Is the expired owner a villain or victim?

Today for our Tuesday real estate training series we are going to focus on building our listing inventory by converting the expired listing owners.

Even as the market starts to show signs of a rebound, there are still plenty of expired opportunities.

Most agents ignore the expired owners because they make the assumption the expired owner is a villain, an unmotivated seller who overpriced their property and it didn’t sell. So, they got what they deserved!

The first step in achieving success when working with the expired listing owners is to change the way we see them. In our real estate training we see the expired owners as a victim, a seller who had the desire to sell but received bad advice and or bad service from their previous real estate agent. That doesn’t make them a bad person.

If you want to be successful converting the expired listing opportunities you must follow a few simple rules.

1. Get to them first. A serious seller will want to resolve this “problem” quickly and get a new plan in place to achieve their objective. Contact as soon as they expired.
2. Focus on getting an appointment. Don’t try to list the expired owner over the phone, just get the appointment to meet face to face.
3. Find out their true motivation and stay focused on that. To help an expired listing owner they must be motivated to sell and willing to do the things necessary to accomplish that objective.
4. Get them screaming. Most expired owners are angry, frustrated and confused. It’s impossible to make a good decision when they have those feelings. Help them express those feelings so they can move on.
5. Why do they think the property didn’t sell? What do they think the problem is? This will help you determine how to best demonstrate your plan for success.
6. Demonstrate at least 5 things that need to be done differently to get a sale. Photos and comments on the MLS, staging, repairs, etc.

7. ALWAYS reduce the price. 99% of the problem with expired listings can be fixed by adjusting the price to reflect the true market conditions.
8. Offer them a guarantee. Most expired listing owners are reluctant to “get tied” to another agent because they are worried about a repeat of the previous disappointment. Guarantee your work.

If you commit to get the real estate training necessary to HELP the expired listing owner they will HELP you build a pipeline of good salable listings.

All Star Coaching thought for today: A wise man will make more opportunities than he will find!!

Happy expired hunting!!

BF