Selling a home is hard work. There is a lot of planning, cleaning and strategizing involved. Things don't always go as expected in the real estate world. When a home is left on the market for too long, it begins to lose its credibility, according to Realtor.com. When this happens, many sellers consider relisting the home.
Relisting a home means taking it off the market, waiting for a period of time, and then putting it back up with a new listing number. Creating a new listing will generate more attention. However, the key in this technique is to make sure the seller doesn't make the same mistakes that held the home from being sold the first time.
There are many things a seller can do to make the new listing the best it can be. Two of the most important ones are finding the right agent and making sure the home is being sold at the right price.
Working with a good agent
Relisting a home can get complicated if the situation calls for a new agent. When sellers and agents clash or sellers don't think an agent is working in their best interest, their best option is to talk to the broker, the firm the agent belongs to, about switching agents, according to SFGate.
Bankrate stresses the importance of having the right agent. The right agent should be able to market the home in the way that will generate a good sale.
"My experience when sellers come to me needing to relist their home is that 90 percent of the time it is because they did not interview multiple Realtors, ask the pertinent questions, and pick the right one for their needs," Deb Tomaro, an Indiana Re/Max agent, told Bankrate.
Bringing on a new real estate agent brings a new person to look at the situation with a fresh point of view. However, it is important to be upfront with that person about issues the home has had in the past.
According to SFGate, all arrangements with the first agent should be squared away before bringing on a second agent. The new agent should also know about the terms of the seller's agreement with the initial agent.
The price is right
Bankrate explains that many sellers worry they priced their home too high if it doesn't sell. This is the case sometimes, but not always. Brad Malow, a New York City agent at Rutenberg Realty told Bankrate that if 40 people see a house without making an offer, the house is probably overpriced.
Lowering the price slightly is usually enough to gain more attention, according to Realtor.com. Many people set up email alerts for homes within a certain price range. If the price is lowered to just under the next typical price bracket, buyers may see the property for the first time in an email alert.
Relisting a home can be frustrating and stressful. By working with an agent that understands how to successfully market the home and finding the right price bracket for both the seller and the buyer, the process will go a lot faster.