It can be disappointing when your listing agreement expires. Selling a home is an emotional process and one of the biggest financial decisions you can make in your life. When your initial agreement with your listing agent terminates, it’s time for you to assess your process and consider your reasons for putting your house on the market.
Let’s start with why you chose to list your home. A seller with a strong motivation to sell their home will result in a successful sale. Are you choosing to list your home for the right reasons? Are you fully invested in the process? Here are some common reasons why people sell their home:
- Your house is too small and you want to upgrade.
- Your children have moved out and you want to downsize.
- You want to move to a new area or be closer to your family.
- You have a new job in a different location.
- Your relationship status changed or the family dynamic shifted.
- Your current property doesn’t align with your goals.
- You made significant renovations and want another project.
- Your health conditions require you to move to another environment.
- Your neighborhood is no longer safe or provides your required amenities.
If you don’t identify with any of these reasons or cannot determine a specific motivation to move, it’s time to reconsider your listing and wait to put your home on the market until you have a strong objective.
On the other hand, if you had a strong motivation to sell your house but was unsuccessful, here are some tips for next steps:
1. Reconsider Marketing Techniques
It’s hard to promote your property and find prospective buyers if you don’t have a solid marketing plan in place. Did your real estate agent implement marketing strategies to sell your home? Did you employ a variety of strategies to market your listing? Consider what strategies did work and those that didn’t. When you decide to relist your home, be sure to maximize your reach by using those marketing tactics that were most effective.
2. Examine the Condition of Your Property
Prospective buyers view many properties during their home search. What improvements can you make so that your property stands out among competition? How does your home compare to similar properties on the market in your area? Sometimes all it takes is a fresh coat of paint or front yard landscaping to boost your curb appeal and attract more buyers.
3. Meet with Your Current Agent
One of the most important things you should do when your listing expires is to meet with your real estate agent. As an industry professional, your real estate agent should be able to discuss the reasons your home did not sell, explain the current market conditions and how that might affect your listing, and suggest a plan for moving forward. Ask your agent for any buyer feedback he or she acquired during open houses or showings. If your agent cannot provide solid information or is not confident with his or responses, it might be time to hire a new agent.
4. Consult New Real Estate Agents
If you decide to hire and new agent represent you and relist your property, be sure to describe the history of your listing. Remember, your new agent is a real estate expert and has a wealth of information that will help you understand the relisting process and local market conditions. Don’t hesitate to ask questions!