Why Do Real Estate Listings Expire?
Listings expire for a number of reasons:
- 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 use a Downtown Vancouver Real Estate Specialist. (Like Us!) If you know more about your property than your Realtor, think twice!
- Bad marketing. Did the Realtor you hired, get a professional photographer and did they shoot a video 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?
- Bad tenants or 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
- Your Property is not Market Ready. In this market, your property needs to be looking its best to get an offer. If your suite is dirty, cluttered, messy, or empty, most buyers (they can be finicky in this market!) will pass your suite by.
- Low Commission. Realtors are motivated by financial incentives. If you are not offering a sufficient commission to buyers agents they will not prioritize your listing.
Feel free to contact us at 604-265-9356 anytime if you have a question on Expired Listings or any other Vancouver Real Estate topic.