October 4, 2020
4 MINUTE READ
Listing your home can be hard, even when it sells quickly and the transaction goes smoothly. But canceling your listing, or even watching it expire because it didn’t sell in an agreed-upon amount of time can be not only mentally demoralizing, it can also be a substantial financial burden. So, how can you make adjustments to relist your home so it will sell?
Regardless, once your listing expires on the MLS (keep in mind that exactly how long this will take will depend upon the agreement you came to with your listing agent), it’s time to take a step back and reassess your strategy. For the best results, try to learn from the mistakes you made, try to revamp your pricing strategy, and be ready and willing to do whatever it takes to get your home sold the second time around.
Of course, we understand that this will always be easier to say than it is to do. To help make the process easier, we’ve put together a list of steps you can take to help you relist your home so that it will sell.
Before you relist your home, you’ll need to determine your home’s current MLS status. Before you can move forward with any type of strategy and before you can hire a new agent, this crucial step needs to be taken. The possible statuses are:
There are other factors regarding your home that will show up in your MLS listing, including DOM (or days on the market), which can impact how a buyer views your listing. To reset your days on the market and have your listing start fresh, you may have to wait 90 days before relisting. This number varies from market to market, though, so be sure to check with your real estate agent to find out your local requirements.
This applies to both your listing and your property. There are a number of reasons that your home may have not sold the first time, including an overpriced listing price, a bad time of year, a slow or buyers market, poor photographs, or being difficult to show. Ask for feedback — and then listen. Don’t make the same mistakes twice when relisting your home.
Also, talk to your agent about any updates or improvements to your home that can help it to sell faster, as well as the price you should relist your home. Their feedback could help improve the outcome of your listing the next time around.
Sometimes, your listing agent could be the reason that you had a hard time selling your home. If you chose to work with a part-time agent, or someone who isn’t very experienced in your market or with the type of home you’re selling, consider switching it up. Always interview agents before setting on one, check reviews online, and ask family and friends for referrals.
A savvy agent will have a strong social media presence, and you want to be sure that you’re working with an agent who can offer a comprehensive marketing plan. Ask about their showing strategy, and make sure professional high-resolution photography is available as part of his or her listing package.
Lastly, you should always take a step back and reconsider your marketing strategy, making any changes where necessary. If you received feedback that your house was overpriced, consider lowering your listing price.
An appraisal can be a great and unbiased way to gain a professional perspective on the value of your home. Invest in new photography that shows your home in its best light — after all, more than 75 percent of recent home buyers reported that viewing professional photos was important to their home buying decision.
At Reali, we offer honest and transparent real estate services — and we know how to sell your home. Our local real estate agents use advanced tech, and customized marketing plans to get your home sold quickly, and for the best possible price. Contact us today to learn more.