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Listing an Expired Listing

By
Real Estate Agent with America's 1st Choice RH Realty Co., Inc.

We all go after expired listings when a home has failed to sell during a previous listing period.  There are a number of reasons why a home will not sell and some of them are listed below:

  • Location
  • Price
  • Size
  • Weak buyer base
  • Defects
  • Curb appeal

There are more reasons obviously, but as an "Active Rain Addict" I figured you will add to this list.  Please feel free to do so.

When I meet with a prospect and attempt to pick up a listing after it has expired with another agent there are a few simple questions I ask to gain insight into the seller's perception about their previous listing experience.  The answers to these questions may or may not be fact... but if something is perceived in the mind of the seller... then it is fact (to them).  Here are some of the questions I ask:

  • What do you feel your previous agent could have done to market your home better?
  • How did your previous agent communicate with you?
  • What kinds of feedback did you get from your agent regarding comments made during open house showings?
  • What do you think we can do to improve the marketing of your home?

None of these questions are intended to knock the previous agent.  They most certainly entered into the listing agreement with every intention to market the home in the best way possible.  We all know there are reasons why good homes don't sell... and we need to learn what some of those reasons might have been so we can improve our chances of being successful

Again, these are only a few of the questions I present in my meeting with a seller who has had his/her home listed with another agent.  I'm sure you can add to this list and I welcome your comments.  I'm looking forward to hearing other approaches.

 The end result of this meeting is that you will get valuable information from the seller and have an opportunity to make a stronger impression during your listing period.  It is an important skill to be able to "listen" to your clients and learn from them!

Comments(19)

Ryan Hukill - Edmond
405home @ ERA Courtyard - Edmond, OK
Realtor, Team Lead

I've found that communication and lack of feedback are the biggest complaints that sellers have about their agents.  If you can stand out in those areas, you'll impress the sellers every time.

Aug 19, 2008 02:47 AM
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

I find it hard to give feedback when I really don't have anything new to tell them.  But I know you are correct.

Aug 19, 2008 02:50 AM
Carol Swain
Keller Williams Real Estate - Langhorne, PA
Realtor, -www.swainsells.com- Bucks County, Pa

The majority of Expireds that I see are because of price.  The sellers think their home is worth more than it is. 

Aug 19, 2008 02:52 AM
Aaron Cullen
Brokers Inc. Residential Real estate - Folsom, CA
Folsom, El Dorado Hills & Sacramento Real Estate &

It is all about price.  Every home has a selling price, albeit typically lower than the sell wants to see, but there are a lot of choices out there and price is key. Good luck!

Aug 19, 2008 03:03 AM
TheMillsTeam YourSebringRealtors
Advantage Realty #1 - Sebring, FL
863-212-5441

Ryan, I found the same thing to be true; most sellers complain about lack of communication and feedback. However, that's not the reason why their home didn't sell.

Price and Marketing are the two key elements that need to be in place in order to successfully sell a home. One doesn't work without the other.

Aug 19, 2008 03:15 AM
Janis Trent
Realty USA Southwest, Inc - Phoenix, AZ

Good Tips.  Communication and Realistic pricing definatley help.

Aug 19, 2008 03:21 AM
Betina Foreman
WJK Realty - Austin, TX
Realtor, C.N.E., with WJK REALTY

I agree with Carol and Arron. Most expireds in my area tend to have been overpriced. There is truth to the old saying " The right price can overcome any objection".

Betina

Aug 19, 2008 03:28 AM
Sandra Workman
Coldwell Banker Realty - Bradley, IL
BBA, Broker, CRS, GRI, ABR, SFR, CNE, ePRO, CNHS

I am 50/50 about expireds.  I recently had a listing - as the third Realtor.  It still sits on the market even after we've adjusted the price down.  Not sure what else to do to sell it. 

Aug 19, 2008 03:37 AM
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Jon, I heard Lennox Scott, CEO of John L. Scott Real Estate, say the only reason a home doesn't sell is because of the price. Anything will sell if the price is right. Got a dump next to a railroad track, gotta be cheap but someone will buy it at the right price.

Aug 19, 2008 09:19 AM
Jon Wnoroski
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor

Hi all, thank you for your comments.  The general consensus is that "price" is the key factor in why a home does not sell.  I couldn't agree more.  An overpriced home is not a good investment and will be impossible to sell the next time around.

 

Aug 19, 2008 09:26 AM
Florida Private Golf Communities
Golf Life Properties, LLC - Palm Beach Gardens, FL
Finding Home Never Felt Better!

I concur that price is usually the key factor, but also the previous listing agents marketing or lack thereof.  Some agents don't work with a marketing plan and place the property into the MLS and hope for the best.

Aug 19, 2008 09:36 AM
Mike Klijanowicz
Cummings & Co. Realtors - Perry Hall, MD
Associate Broker @ Cummings & Co. Realtors

The top five reasons a home sells!

1.  PRICE!

2.  MARKETING! 

3.  LOCATION!

4.  CONDITION!

5.  THE AGENT YOU SELECT!

Aug 20, 2008 01:24 AM
Dawn LoPresti
United Country/Country Lanes Real Estate - Rutherfordton, NC

Jon-how long to do wait pursue the expired listing in your area?  I agree, price is the major factor here.

Aug 20, 2008 03:00 AM
Jon Wnoroski
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor

Hi Dawn, when I lost this listing the first time around I put it in a MLS search of listings I want to keep an eye on.  The listing ran for 180 days before it expired.  When I saw that it expired on MLS I sent an email to the owner (I already had that from our initial meeting) and let them know I was interested in meeting with them and listing their home.  I also added some information that I thought was helpful.  They returned my email and agreed to meet with me.  After our meeting I had a listing contract signed and am now marketing their property.

Aug 20, 2008 06:45 AM
Jamie R. Bell
Bell Realty Group at Berkshire Hathaway HomeServices NEP - Glastonbury, CT
Your Central CT Realtor

I like Michael's top 5 reasons, Good!!  So how do you overcome the unrealistic seller? Most seasoned agents know that Price is key and location is important but some sellers you can show comp after comp to and they still think their home is worth more even in a down market than, you are recommending.

 

Aug 20, 2008 07:02 AM
Dee Nofziger
|Key Realty | Maumee Toledo Real Estate Blog - Toledo, OH
Maumee Real Estate, Toledo Homes, Key Realty

While the major reason a home doesn't sell is usually price and marketing, the major reason a seller switches agents is lack of communication.

All they really care about is perceiving that you actually care.

 

Aug 20, 2008 01:35 PM
Jon Wnoroski
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor

Hi Dee.  You're right.. communication is the key.  The average time a home is on the market today is longer than it has been in years past.  We not only have to work hard to sell a home but also work hard to keep our client informed.  Price is a factor as well as marketing... but in light of doing all that correctly, competition in the market place can affect the time on market as well.

Aug 20, 2008 02:15 PM
Sandra Carlisle (Ayers)
Berkshire Hathaway California Properties - Newport Beach, CA
Real Estate Marketing & Sales

Very true....   I'd also like to think that marketing has something to do with it, although, market cannot overcome being priced too high, but it can assure that you aren't priced to low.

Aug 20, 2008 03:23 PM
Michael Cather
Rodeo Realty - West Hills, CA
Real Estate Broker

I did not see anyone mention the importance of understanding the sellers motivation to sell.  You may remind them if they don't want to budge on price.  No reduction, no listing - next.

Aug 20, 2008 06:40 PM