pay professional fees to this agent or to another agent who gives me more?" Most Expired or Withdrawn Sellers tell me they hired their agent because he or she was nice. Do you really want to pay someone thousand of dollars for being nice or pay someone for professional services based on what they can provide to you?

Do you need to advertise? YES! We are not salespeople. We are marketing experts! Buyers won't just trip over your home - my homes are heavily advertised to get buyers to view your home first!

Choosing your real estate agent is one of the most important decisions you will make when you buy or sell a house. The task is made more difficult by the fact that not all real estate agents are created equal!

Like medicine and law, individuals who practice the real estate business do so with varying abilities. You will not get the same result from every agent. Each agent manages and builds their business differently. I manage and build my business on reputation. I am a full time agent. I do not work another full or part time job that cuts into my commitment to your success. I produce results so that your real estate needs stay with the one agent you know and trust to get the job done. My future business is built on referrals of satisfied clients!

Individual real estate agents have varying levels of expertise in pricing, negotiating, marketing and other essential services you need when you are buying or selling a house.

It makes a difference who you hire to help you with your real estate transaction! You simply will not get the same result from every agent!

My Unconditional Satisfaction Guarantee

The agent you placed your trust in to sell your home didn't. You found yourself locked into a 3 or 6 month listing agreement. About 4 months into your contract your hopes were at a null. Either your faith in your home to sell, or your agent's ability to sell it, or both were gone. Yet this contract forced you to stay committed to the sale or the agent, when you felt the commitment was only coming from one way - you.

I make a clear pact with my clients. I value my time spent getting the job done as well as their faith in me to do all that I say I will. I put my word in writing so that my clients know what to expect from me, and when.

It's important to know that I'm advocating on your behalf, as I said I would. I'm marketing to all prospective buyers, using all available avenues, as I said I would. I'm communicating with you and keeping you informed of all showings, feedback, suggestions - as I said I would. I'm committed to your goals and your progress - as I promised when you signed the listing agreement. The listing agreement clearly states a timeframe for our commitment to each other.

However, my own policy to all of my clients is very simple and it states:

"If, for any reason you are disatisfied with my service,
I will release you from our agreement within 24 hours of your written notice."

I am so sure that you will be delighted with my performance, that I really do guarantee it. My business is built the traditional way - on performance, not promises and my job is to serve you with care, obedience, accountability, loyalty and disclosure. I don't charge an upfront fee to list your home and I don't get paid until the job is done. I have a vested interest to get you top dollar for your home. This means doing all I can to get it sold as soon as possible, because I know that every day your home sits on the market is another day further from that mark.

For a variety of reasons listings expire. However, every homeseller that I've spoken to that's had a listing expire with a previous agent had a good idea as to why it failed to sell. You probably do, too. Don't let it stop you and don't get discouraged.

My promise to you as my client is that I will diligently perfom right from the beginning and give you 110% until the the property is sold and you receive the proceeds.

Questions To Ask Your Next Agent

1. How will you bring buyers to my door?

I'm not limited to marketing with just the norms like the for sale sign, newspaper ads and the multiple listing service, or "MLS". I chose Roland Lorans as my agent because I can offer my clients innovative strategies and guarantees.   I showcase my homes on Realtor.com - making your home stand out above the competition. I hold open houses as often as you allow me to, I call prospective clients announcing your home to them, I hold an agent/broker's open when your home is listed, allowing other agents to preview your home for their prospective buyers. I personally serve over 600 buyers per year in online requests for listings - buyers who've not yet spoken with agents and are interested in knowing what's new on the market fitting their needs. I research my listings and look outside of traditional marketing strategies to capture 100% of your prospective buyers. I focus on who is likely to move in, and target that buyer pool through mailings, phone calls and special ads in magazines and books outside typical home books.

2. What is your guarantee?

I put my service commitment in writing and this is my guarantee. If I do not do all that I say I will, I will release you from our agreement within 24 hours of receiving your written notice.  Unconditional Guarantee.

3. Do you personally answer all phone calls on the property?
My voice mail line is on the sign and published with the advertising. I'm alerted through my mobile phone when prospective buyers are inquiring about your home. I'm always accessible. I tend to my voice mail from 9 a.m. to midnight and I stop returning calls at 9 p.m. out of courtesy to others. Agents who are calling to register showings for their buyers do so through the office coordinator, allowing them to schedule and confirm a showing on your property immediately.

