According to the Washington Post, the national real estate market looks just as hot this year as it was in 2021. Listing volume last month was down 28% from listing volume in January 2021. Homes sell as soon as listed, or at least it seems like they do. However, expired listings will always exist even with low listing volume and high buyer demand.
It’s easy to review newly expired listings in your farm area; a few clicks on your local MLS populate all of the information you need. So, you find the lapsed listings, now what? This niche of sellers is likely tired, frustrated, or emotionally attached to their homes. When it comes to challenging listings, sellers want a real estate agent who can “walk the walk” instead of “talk the talk.”
Here are a few things to include when preparing an expired listing packet for a frustrated seller.
Expected Price Range
An expired listing leaves sellers speculating why their property didn’t sell. They want to blame something, and it’s usually the list price. Whether their previous agent decided to price the home or the seller did, the point is moot. Providing a price range in your expired listing packet helps win the seller over.
A price range gives your potential client an idea of what they can walk away with when they sell. The pricing also shows the seller several ways their home selling journey can unfold, which doesn’t have to end with no sale.
Detailed Marketing Plans
A competitive marketing strategy is necessary for generating enough buyer traffic for an expired listing. If price isn’t to blame for a dead listing, lack of marketing is the next likely suspect. Highlight your marketing plans with a leave-behind listing brochure.
Stand out with professional real estate images.
If the previous agent didn’t use professional photography, you have a tremendous opportunity to impress the sellers with your real estate images. Professional real estate images sell listings faster and for more money than listings that use amateur photos.
Take it from Keller Williams agent, Jeremy Katz, who took on a listing that sat on the market for 180 days: “I re-shot it with Virtuance. Within the first week, we received six offers, went under contract in one week, and sold for $40,000 over asking price.”
Show your potential clients that you use marketing tools like professional real estate photography, a single property website, 3D tours, and more. Preparing marketing plans specific to the listing is your best opportunity to demonstrate you’ll do everything you can to get their home in front of the right buyers.
Expired Listing Script
An expired listing appointment isn’t one where you can just “wing” your presentation. The seller already went through the wringer with their previous agent. It’s crucial to have a tailored script for your expired listing appointment. Your script should address the seller’s pain points and detail what you plan to do differently.
And practice! Don’t forget to practice. Many agents may miss out on converting listing leads because of a lack of preparation.
Additionally, you could make use of expired listing letters if you don’t believe you’ll secure the listing in one appointment. In some cases, it may be prudent to include a document that describes the current market conditions along with any listing remarks for your prospective client. That way, they can take their time to imagine what the sales process would look like with you as their real estate agent.
Listing Agreement
It’s challenging to secure a listing without providing a listing agreement. After discussing the appropriate price range and presenting your marketing plan, ask the seller if they have any more questions for you.
If things feel wrapped up, it’s reasonable to ask the seller if you can take control of their listing. You can then offer them a contract to review and sign. This is the most effective strategy to ensure you walk away with the expired listing.
Bonus!
Here are 15 things you should bring to every listing appointment:
- A competitive market analysis
- Your range of value
- Client testimonials
- Multiple net sheets
- Your unique selling proposition
- An eye-catching listing presentation
- Confidence
- Business Cards
- A tablet or notebook
- An appointment schedule
- Your listening ears
- Printed marketing materials
- A video of the exterior
- Compliments about the home
- The listing contract
