Close but no cigar? A Second Chance at Selling

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Published Date 10/18/2024

Cartons of milk expire. Medications expire. Heck — even people expire. And guess what? Home sellers whose homes did not get the kind of attention that led to a sale will want to know that a listing can expire. So what does it mean?

Realtor.com’s Julie Taylor explains how, in a nutshell, the contract you have with your listing agent includes an expiration date — typically three to six months from the day you signed on the dotted line. “Once this agreement expires, your real estate agent no longer represents you. It also means your listing will officially no longer be for sale, as it will be removed from platforms like Realtor.com. It will also be removed from the multiple listing service, also called the MLS.”

Here is an example: A couple had always dreamed of downsizing after their children left for college. When they finally decided to list their suburban family home, they were confident it would sell quickly. After all, it was in a desirable neighborhood with excellent schools. They chose an agent based on a friend's recommendation and set what they thought was a competitive price.

Six months later, their listing expired without a single offer. Frustrated and disheartened, the couple realized they needed a fresh perspective. They interviewed several agents, eventually choosing an agent who had a stellar track record of selling homes in their area.

During their first meeting, the agent gently explained that their initial listing price had been too high, causing potential buyers to overlook the property. She presented a comprehensive market analysis, showing how similar homes in the area had sold for less than the couples' original asking price. It was a tough pill for the couple to swallow, since they had emotional attachments to the house and thought it was worth more. But the agent’s data was eye-opening. The experience ended with the home selling within two weeks of relisting. The couple received multiple offers and sold their home for a price they were happy with.

Taylor says if your listing has expired, it's crucial to reassess your approach. Consider whether you want to keep your home on the market or take a break. If you decide to relist, you'll need to create a new MLS listing.

She says you need to decide whether to stick with your current agent or find a new one — another important consideration. Have an honest conversation with your agent about why the home didn't sell and what could be done differently. If they don't offer fresh ideas or strategies, it might be time to explore other options.

Once your listing expires, other agents may contact you with their services. Take the time to interview multiple agents, asking about their experience with expired listings and their strategies for selling your specific property. Look for someone who listens to your concerns and has a proven track record of selling homes within their target timeframe.

Whether you choose a new agent or stick with your current one, make sure they have a solid plan. Ask about their pricing strategy, staging recommendations, and marketing approach. A good agent should have innovative ideas to attract potential buyers and generate excitement about your property.

It's important to note that even if your contract has expired, there might be a "commission protection period" clause. This could mean your original agent is still entitled to a commission if the home sells within a specific timeframe. Always check your contract and understand these terms before moving forward with a new agent or strategy.

Realtor, TBWS

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