4. Can we cancel the listing if we're not happy?
Yes. (See my guarantee above). I would not expect anyone to stay in a listing agreement with me if they were not 100% satisfied with my service. On the other hand, I'm so sure that you'll be delighted that I do freely offer this guarantee and option to you. My clients and I first meet and talk about the home, my services and get a good feel of whether or not this is the right relationship for both the seller and the agent. I (and all agents) have the right to refuse a listing and you have an equal right to refuse an agent if he or she is not performing to the extent that they said they would in the listing presentation. Just as I would not tolerate harassment, drug-induced behavior effecting communication, accessibility to the home, or the sale, sellers should not tolerate a lack of performance affecting their success.

5. Do you have a personal assistant? Administrative and technical support staff?
Yes. I have an entire team made up of an assistant, showing coordinator, marketing coordinator, in-house lender, in-house title representative, escrow coordinator, insurance representative and real estate attorney. While I write all the ads, market your home and keep in constant communication with you regarding market data, showings, feedback, offers, negotiations and logistics of your sale, this coordination from listing to close is assisted by professionals in my office available to oversee your transaction from start to finish. And... they don't work banker's hours. We have an entire technical support staff that oversees the operations of all computer-related functions and websites.

6. If you don't call me back within 24 hours will you take $50 off the escrow?

Yes. Having to wait for answers, even for an hour seems like an eternity. Because I understand this and the emotions involved in selling your home, I respect your concern and your time. My cell phone is always on and you will have access to my personal phone numbers. I will always respond to you in a timely fashion, usually within an hour. When I'm on appointments I set my phone to voice mail and will retrieve your message, following up with an immediate return call.

7. Do you advertise on the Internet? 

Yes. I can take up to 12 photos of your home and put them online to showcase your home on Metrobrokers.com I also pay an additional annual fee to showcase my listings on Realtor.com - the largest real estate website in the world. Your home will be featured with open houses, editable marketing ads exclusive to this service and highlighted to attract your potential buyers first, before other "standard" listed homes. My Internet marketing feeds over 600 international, national and local sites. If your buyer is online (and 74% of serious buyers are) - you'll be seen.

8. What systems do you have in place that will keep you in constant contact with me during the listing and the transaction?

I believe in being a master of one trade - not a jack of all. I list properties in my market areas and do not list where I cannot travel to within 20 minutes or less. I take pride in being an expert in this market and have no objections to referring a listing to another agent who specializes in an outside area. This way I can regularly monitor properties, vacant or occupied, monitor on-site marketing materials such as brochures and flyer boxes, put up open house signs in the middle of the week and take them down on Sunday afternoons, and show buyers your home on short notice with your permission. My office is within 15 minutes from my home so I am able to meet you in person either there or at your home when needed. My marketing is national - I am local. Each week you will receive an update on the market, showings and feedback from me. These generally happen on Mondays unless another day has been specified. Throughout the week we will touch base as necessary with any updates, news and ideas. I am just a phone call away from you.

9. Are you fully automated with personal computers, FAX machine, copier, cell phone, pager, voice mail, web site, support staff and internet marketing campaign?

Yes. I have a personal computer, fax machine and copier at both my home and office. I have a laptop and palm pilot with email and web access. I have a website, cell phone (which you may use at any time) and voice mail for not-so-urgent needs. I have a full support staff (see #5 above). And, unlike most agents I do have an Internet marketing campaign. I am a HouseValues agent and serve the local community sellers and buyers with real estate information. When your home is listed, they know. Those likely to move to, or move up will know about your home before the general public does!

10. What is your average market time vs. other agents' average market time?

I am very honest with my clients, during the interview and throughout the process of selling their home. You will know the average marketing time and I will give you a specific timeframe in which I believe your home will sell, taking into consideration condition and location as well as comparable homes currently on he market. I will offer improvement ideas that may speed up the offers you get. It's always your decision what to do or not to do to improve your home's image and condition, along with the price you list your home for. We'll work together to get you the highest price in the shortest amount of time. My marketing brings more buyers in, significantly increasing the amount of prospective, interested buyers. With your help on minor items, you and I both may be able to secure a ready, willing and able buyer within the first two weeks to one month of the listing.

