One thing that we have plenty of in our neck of the woods are expired listings. Many years ago I did some training with the great Floyd Wickman.
In fact I wrote him a note saying that I heard it said: When the student is ready the teacher will come... I asked him what took him so long. I thought he was great 28 years ago I still think he is the greatest.
At any rate he did a session on Expired Listings and how a Property Saleability Checklist would help agents close for a listing appointment and also would give the homeowner great insight into why their home didn't sell.
Our agents use Floyd's Property Saleability Checklist all the time... they love it and they say it not only helps them build rapport but it often is the catalyst for them getting the new listing on the property.
If you are fortunate enough to get the homeowner on the phone you will want to use this dialogue: "Mr. Seller I see that your home has been removed from the market and I'm calling to offer you a Free Saleability Evaluation to determine why your home didn't sell."
Most Sellers will have no clue what you are offering them so do your best to explain the Saleability Checklist to them and close for the appointment.
In the event you are not able to get the homeowner on the phone which is not as easy to do today as it was 35 years ago when I got my license, send the seller a letter offering to do a "Free & No Obligation Salability Evaluation" to help them determine why their home didn't sell.
Here it is:
Property Saleability Checklist For Expired Listings
1. Was your asking price comparable to sold properties similar to yours?
2. How did you arrive at the asking price?
3. Did you receive emails of similar properties as they sold to keep you aware of the current market?
4. How often was the marketing strategy for your property re-evaluated?
5. What reason did your agent give you for your property not selling?
6. How many offers did you receive? What happened to them?
7. Was your attorney willing to have a sit down contract?
8. Did you cooperate with buyers brokers?
9. Did you offer compensation for buyer representation?
10. Did you have a full term listing agreement? (12 Months)
11. Did you offer an above market commission?
12. Did you have a yard sign?
13. Did you offer easy access?
14. Did you offer flexible possession?
15. How many public open houses did you have?
16. What type of internet exposure did you have?
17. Did you receive weekly feedback from your agent?
18. Why did you select the agency you selected to market your home?
19. Why do you feel your home did not sell?
20. If commission & price were not an issue, what two qualities would you be looking for in an agent?
21. What, if anything would stop you from listing with me today?
Flowd Wickman made it very clear that agents not willing to ask questions 19 and 20 should quickly get out of the business.
Once you have completed the evaluation you and the homeowner should be on solid ground and you will have enough information to determine why the house didn't sell and if you want it for the next go round or will it just be another expired listing....
Wondering why your home didn't sell? Feel free to contact us!
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