Friday, May 11, 2012

We would like to cancel our listing with our real estate agent on our Overland Park home - Overland Park, Kansas real estate

Question: We listed our home in Overland Park in Janurary, 2012. We had a brokers tour soon after we listed and an add in a homes book. Our home has had few showings and we have seen very little marketing. We can't even find our home on Google. She is a lovely person and we don’t want to hurt her, we just want our home sold Please help us. We want to cancel our listing contract and re-list with another company. Right now we just feel like A LISTING IN LIMBO! Like we don’t mean a thing to her.
Adam and Julie T. from Overland Park, Kansas

Answer: Sorry for your problem, Adam and Julie. There is many steps in the marketing process when marketing listings in Overland Park. There is a lot of behind the scenes marketing and I'm sure your real estate agent is doing them, like adding your home to the MLS. 

We market in many places because we don't know where a potential buyer will come from so we want to reach as many as possible. We want to be plastered on Google, since 87% of all home buyers use the internet sometime during the home buying process.

If you want to cancel, I would recommend talking to her and expressing her concerns. If that doesn't work, talk to her broker. If, after talking to her and her broker doesn't work, you will need to talk to an attorney since your listing agreement is a contract.

In order to sell your home, I would recommend having a Salability Checklist and a Pricing Analysis completed on your home. We do this on all of our listings. The listings that pass, sell for Top Dollar within 30 days.

Here is a copy of a Salability Checklist:

Saleability Checklist

Perils Of Overpricing
When selling a home, the price you set is a critical factor in the return you'll receive. The correct price is determined by the size, condition and location of your home, what comparable homes are selling for at the time you list your home, and the balance of supply and demand in your area.
Overpricing your home is one of the biggest mistakes you could make. If you know what your home is truly worth, you should set your price no more than 5% higher. That gives you plenty of room for negotiation.
There are several reasons why overpricing won't work to your advantage, namely:
- Limits Buyers
Prospective buyers that you want to attract won't see your house because they are only looking at homes within their price range. Other buyers who may see your house realize that they can get more for their money elsewhere.
- Limits Showings
Other real estate agents may be reluctant to show your property if it is overpriced.
- Sells The Competition
Agents may use this home to sell against other homes that are more attractively priced. If your home is the highest priced in the area, it may sit unsold until all the similar homes have sold. Because new homes keep coming on the market, this could continue until you reduce your price.
- Lose The '30-Day' Advantage
A home sells best the first 30 days after it goes on the market. There is typically a backlog of buyers waiting to look at homes as they first come on the market. If your home is initially overpriced, you'll lose these buyers and the 30-day advantage.
- Listing Gets Stale
When a home is on the market beyond the average selling time, buyers may think that there's something wrong with the property.
- Difficult To Finance
Even if a buyer is willing to pay the high price, an appraisal at that price may be difficult to get and lenders may not be able to provide a loan.
- Lower Price
To eventually sell the home, you may have to reduce the price, sometimes, several times. In the end you lose twice, a lower sales price and a slower sale.

If 25 of the 33 criteria are checked it is almost certain that your property will sell.

  1. Priced below the estimated home value [ ] Yes [ ] No
  2. Priced below the Zillow Estimate [ ] Yes [ ] No
  3. Priced below the Yahoo Real Estate Estimate [ ] Yes [ ] No
  4. Priced below within the RPR estimate [ ] Yes [ ] No
  5. Priced below the average square foot pricing [ ] Yes [ ] No
  6. Priced below average for area [ ] Yes [ ] No
  7. Priced below county tax appraisal [ ] Yes [ ] No
  8. Condition of home is above average excluding distressed homes [ ] Yes [ ] No
  9. Owner financing is available [ ] Yes [ ] No
  10. Special financing available [ ] Yes [ ] No
  11. Seller to pay buyer normal buyers closing cost [ ] Yes [ ] No
  12. Postdated price reduction [ ] Yes [ ] No
  13. Even sales price [ ] Yes [ ] No
  14. Above average DOM listing agreement [ ] Yes [ ] No
  15. Above market commission [ ] Yes [ ] No
  16. Easy access to property- Go and Show [ ] Yes [ ] No
  17. Yard sign in front of home [ ] Yes [ ] No
  18. Immediate possession available [ ] Yes [ ] No
  19. Matching stainless steel appliances [ ] Yes [ ] No
  20. Refrigerator included [ ] Yes [ ] No
  21. Home has granite counter tops [ ] Yes [ ] No
  22. Home features a 2 story entry [ ] Yes [ ] No
  23. Home sits on a desirable cul-de-sac lot or similar lot [ ] Yes [ ] No
  24. Home has a finished basement [ ] Yes [ ] No
  25. Home has a walkout basement [ ] Yes [ ] No
  26. Home has neutral matching d├ęcor [ ] Yes [ ] No
  27. Home has great curb appeal [ ] Yes [ ] No
  28. Seller has pre-ordered an appraisal [ ] Yes [ ] No
  29. Seller has pre-ordered an inspection [ ] Yes [ ] No
  30. Seller is offering a Home Protection Plan [ ] Yes [ ] No
  31. No required contingencies are involved [ ] Yes [ ] No
  32. Seller will complete obvious repairs [ ] Yes [ ] No
  33. Seller has signed the Saleability Checklist [ ] Yes [ ] No

RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

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