The Secret to Winning MORE Expired Listings!
Now, back to the concept of listing price, touched on earlier…
Here’s a little secret about expired listings:
You can fight over price up front and lose a listing, OR you can take the listing, show the owners what you are doing to get their home sold, and then discuss a price reduction.
This is a critical aspect of winning expired listings.
Remember, they are very likely sick and tired of being told their home was overpriced. They probably heard it from the last agent, who failed to sell. They’ve likely heard it from other agents hoping to get them to re-list at a lower price.
What happens when YOU ask if they’re sick of all that? Suddenly the owners are all ears!
But it’s important to give reasons why the home didn’t sell, and more important to share what you can do to get it sold.
Here’s an example of the “list it first, price it later” approach in action:
Listing expired at $249,900. The owners conceded they may have been asking too much, and relisted for $239,900. The prior agent worked a full time job elsewhere, and had given them no attention. We worked with the sellers to make the home more attractive and easier to show. After seeing our marketing efforts, and hearing feedback from several buyers, the owners reduced further to $229,900. The home ultimately sold for $225,000.
There’s no way they would have agreed to a drop of $25k up front! Had price been the focus of our first meeting, the chance would have been lost. Once we had proven ourselves, they were much more willing to be flexible.
Sometimes bad or sloppy marketing is the reason a listing expired. Take this story of the home with a million-dollar view:
Late one afternoon, I met the owner of an expired listing. She took me on a tour of the home, as we talked about the previous attempt at selling. Rounding the corner into a large sunroom, I couldn’t believe my eyes! The view out the back was incredible. In a very flat part of the county, this home had a beautiful rolling green hill spreading out to meet a distant tree line. The setting sun splashed brilliant colors on the tree tops. I knew I’d stumbled on the million-dollar view that would sell this home. It only took a moment to start snapping pictures.
Turns out the previous agent hadn’t even posted a single picture of the view. Everything was focused on the house itself. He’d missed the most unique point of this home, and it was priced higher than others in the area. Our marketing featured the view and surrounding property in addition to the house. Caught the eye of a buyer who had dismissed the listing as overpriced originally. Talked over the phone, and worked out a deal. Hadn’t even set foot in the house, but he was already sold.