In today's real estate market one word is definitely getting its 15 minutes of fame: expired.
With so much inventory on the market, you can bet not all of it is getting sold as fast as sellers would like. This might sound like an ugly situation, but actually this is a golden opportunity for eager brokers and agents to profit handsomely. The key is getting those expired listings.
Certainly, you have to act fast. Remember, lots of other agents have access to the expired listings, too. Beat them to the punch and when you do, explain to the seller that his phone and doorbell are going to be ringing often and loudly, but that he can ignore all those other agents because you're the one who can help.
And don't fret if you fail to get those newly expired listings. Instead, go after the older expireds. One of my clients in Wyoming entered the market as a brand new agent with no name recognition, and within one year she rose to become the top seller in her market primarily because she called on expired that were at least three months old. She has built her business on old expireds. If a new agent can do it, you can too!
So how do you convert expireds into fresh new listings? By asking the right questions, so you can better understand sellers and find their motivation.
And here they are:
1. Why do you think the home didn't sell?
Then listen like you've never listened before, because what comes out of his mouth will be your plan. He'll be explaining specifically what you need to overcome to sell the home. Simply rephrase what he said so he knows you listened, and then talk about your experience clearing those hurdles.
2. Did you get any offers?
Again, the answer will be very telling: one, it will tell you if the seller is flexible or not. If he turned down several offers, perhaps he's not flexible enough. If he didn't get many or any offers, the listing was likely priced too high. Getting answers to this question will help craft a more effective marketing strategy to sell the home quickly.
3. How many showings did you have?
If a lot, staging is likely a problem. Freshen things up a bit; new paint, cleaner windows, a spruced up yard. And if there weren't many or any showings, then it's probably priced too high.
4. How did the past agent market your home?
Listen intently for areas where you believe the agent failed and where you can excel. The seller needs to know specifics and how you approach selling a home differently than what has been done before. And whatever you do, avoid bad-mouthing the other agent or company. Instead, focus on your skills and experience, and how they differ from other agents.
5. What changes are you willing to make to sell?
The answer will either send you packing (so that you don't waste your time with a non-motivated or difficult client) or keep you in the game. If he's willing to make changes, you have to be upfront and explain in detail what needs to be done (along with the costs) to get the home sold.
Finally, a word of caution:
Be empathetic when dealing with sellers who have expired listings. Agents are likely not going to be on their "favorite people" list because they didn't get what they wanted. Knowing that, and then focusing on their needs, will go a long way toward building a good relationship and a quicker sale.
Best of luck to you!
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Bob Corcoran is a nationally recognized speaker and author who is founder and president of Corcoran Consulting Inc. (CorcoranCoaching.com, 800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into the residential or commercial broker or agent's existing practice.