I was thinking about expired listings today and how much I am dedicated to helping them, even if much of the time they do not want my help. Being from Boston my whole life, I began to think about the great movie, Good Will Hunting. For those of you who have never seen this movie... you should. It is inspirational, in your face and honest (For a brief summary check out IMDB.com).

There is one scene in particular where the lines remind me of how an expired listing must feel after 90, 180, 365 or however many days on market with a real estate agent who promised them a quick sell. Will is a young, brilliant man who had a troubled up bringing. Sean is his psychologist, court ordered, who has broken him down after discovering he was beaten growing up, which brings us to these lines:

Sean: It's not your fault.
Will: [Softly, still staring off] I know...
Sean: No you don't. It's not your fault.
Will: [Serious] I know.
Sean: No. Listen to me son. It's not your fault.
Will: I know that.
Sean: It's not your fault.
[Will is silent, eyes closed]

This is the truth, as I see it, when it comes to expired listings. It is never an expired listings fault unless a real estate agent allows it to be. Did it not sell because it was overpriced? That is the agent's fault, not the sellers. An agent should never buy a listing in hopes of getting price reductions, because then the agent is setting the listing up for failure from the beginning. Was the property priced right, but there seemed to be no activity? This too is the agent's fault, not the sellers. An agent should set realistic expectations for a seller in their listing presentation. A seller should know EXACTLY what the agent will do and how they will do it.

PROPERTY POSITIONING

A seller should completely understand the market after a listing presentation and should understand exactly where their home fits on the current market. This is accomplished through research done by the real estate agent: market statistics, absorption rates, expired listings, recently sold listings, under agreement listings, active listings, days on market and more.

MARKETING

The real estate agent should also set forth a marketing plan to set expectations for the seller. The seller should know what type of internet presence, print presence and personal presence that agent will be providing. If no expectations are set then the agent is setting themselves and the seller up for misunderstandings.

In the end, as a seller make sure you have expectations set prior to listing with an agent. If your house doesn't sell, it's not your fault because the expectations that were set for you from the beginning did not get the job done. There's another line from Good Will Hunting that I'll end this post with:

"My boy's wicked smart!"

Why did I leave you with that line?

The way we work at Smart Homes Boston is "wicked smart" so allow me to set some high expectations for you.