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If your home has just come off the market and hasn't sold, don't be discouraged. The reason your home did not sell may have nothing to do with your home or the market. In reality, your home may have been one of the more desirable properties for sale.
So Why Didn't Your Home Sell? Before you even think about your next step, review the previous one by using the following as a guideline.
An expired listing usually reflects a problem in one of these five major areas:
Review the kind of relationship you had with your real estate agent. Was communication between the two of you always open, honest and comfortable?
For example, did you receive detailed and dependable feedback on the progress being made on the sale of your home?
Did your agent call each Showing Agent for feedback on the price and condition of your home?
Did they keep you up to date with how many showings were completed that week, and if any other comparable homes in the area had been listed or sold?
Were they too busy to answer your calls or get back to you in a timely manner?
The above list is the bare minimum of service to be expected from a professional real estate agent. If that was not your experience, it could be an indicator that there were other things that fell through the cracks.
How was the asking price determined? Did it work for or against you?
Did the agent look to see whether prices were trending up or down in your neighbourhood?
Keep in mind that pricing too high is as dangerous as pricing too low.
Determining the optimal asking price is one of the most critical factors in ensuring you maximize how much money you keep in your pocket after the sale of your home.
Price too low and you leave money on the table. Price too high and your home sits on the market for months on end. In a downward trending market this can cost you tens of thousands of dollars.
A studied opinion of market value by a Professional Agent who has in-depth knowledge about your specific neighbourhood is invaluable. This can make the difference between selling your home for the maximum possible price, not selling your home at all, or far worse - underselling your home.
How was the condition of your home? Did your home present itself with showcase quality both inside and out?
Remember, there's a lot of competition out there, especially from new homes. Keep in mind that a house that is in "move-in" condition invites a sale.
Did your real estate agent provide you with tips about what to do, and more importantly, what not to do when preparing your home for sale?
Did they go over which repairs and upgrades have a positive return on investment and which have a negative return?
Did they offer to stage your home with modern, home-show quality furniture?
Did they suggest the best placement of your current furniture so as to highlight the best use of space and create a perfect canvas for the photography?
Next to pricing, this is the most important aspect of ensuring you sell your home for the most amount of money possible, and ensures you don't waste time and money on costly repairs and upgrades that will not increase the value of your home.
Did your Realtor best represent your needs with a solid, innovative marketing plan?
Remember one of the first steps in your selling plan involves finding a real estate agent who will best market your home.
Are they marketing directly to the other agents who have buyers looking in your area?
Do they have a list of Buyers-In-Waiting that they can market to?
What is their strategy for Open Houses? Do they even have one?
Good marketing is about generating demand. If price is a function of supply and demand, it only makes sense that the agent who creates the greatest demand for your home will also sell your home for the highest sale price.
A multi-prong marketing approach using various mediums, both online and offline, will always yield the best results.
When shopping around for an agent, be sure to compare their knowledge and experience. Remember that not all agents are the same, and this can make the difference between selling your home fast and for the most amount of money, and not selling it at all.
There are more than 70,000 agents and brokers who are members of the Toronto Real Estate Board, however, in there lies a shocking fact:
Would you go to a surgeon that operates on less than 2 patients per year?
Would you call a plumber that only does 1 job per year?
This is why it is very important to have a solid understanding of where your agent stands, how many transactions they do per year, and that they can easily provide proof that they are doing so.
Team Soberano sits atop the Toronto Real Estate Board. In 2022, Team Soberano sold more than 99.41% of the rest of the agents. It sits in elite group of high producing Teams and Agents. This is why our promise to you is "WE SELL MORE, WE DO MORE, TO GET YOU MORE".
For a FREE consultation and studied market analysis on your home call us at 416-433-6919 today. There is never any obligation to list your home.