This one is for the real estate keeners….
When to use it:
It’s common for sellers to want to “test” the market by listing their property above market value. While this rarely leads to a successful sale, it’s all a part of their process.
Depending on the specific market conditions, if the property doesn’t sell within 3 – 4 weeks and showing requests have stopped, I typically recommend cancelling the existing listing and relisting at a more attractive price. The process takes place within a few hours with minimal delay on MLS.
The new listing will likely be at a lower price, and may include reorganized photos and a refreshed description. The goal is to take all the valuable feedback from the past showings and proactively address them in the new listing.
Why not just do a price reduction?
A price reduction is visible to the buyers, and a buyer might wonder why the property hasn’t sold. Have you ever seen what appears to be a perfectly nice property for sale on MLS for 120 days and wondered, what’s wrong with it? Is the seller difficult? Are the photos fake?
For the average property, being listed for too long just doesn’t feel right for buyers, and brings up unnecessary doubts that are easily avoidable.
A cancel and relist, however, looks like a fresh and new listing. The “days on market” is reset back to zero, and the average buyer will not see the MLS history unless their agent shows it to them.
Tips:
While I always recommend pricing slightly lower as opposed to higher than market value, if you’re a seller who wants to test the market, have a conversation about potential next steps and what a “cancel and relist” might look like. Being flexible and receptive to feedback usually leads to the optimal outcome and most favourable experience.
Contact me for more listing strategy tips & tricks.
Vassi Balatico / 778-688-4948 / vassi@vassibalatico.com