When your real estate listing is near expiring, it essentially means that the contract with your listing agent has run its course without the home selling. Most listing agreements are about six months. Once this period has passed, your agent is no longer your representative. The home is removed from the multiple listing service (MLS). However, your real estate agent may have a list of potential buyers shown the home during the listing period. In that event, your Realtor must promptly submit a list of these excluded parties. If one of these buyers purchases your home during the time frame noted on your listing agreement, your original listing agent will be owed a commission.
When your listing expires, you must make crucial decisions: Will you be taking your home off the market? If you are going to relist, begin to research top real estate agents in your neighborhood. If you decide to relist, you must determine whether to stick with your current agent or find a new one. Discuss with your agent why the home hasn’t sold and what they recommend to improve its appeal. Once your listing expires, you can begin interviewing other agents. Now that your contract has expired, other agents can legally offer their services. At this time, expect to receive countless calls from dozens, if not hundreds, of hungry real estate agents hoping to secure your listing. After several days, these calls will die down. It’s crucial to interview several agents, discuss your home’s history, and ensure they have a solid plan, whether pricing adjustments, staging, or a new marketing plan. Selecting the right agent with a proven track record can be the key to successfully selling your home.
