If you have never been on a listing appointment for an expired listing, then let me tell you when you finally do, you are in for a real treat. The one thing I can tell you about your appointment is that the seller wants to sell. Its your job to find out why it didn't sell and how to fix it all in less than 15 minutes, or it is too late and they move on to the next agent on their list.
I went on a listing appointment last week on an expired listing and I have to admit I was agent number 4 of 4. Personally, I love to go last, because if they haven't already signed, then those other agents hadn't done what they came there to do and that was to list that home and help these people get it sold.
But, today was different. I was on the defensive from the start. They said they had already picked the agent they were listing with and they just wanted to give me a fair chance. I then told them, "Well let me put my comps away and my listing presentation away, because I'm not going to waste your time or mine." (I do this because I know it relaxes them, thinking I'm not going to try to sell them on me.)
Then I said, "If you don't mind though, I would love to sit and chat and find out what made you choose that agent, so I can improve my business and maybe be better during the next listing presentation I do?" They agreed and this is where the fun began!
This home had been on the market for 8 months with only 2 price reductions. The home was a fine home, but I felt about $20,000 over priced from everything else I saw sell in the neighborhood of this home. I decided to ask, "So, what was it about this agent that really impressed you?" They said, "This agent had great marketing and has been in business only a couple years, but has a marketing background and thought they could not only get us the previous asking price, but even raise the listing price by $40,000."
OK, I was pretty much done here and only asked a few more questions, just to make it look like I wasn't insulting them, or this other agent. But, how in the world does this agent think that they are going to get $40,000 more for a property that hasn't had anything done to it and has already been on the market 8 months? This agent lied to them to get the listing and NO buyer's agent will ever show this property. As soon as they look at the MLS history and see that the home was $40,000 cheaper 2 weeks ago, why on earth would they show it now?
So if you are a seller and you think it sounds too good to be true, it's because it is. A listing agent can't sell a home for $40,000 more than what it wouldn't sell for 3 months ago. (At least not in this market.) If you want to make more money on your property from the sale, may I suggest you look in to Owner Financing?
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