Vail Daily column: What happens when your property does not sell?
May 24, 2014
I listed my property for six months and now the six months are up and my house didn't sell. I actually got a call from a real estate agent saying they saw my property had "expired" and they wanted to know if I would talk to them about listing my home. The really odd part is that "my agent" did not call me or even let me know that the listing had run out! I could look it up, of course, but I was not paying attention to the dates and was really quite surprised. I called my agent and he said he would like to re-list the property and feels it will sell now. He is a friend and I am not sure what to do. What do you suggest?
Unfortunately, this is not an isolated instance in this valley. Every agent is excited to get a new listing, but the trick is to get someone that will keep working on the listing and keep communicating with you until the property is sold. Some properties take longer to sell than others, i.e. outlying homes, ranches, raw land and commercial properties often take more time. Homes in town usually move quicker, if priced and marketed correctly. As the prices go up, the percentage of buyers able to afford them drops and so, as a rule of thumb, higher priced homes can be on the market longer. These are all gross generalizations, of course. A great home, in a great location with a very high price may sell very quickly because of the uniqueness. There are exceptions for every rule, especially in a resort market like ours (ski-in, ski-out, premiere golf course lots, etc.). All that being said, there is a lot I don't know about your situation.
Questions to Consider
• Did your agent present you with his marketing plan and has he continued to implement it throughout the six months?
• Has he updated you on the current market happening in your area?
• Has he made you aware of sales in your area?
• Has he encouraged you to do staging, cleaning, painting, price reductions?
According to Gary Keller, the founder of Keller Williams Realty, if a property is not under contract, then it is priced too high. I personally am a little more patient than that, but he does make a good point.
I guess the last question for you to ask yourself is did your agent stay in touch with you? I am worried that might not have been the case, since he didn't notice the property had expired. Communication from your listing agent is key in you working with them to make the adjustments necessary to get your home sold.
Speak with your agent
It sounds like you need a serious talk with your current agent, and ideally you need to interview one or two more agents, including the one astute enough to notice your home had expired. I think you now have some key questions to ask them and you can make an educated decision on which agent can achieve your goal of selling your home. Good luck to you.
Joan Harned is an owner-broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or http://www.SkiAndTeeHomes.com.