Not all expired listings are relisted for sale. A seller may decide to keep the home or try again down the road.
At times, however, expired listings are relisted with a different brokerage for any number or reasons. In some cases the REALTOR® decides to give up the listing and in others the Seller wants to try another REALTOR®.
Some reasons why the REALTOR® chooses not to relist the property.
- The Seller has little or no motivation to sell thereby lacking the flexibility needed to get a sale.
- More often than not the home is overpriced and the seller won’t or feels he can’t reduce to a salable level.
- The seller may be making excessive advertising demands on the false hope that more advertising will sell for an excessive price.
- The seller is not cooperative and does not make the home easily accessible for showings.
- The seller will not take steps to make the home more presentable—bad odours, clutter, lack of maintenance and repairs. A home’s condition contributes greatly to its demand and the price attained.
- One or more offers have been rejected without the Seller’s willingness to negotiate.
- The home is underwater having more debt than the property is worth.
Some reasons why the Seller chooses to relist with a different Salesperson.
- The Salesperson did not stay in touch with the Seller and made little or no effort to provide valid feedback or recommendations.
- The Seller listed at the REALTOR’S® suggested list price, yet 30 days later the salesperson is suggesting a price reduction. REALTORS® can err. If a home does not easily conform to others sold, it can be difficult to evaluate. In certain conditions, a changing market can affect prices during the listing period. What’s more, valid showing feedback may dictate a change in strategy.
- The salesperson took the listing at the Seller’s overstated price; the Seller mistakenly took this to mean that his price was achievable.
- Whether right or wrong, the Seller feels that the marketing provided is unsatisfactory.
- There have been few showings and no offers resulting in Seller dissatisfaction.
- The seller feels insulted by any low offer or offers received.
- The personalities were not a good fit to begin with.
- The Seller is frustrated and disappointed as the home sits unsold.
In good relationships, Sellers and REALTORs® gladly continue to work together relisting property to achieve a sale. It takes honesty, communication, motivation to sell and cooperation.