What is an Expired Listing?
This is when a Listing Contract on a property has come to the end of its life. The Realtor who has the listing contract has failed to bring the seller an acceptable offer that the buyers removed subjects on.
How Mike Stewart Gets Expired Listings Sold:
1. Professional Marketing. Every listing I take gets full professional photography and videography as well a candid video I shoot myself. All my listings get posted on Craigslist every weekday. The list goes on. See above for my results
2. Downtown Vancouver Focus. I do 85% of business in Downtown Vancouver. I know the buildings, I know the floor plans, I know Downtown Vancouver Real Estate. If I get a client who wants to buy or sell out of my area of speciality , I refer it to an area expert.
3. Results I am in the top 10% of Realtors in Greater Vancouver, a member of the Real Estate Boards Medallion Cub.
4. Exposure. We have open houses every weekend until the property sells. Open Houses sell listings!
Why do Listings Expire?
Listings expire for a number of reasons:
1. Hiring the wrong Realtor. It's VERY important to use an area specialist. Hire a Realtor who knows the building and the neighbourhood. For Downtown Vancouver us a Downtown Vancouver specialist (Like me!) If you know more about your property than your Realtor, think twice!
2. Bad marketing. Did the Realtor you hired get a professional photographer and videographer for your property? Did they post 10 pictures on the MLS? Did they have more on their site? Does your Realtor actively market in the area where your property is located? Did your Realtor post your listing on Craigslist regularly. Did they do regular Open Houses?
3. Bad tenants/lack of access. Do you have a tenant who won't let you or your Realtor see the property? If you guys can't see it how can a potential buyer see it? Buyers very rarely buy something they can't see
4. Property is not Market Ready. In this market your property needs to be looking its best to get an offer. If you suite is dirty, cluttered, messy, or empty, most buyers (they can be finicky in this market!) will pass your suite by.
5. Low Commission. Realtors are motivated by financial incentives. If you are not offering a sufficient commission to buyers agents they will not prioritise your listing.