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.