Commercial Real Estate Agents – Why Do Listings Expire and How to Fix It

In this market it commonly takes time to sell or lease a commercial property. If all the listing facts of the property are not handled well by the original agent, it is quite likely that the listing will expire and come back on the market.

Unfortunately the first time that the property was on the market may have saturated the enquiry and now the listing is stale. To refresh a listing takes time and strategy. Simply changing agent will not normally reactivate enquiry and sell the property quickly.

Listings expire for these reasons:

The vendor had unrealistic expectations

The listing agent overpriced How To Sell Property Gta 5 Online the property

The listing agency did not deliver on service, marketing, and negotiation

The right method of sale was not chosen to market the property

The right market feedback and comparable pricing information Investing In Residential Property was not given to the client in the first place

These facts raise some key questions that the listing agent should have dealt with.

If the vendor had unrealistic expectations in selling their property then the agent should have provided market information of other sales, prices, and time on market, buyer expectations, and recommended methods of sale. There is no point in listing a property if the client is just too far away from the market; you will be wasting your time.

Some agents will incorrectly price a property. This can be due to lack of local knowledge and experience; it can also be by deliberate choice in capturing the listing. If you do not know much about the property or the area in which the listing is located, then find a colleague who can help you. It is not an option to overprice anything; you lose the trust of the client. If you deliberately list the property at the higher price that the client requires then you are gambling with their flexibility and future cooperation. If they do not adjust their price, you will be wasting your time and the market will see you as the agent that failed.

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Servicing a listing is an important issue. Some clients expect that all listings receive your total dedicated service; the reality is that only exclusive listings should get that focus. Open listings may be on the books in your agency but they do not get your full focus and time; they should only get random attention. If the client wants to open list their property with you, make sure they understand the difference in service that they will get. Any client that is really serious about selling should give you an exclusive agency for a period of time (90 to 120 days is standard). Add to that the normal vendor paid advertising and you have a good listing.

The method of sale that is selected in listing and marketing the property should be based on the trends and expectations of buyers in the area. There is no point in listing a property for auction if the market will not respond to that method of sale. You always have some alternatives such as listing at a price, sale by tender, sale by expressions of interest, or sale by negotiation. Make the right choice.

When listing a property for sale it is critical to know the local prices and the other properties that are nearby that compete with your listing. Completed sales will also have some benchmarks that should be considered in your listing processes.

Take care with all of these issues. A well listed and marketed property will usually sell. It’s up to you as the specialist agent to make it happen.

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If you pick up an expired listing from another agent, then you will find that the listing is easier to service than those that are first on the market. The sellers are motivated for a price change and are receptive to your recommendations; they simply do not want to waste any more time.