Some real estate professionals specialize in going after expired listings. They relish the idea of working with a seller who may be frustrated and wanting desperately to sell their home. The major challenge, finding a ready seller, isn't a problem. They're not only ready; they've been trying without success.
Let's look at some of the good and not so good points about working with expired listings. And, let's look at a somewhat different approach to getting them to list with you.
Expect Negative Impressions
The fact that the listing has expired indicates there were some problems. Either price, condition, marketing, agent neglect, or any number of factors can be involved. The prospect might not have the highest regard for the real estate professional right now, whether deserved or not. It is more of an opportunity than a problem, as an approach that positions you differently than those who came before will serve you well.
Hire Consultants to Help
This approach is one of a consultant who is available to help the seller in solving their problem: a home that hasn't sold. Success in this business will ultimately result from helping sellers to sell and buyers to buy real estate. Your value isn't as a salesperson, but more as a problem solver. It involves getting to know the prospect and their requirements. Though you can get business from friends and relatives, your long-term success will come from referrals from very satisfied clients who valued your help.
Help the Seller Move Past the Emotional and Toward the Business of Selling
Yes, many sellers love their homes. Emotion and stress are involved in this large transaction and a move to another home or area.
As a professional consultant hired to help them solve their home sale problem, we need to move them away from emotion and toward pragmatic business decisions involving the look, condition, and pricing of their home. The flyer and formula presented here will help that process.
Lead the Seller to a Logical Decision Based on the Facts and Market
This flyer is geared to do a great deal of your work for you before you ever speak to them. The Market/Property Profile Formula shows the forces that influence whether their property sells as well as time on the market. It leads them to understand which forces they can control and which they cannot.
Presenting the formula in the flyer gives them the time to think it through and hopefully come to the realization that changes need to be made by them to get their home sold in a reasonable period of time. When you get the call, just help them with the mechanics.
Offer the Data and Interpretation They Need to Get the Job Done
The flyer leads them to an understanding of how the market works, tells them what they need to know and the data they need then offers that data and the consulting help to interpret it. This is Sales 101:
• Define the problem - The home hasn't sold and why
• Offer solutions - Data and interpretation to make decisions
• Call to action - Your contact information and invitation to help
Arrive at the Appointment Ready to Take the Listing
You're not there to beg for business. You're not there to sell them something. You're not there to bad-mouth the competition. You may shed some light on things they could have done better or didn't do at all, but it is necessary. You're an expert in your field, there to solve their problem and get their home sold.
Arrive with a thorough understanding of what was and wasn't done in the previous listing period. Arrive with solutions for reasons the home didn't sell before. You're there to help them to understand why they're still holding the home and what they need to do to get it sold now. You're there to get the job done with new solutions, and they'll appreciate it.
Bring your listing agreement, camera and whatever else you need to take the listing. You'll be glad you did.