One of the most obvious niches of real estate, yet also one of the most despised.
Simply put, expired listings represent failure.
Failure to sell.
The reasons are many, but blame typically falls on the listing agent. So naturally, expired owners tend to have a jaded view of real estate agents in general.
On the flip side, the homeowner has tipped his or her hand. By listing, they made it abundantly clear they have a desire to sell their home!
Additionally, they displayed a willingness to work with an agent.
This makes the owner of an expired listing the ideal lead. The moment their listing expires, it becomes a magnet for other agents hoping to jump in and win the re-listing for themselves.
Selling Expireds is a Simple Formula.
Just like taking time to put yourself in a different position to win expired listings, it’s important to help expired listings stand out.
There are a few simple steps you can take to help these homes sell without haggling over price:
#1 Improve the showing condition of the home.
Even without a full staging, a home in good showing condition will sell for more than it would have otherwise. Check out this document published by the NAR about the effects of home staging.
#2 Improve the marketing.
Take better pictures and write better descriptions. Professional photography makes a big difference. The perception owners have of a real camera is far better than your phone, no matter how good your phone may be. Do a full marketing analysis to uncover opportunities other agents missed. Find the unique feature you can highlight to attract interested buyers.
#3 Solve problems holding back a sale
Be a problem solver. Got limited hours you can do showings? Host an engaging open house, and bring a flood of buyers through at once. Coming up with creative solutions to troublesome issues will give you an edge over other agents.
#4 Communicate with the sellers every step of the way
Show the owners you are thinking out of the box. Explain to them what you’re doing differently. Be open and honest. Let them see you working for them.
After you’ve won the listing, work through these steps.
With these tactics, you will not only be able to win expired listings, you will be selling expired listings.
Joe Nickelson is a real estate professional dedicated to helping home buyers and sellers achieve their dreams of owning property, and helping real estate agents stop using the sometimes-vicious tactics that weigh on their consciences. He believes that the Smart Agents books will, quite literally, change people’s lives for the better. Check out his full bio here!