BILL CHERRY'S GREATEST DALLAS PARK CITIES REAL ESTATE BLOG: It's You and Your Client Against the World

It's You and Your Client Against the World

Sample of a home, used in this case for illustration purposes only.

 

I like to look at listings that have expired.  I do it every morning, first thing.

 

You see, here's what I think is the truth.  Houses do not fail to sell, especially in a hot market, because there was no one who would buy it.

 

Houses don't sell because the owner and the listing agent didn't market it properly. In Dallas, that's two or three people against 14,900 agents and their prospective buyers.

 

Perhaps it's the price; maybe showing it has been made inconvenient; perhaps the photos in MLS are fuzzy and don't do it justice...I don't know.

 

But who is not at fault are the market and the Realtors who are dying to co-op on a house that they can sell.

 

The problem is in total ownership of the listing agent and his client.  They have total control.

 

If a house hasn't sold within, say, three months and the agent and his client haven't discovered the problem, fixed it, then repackaged the listing, probably best to not renew the listing, but start with a new set of eyes and ideas.

 

Most of the time, within a few minutes I can reason out what the problems are that have caused the home to be bypassed by buyers and their agents.  And I can do it without seeing the home in person.  You can, too.

 

The other day, I came across a home that had been listed with the same agent, renewed multiple times, for more than a year.  The price had been lowered a bit at least once. Still no interest.  "Surely the owner won't renew with that agent another time," I said to myself.  But she did.

 

Continuing with the idea that there isn't anyone in town who wants to buy a home like hers is bankrupt. Several thousand homes sell here every month. In her home's case, often more than a month passed between showings.

 

So I began looking at the pictures, and then I studied the neighborhood and did my own com test.  Nothing wrong there.  Price was even below the market in that area.

 

And then I looked at the appraisal value that the taxing authorities were using on her home.  The value was at least 20% more than it should have been. Bingo!

BILL CHERRY, REALTOR

Since 1966

Dallas

214 503-8563

Comment balloon 5 commentsBILL CHERRY • May 12 2017 03:38PM

Comments

Nine times out of ten (or more) expired listings are due to price.

Posted by Ralph Gorgoglione, Hawaii and California Real Estate (800) 591-6121 (Maui Life Homes / Metro Life Homes) over 1 year ago

Very very few listings that expire in my home town unless the are really bad

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) over 1 year ago

Bill I ran across some listings today that are a flat our terrible service to the sellers.  The pictures were so SO SO bad and of stuff like the hose bib, electrical panel, cut off rooms and not one full shot of front of home. Seriously it's one of the craziest messes I've seen. So of course I had to check on DOM -  had been on the market for 120 days. Shocking?  Nope!

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) over 1 year ago

"Houses don't sell because the owner and the listing agent didn't market it properly. In Dallas, that's two or three people against 14,900 agents and their prospective buyers."  I hadn't thought about it in those terms, but it really is true!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) over 1 year ago

Hi, Myrl!  Nice to see your smiling face and your comment.

What is so interesting to me is when a home has been on the market for more than a couple of months, and the agent and homeowner have done nothing to figure out what to do to make the package more appealing.  Instead, they rationalize that the right person just hasn't come along yet....she/he'll eventually show up.  

Posted by BILL CHERRY, Broker & Wealth Coach (Bill Cherry, Realtor) over 1 year ago

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