Expert: liznarr - 6/2/2010

Question
Hi,

I've had my home for sale on the market for over a year and I'm taking it off the market for about six months, then putting it back on early 2011.

I'd rather ask you this question than my Realtor: I think it's best to put it back on the market early next year under an entirely new listing. How much does this cost, generally, to create a new listing, rather than put the old listing back into play after having the home off the market for 6 months?

Would my Realtor be justified in not opting to create a new listing?

Perhaps new photos should be taken too, with new angles.

Any other suggestions, besides some more favorable staging?

I don't want to dump my existing Realtor because he seems reasonable (although not always prompt in returning my e-mails), but maybe I'd sell it faster by going with a new Realtor after taking it off the market for 6 months.

Your thoughts?
Thanks,
Roger

Answer
Hi Roger,

In my area, it does not cost an agent anything to generate a new listing.  We pay quarterly fees, and there are no “per” fees.  

I think to take your house off the market because it has been on the market for over a year, and then put it back in MLS in about six months, is the wrong thing to do.  We are in an awful market right now, and it only takes ONE certain buyer.  If your house is not actively listed when possibly “the” buyer comes along, you will have missed an opportunity for a sale.

I say this from years of experience, and a very recent one.  I have a property listed that has been on the market for about 18 months. My Seller wanted to withdraw recently and put it back in MLS in a couple months.  I strongly advised against it because of the exact same reason I explained to you above.

Bottom line:  My seller is closing in ten days now.  “THE” buyer came along and is purchasing his home.

If your photos are not good photos, then certainly new photos might help.

What helps is to keep your listing in front of other Realtors.  In my area, we use a computer-based MLS system only.  When a property has a price reduction, no matter how much or how little the reduction is, the listing goes out to clients and customers of all agents who have generated a “prospect search” for a certain criteria.  If your home were in a certain search criteria of price range, each time you reduce by even $500, your listing will appear as a price change and go out to the prospects/clients of all agents in the MLS system who have searches with criteria that fits your home.  Much like TV advertising, repetition can pay off.   Therefore, by making periodic reductions of $500, $5,000, or whatever amount, you keep your listing in front of other agents.  Ask your agent if your area uses a system like this.  The system in my area is called XMLS.

If you think your current Realtor is doing a good job, but just not responding to your emails timely, have a talk with him.  If he’s not willing to improve that “bad behavior,” let him know you are prepared to move the listing when it is due to expire.  Do, however, make sure any agent you might next list with has a very clear understanding of what you expect.

Realtors are under a duty and obligation to follow a client’s LEGAL instructions.  If you want your listing taken out and put back in as a new listing, I would say your agent has an obligation to follow your instructions, because this instruction is not illegal.  The local MLS service may have rules about not taking it out and immediately putting it back in (some have waiting periods of, say, ten days), but other than that, your Realtor should not refuse your LEGAL request.

Hope the above is helpful.
Regards,
Elizabeth