"Re-Listing" expired listings may be easier than you think…Think about it…At least you know for certain they wanted or needed to sell at one time…Below are ways to help Sellers re-discover their enthusiasm for getting their home SOLD!
Six Steps to Listing Expired Listings -
- Check TMLS daily and
contact Seller the day a listing expires.
- Focus on proving to the
sellers how you are different; remember they’ve just been disappointed by
another real estate salesperson. (Use this dialogue: “I am sure you had a
great agent before but there must be something they missed; maybe a fresh
set of eyes can uncover the reason why your home has not sold. Will you
allow me to come by and do an assessment of your property?”)
- Provide some value
immediately; a comprehensive market analysis will convince sellers you are
serious. Have charts and stats ready to show current market conditions
- Promise and provide a
marketing plan within 48 hours.
- Provide a list of what
you will do in the first four weeks to sell their home.
- Promise to communicate with them at a minimum of once a week for feedback and a general discussion of activities.
Vacant, Stigmatized, and Neglected Properties
- Find owners by checking TAX
RECORDS.
- Devise a good letter of introduction
and write the owner to see if they are interested in selling.
- Determine why the house
is stigmatized—environmental problems, lawsuits, or insufficient funds.
- Verify the causes of
problems if you can; check for pending suits, liens, environmental
reports, and foreclosures.
- Determine if and at what cost the problem can be corrected.
Environmental problems can be resolved, although the cost
may be more than the house is worth. Ask if the owner has gotten an estimate
for remediation. If the house is neglected, suggest selling it as a fixer-upper
or even a teardown if the price is adjusted accordingly.
Homebuilders:
The New Homes market has finally started to revitalize
itself in our area. When the New Homes Market stalled, some new homes were staying
on the market until they expired and then were rented by the builder. These
types of homes could most likely sell in todays improved market. Check the TMLS
for New Construction Expired Listings where the Builders still own them. This
involves some research but if their REALTOR has not renewed the Listing
Agreement it may be an opportunity for you.
- Learn about home
building. Understanding builders’ terminology and processes gives you
credibility.
- Find out who is building
in your area. Pull building permits down at city hall, check ads for new
construction, or drive around the neighborhoods you cover.
- Stress how you intend to focus part of your business on new construction.
4 Other Hot Seller Sources:
- Personnel Directors-
Human Resource Directors
- Investor and Landlord
groups—might be interested in buying homes to hold and rent or selling
current ones they own.
- Government agencies—need
to dispose of properties acquired in tax sales and drug seizures.
- Probate, Foreclosure and
divorce attorneys—assist in home sales from estates and for the division
of assets during a divorce.
- Home which were listed
several years ago but didn’t sell--
check for homes which expired 2-3 years ago which have not been
relisted- Even though they didn’t
sell then….the market has changed…they just might now!
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