The Key to Renewing Expired Listings
Expired listings can be one of the most difficult aspects of being an agent. But not all hope is lost if you have one! Even if the seller is pointing figures your way in arguing that you didn’t do enough to sell the property, you have a ton of data, resources and perspectives to consider regarding why the home didn’t sell, which you can use make a plan of action going forward and hopefully get that same client’s business in the future.
DETERMINE WHY THE LISTING DIDN’T SELL
Did the seller insist you price the property higher than you thought it should be listed? What did buyers say about the property? Did any deals fall through and, if so, why? Who was the property being listed to? When was it being listed?
Although some of these factors might rightly be your fault, selling a house is a team effort. If your seller insisted on listing their house for twice what it’s worth, even the most ingenious marketing and outreach efforts are not going to result in success. If the demographics of the neighborhood have significantly changed, you might be marketing the property to the wrong audience.
THINK OUTSIDE THE BOX
Just because your seller is elderly and retired doesn’t mean that that same home can’t make a perfect starter home for a young, growing family. Don’t be afraid to trust your instincts and to be confident in your conclusions.
CREATE A PLAN OF ACTION
Oftentimes, homes that don’t sell require not only a price reduction, but also repairs and maintenance. If you’re passionate about working again with your seller, present a detailed plan. Justify your new price based on comps in the area and your suggestions for repairs and maintenance based on tangible data. Sellers who might have been reluctant to change their price or to put any money into the property might be newly inspired when they realize that their hopes of selling the property quickly have vanished.
TAKE STOCK OF YOUR OWN TIME AND EFFORT
Sometimes, working with a seller who simply won’t budge on price or won’t take any of your suggestions seriously is not worth your time or effort. Your time is money, and sometimes it’s simply not worth your time, expertise and stress.
