Expireds are great targets to prospect. They're motivated sellers.
In this blog we aren't going to break down the step by step process, we did that here when we discussed the approach and strategies needed. We also went over what it takes and how to smoothly get the owners of expireds to lower their listing price. This is after you already won their listing, but take a look at this blog, because it can be a lot of trouble to get an owner to reduce the price when they need too.
Today we are just going to discuss what exactly to ask expired listings during your listing presentation. You need to make the realize you're the right agent, and in limited time, any questions or discussion that won't trigger that realization can be considered a waste of time. Also really make sure you have a point of difference since they probably have heard from a lot of agents.
Start Off By Asking Them, "In Your Opinion, Why Didn't It Sell"?
This is important so you know what their expectations are and what they need to have addressed. Of course, they are not the expert and may be completely off base. This question will also go a long way to determine if the seller is even worth working with. If they seem like someone who is going to have unreal expectations and can't be talked down, they aren't worth working with.
It should give you insight into if they had been willing to work to stage their home properly and put in enough effort to show their home.
"How Many Showings Have You Had and What Was Your Agent's Reaction?"
This question is going to give you an important reading into the situation. If there has been a bunch of showings, that is not a bad sign. It's a good thing. This means that people are interested in the property.
Feedback from other agents and their customers can help redefine some seller objections and address them better. If the agent or customers showed concern over a certain area or an outdated part, a price reduction could be all that was needed. If staging was the problem, you just need to illustrate to them how important it is to show a well-staged home.
"What Type of Marketing Has Your Home Received?"
If their home seems to have been properly advertised, then it is another sign the price is too high and maybe the condition of the home is poor. That's a bad warning sign, since it may demonstrate they are unwilling to lower their price and it will be a process.
Most likely the other agent did the minimum by just listing the property and submitting the listing to the company to be included in their standard advertising schedule.
This will give you the opportunity to create that point of difference with the other agent. So them your detailed marketing steps and everything you offer.
"Did You Have Any Offers?"
This may be the biggest factor. If they've been turning down offers, it shows they aren't flexible and if you decide it's worth it, are going to have to really do a lot in order to convince them to lower the price. Find out what the offers were and how they were structured. With new information, you will be better equipped to present a pricing and marketing plan that positions this property to sell quickly.
"Will You Help Market and Show the Home More Effectively?"
They may need to repaint some things or even make a couple of repairs. They might need to touch up the yard. This is where they HAVE to work with you. It's not like the listing price, where you can invoke strategies to convince them to lower it. An owner who doesn't put the work in is not worth the time or effort. Simple touch-ups can turn the sale around.
There are more you can ask, but these are what you should focus on, to quickly get a read into this listing.
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!