11. What professional designations do you have?
I am a licensed REALTOR®.  I am bound to a very strict code of ethics prescribed by the National Association of REALTORS®. I'm also a member of the Georgia Association of REALTORS® ,I am a Certified Professional, one of only a handful nationwide of agents who specialize in local property values. I undergoing rigorous annual training and updating in the laws, principles, practices and appraisals of real estate in order to keep my license any myself up to date in this industry. There are endless designations available for agents to acquire by taking courses, and they offer a great logo to add to a business card. However, I spend my time and money on valuable training and marketing that will help my clients succeed in their real estate goals.

12. I want to give my home the advantage of the latest marketing strategies. How much time & money do you invest each month in marketing?

Per listing, I spend approximately $419 upfront in paper publication,  Internet marketing and mailings announcing your home. This does not take into account time spent researching and writing out the marketing your home, performing a diligent market analysis on your home, visiting competing homes, putting all of your information into the MLS and Realtor.com, photographing your home holding the agent/broker's open and serving lunch to all agents who visit. And this is just within the first week your home is listed! I would estimate that the first week your home is on the market I'll spend 20-30 hours in time and $419 in materials, marketing and mailings. After that, time and repeat advertising will add up. This is one of the reasons why I take the job of selling your home seriously.

13. Can you give me a list of your clients who have closed escrow?

With their written permission, I publicize testimonials of past

clients in my database.

14. Why are you personally motivated to sell my house?

If you're serious about selling your home and I know that I can help you achieve your real estate goal, I am personally motivated to market and help you succeed throughout all the facets of your sale. Because I list homes in my market area, I want to see property values increase. My home and the homes of my clients rely on a growing investment, not a depreciating one. When a FSBO, for example tries to sell for a year and finally winds up taking 14% less than fair market value, it hurts. It may be temporary, but it affects someone, their neighbor, a house five streets over that's similar, etc. I want to see that you get the most for your home and because my name is on the sign rider, I want others in this area to know that trusted professional got you there!

One mention - I will not list a home that is ridiculously priced. My time and marketing dollars will never produce a result for either of us that will be satisfactory. Secondly, if an offer did come in, it wouldn't appraise with the buyer's lender and no matter what the contract states, the lender won't loan to the buyer based on this amount. Lastly, the wrong buyers (looking for that next tier in price range) might look at your home but run straight to the home priced well with the features you'd expect for that price range. All the time, your home is sitting on the market without seriously interested buyers and you're missing out on good offers from buyers in your true range. If my name goes on the sign, I'm going to sell it.

15. Why should I list with you rather than any other agency who is calling?

Because I know for a fact that no other company offers all the services and resources that I do. I've aligned myself with Weichert Realtors for that very reason. We are full service and we provide the maximum levels of service and the most resources. No other agency will offer your buyers a 100% Money Back Guarantee, letting them know we stand by your home for 100% of its value. No other agency will provide your buyers with a way to buy your home without the contingency of selling their own - our Exclusive Advanced Equity Loan Program allows them to purchase before they sell. No one stays more in touch with your buyers than we do, or has a reputation of over 100 years integrity in real estate. And - on a personal side, I'm not going to charge you an upfront fee to list your home. I'm not going to offer promises without performance. I'm not going to list your home for a flat rate fee then charge you full price if it sells with an agent, or worse, take your prospective buyers elsewhere to make a full commission, as many limited service agencies now do.

16. Do you have another job or are you a full time agent?
I am a full time, full service agent. Anything less and you wouldn't be getting the best. I am available at the very least from 8 a.m. until 8 p.m. and I answer my phone throughout the evening and return phone calls until 9 p.m. out of courtesy to others. I do not have another commitment that will adversely affect my responsibilities to you.

17. Are you a branded REALTOR®?

Yes. I proudly display my REALTOR® logo to let others know that I'm trained, educated and adhere to the strictest code of ethics in the industry.

18. My listing expired with another agent, and now you're here to list my house. How come you didn't sell it when it was listed with the other agent?
Because I focus on selling my listings!

 

Any Questions... Please Call the Roland Lorans TEAM

 

Roland Lorans BHG Real Estate Metrobrokers 2725 Hamilton Mill Road, Suite 2400 Buford, GA  30519 Office: (404) 843.2500 Business: (678) 406.8451 Fax: (678) 765.5050 Email: Roland.Lorans@Metrobrokers.com

Metro Brokers Real Estate is a licensed broker in Georgia, North Carolina, South Carolina and Tennessee Equal Housing Opportunity