Recycled Listings.....why I decided to take them after the other Agent couldn't sell them

By
Real Estate Broker/Owner with CELLing Realty CalBRE #01445865

Last week I wrote a Blog about a referral, and how I was still working to get the listings.  Well, yesterday I finally got the paperwork back on 5 of the properties...and have one more to go.  These are all recycled properties...been listed before, and didn't sell.  Then I got a call for a house close to the lots....would I be interested in listing it....another recycled one.  OK, let's finish my week...a FSBO from 2 years ago called me and asked if I would list their property.  6 land Listings and 2 possible houses all this week :)  So, why did I take all these recycled listings?

Lanfor sale in the Cabazon/White Water areas of So Cal

 

 

 

 

 

 

 

 

 

 

 

 

 

When I first started in Real Estate I picked the Cabazon/White Water area and land lots in the Desert Communities by Palm Springs, CA.  I did very well, and learned the area.  At first I didn't have much competition, but later when things were selling well....everybody wanted to sell out here.  Some Agents would say anything to get a listing....and I just shook my head at some of the antics that were going on.  But lately most of these Agents have moved on to easier areas.  Overpriced listings just won't sell, and even the homes/land that were priced right weren't selling.

So fast forward to these listings.....I got all but one of them directly and indirectly, from an old customer, who is also an Agent.  When I called the Sellers I told them that I don't take just any listing anymore, and after I go to the properties I'd let them know what I thought.  We negotiated a few things, and agreed that the prices were reasonable.  We discussed the various scenarios of a buyer, and what types of offers they might expect in Today's Market.  I like to have the Seller know as much as possible up front.  I told them to think about it, and if they agreed to MY terms, then I would list their property.  So today, I have 6 signed listings, 1 waiting for the contract back, and 1 maybe.

Then I got 2 different calls for houses....both of which had also been listed previously.  Again, I told both Sellers the realities of that area, and what I felt we needed to do to even have a chance of getting them sold.  We discussed the unsold inventory of Foreclosures, and how their homes would compare in value and price.  One of these homes will be listed, the other one I am still debating. 

 

Again why did I take these listings?

  • I feel my Market is starting to change-I am getting calls again from buyers as well as sellers.
  • I know the area and I know what land lots have been selling and which ones haven't
  • The new construction is finished for the roundabouts, and there are plans for more growth in the area.
  • Being an e-PRO I know how to use the Internet to effectively Market these properties
  • My Blogging taught me how to do Real Estate Shows(Virtual Tours) and you have the ability to make unlimited Shows the way you want...with your choice of music, verbiage, etc.
  • I like a challenge....and one of the houses is a challenge :)

 

 

  That's why I took these recycled listings....I believe I can sell them  :)

By: Kathy McGraw- CELLing Realty

Comments (22)

Liz Moras Migic
Chilliwack, BC
Chilliwack, British Columbia - Realtor

Ahhh expireds called 'recycled' listings, very interesting...:-)  And congratulations on 6 new listings this week........wow...wow....and wow...:-)

Aug 13, 2008 07:53 PM
Laura Karambelas
Baird & Warner Downers Grove - Downers Grove, IL
Realtor - Downers Grove

Kathy- Congrats on ALL of your new listings!  I like working with expireds because many of the sellers are now willing to price at what the market is telling them to price at! 

Good Luck & I hope you get them all SOLD quickly!

Aug 13, 2008 10:53 PM
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

WooHooooo!!!!!! And it's the right time...that's why.

Aug 14, 2008 04:44 AM
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate

Liz-Now doesn't recycled sound better than expired LOL :)  And if you think about it they are recycled....we are taking something that is old and putting new life into it :)  And thanks for the Wow's....I just know these are going to sell :)

Laura- You said it perfectly...now they are willing to do what the other Agent probably told them to do anyway.  One thing I have noticed though is we have to be careful and not allow the Sellers frustration to carry over into bad mouthing the first Agent.  In this Market even the top Producers have Properties that haven't sold.....I know I do, and I also know I worked very hard to get them sold, and just couldn't.  I would like to know that the second agent realizes that :)

Sally- Yep....it's time :)  I refused so many listings this past year, but these feel right, except one of the houses....I might not take one of them.  I am only listing what I think can sell.

Aug 14, 2008 06:10 AM
Dave Jones
Dave Jones Realty, llc. - Prospect, CT
Broker/Owner - e-PRO Dave Jones Realty llc Prospec

Expireds are plentiful in my area too.  the time is right to get them active again (priced accurately of course) and get them sold.

 

Aug 14, 2008 06:35 AM
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

I do not mind "recycled" listings either. usually they have been through the ringer and are more willing to look at the situation in a more realistic manner so it makes it easier on me and them!

Aug 14, 2008 10:12 AM
Michael Sahlman
www.HomesForVIPs.com - Keller Williams Realty - Miami Beach, FL
e-PRO - Miami Beach Florida Luxury Homes

Sounds like you have your hand on the pulse of your neighborhood. Best of luck!

Aug 14, 2008 11:14 AM
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate

Russell- Yep they will either be more willing to work with you, or so controlling that it will be hard to do your job effectively.....we all want the former one :)

Michael- I do know my area pretty well, and it helps a lot :)

Aug 14, 2008 11:23 AM
Allison Stewart
St.Cloud Homes - Saint Cloud, FL
St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904

Kathy

The weighted decision to list or not to list always hinges on the last statement .."I believe I can sell them"  The perfect summary.  If you don't believe you won't receive.

Aug 14, 2008 09:34 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Kathy, Congratulations on the listings. Your positive attitude will help you  sell in any market. Good luck

Aug 14, 2008 11:04 PM
Janice Sutton
1st Stage Property Transformations - Murrieta, CA
Home Stager - Temecula Murrieta

Good for you Kathy!  Challenging yourself will only make you stronger.  Plus, you are being very "Green" by recycling these expired listings!!  :)

Aug 15, 2008 02:44 AM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Congrats Kathy - I love expired listings - and do very well relisting them - Good attitude also!

Aug 15, 2008 01:08 PM
Lanre-"THE REAL ESTATE FARMER" Folayan
Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

That's great. I am glad that you are getting these listings. Hope you get more and sell them all too. Have a great weekend. Great post.

Aug 15, 2008 04:25 PM
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate

Allison- So true...if we don't think we can sell them, then we are setting everyone up.

Gita- thanks.....I have been working on my Marketing for them, and taking more pictures...I do feel very good about these.

Janice- When did you have a chance to come on here....I know you have been busy staging my house :)  I can't wait till Monday when that one is done, it feels like w whole new listing also :)

Norma-Funny but I have never gone after expireds....these were given to me, and it still was work to get the listings :)

Lanre-Well hello, how have you been? Thanks ......and I hope you too have a great week-end.

Aug 15, 2008 04:38 PM
x x
x - Mesa, AZ

Hi Kathy, Great Post!

Maybe Expireds are a new natural niche for you to pursue.

Alot of my experience has been with Expireds and I find that there is a certain level of leverage that an agent has in taking the listing. Isn't it wonderful?   You now have the ability to give the clients a more market tested price and advice on how to sell the home, which of course means you are in a position to really serve your clients by selling their home...  Go get em!!

All the Best,

Aug 15, 2008 06:07 PM
Lorraine or Loretta Kratz
Crescent Moon Realty, Inc. & Land N Sea Auctions. - San Marcos, CA
Certified Negotiation Consultants

Kathy:

Glad to hear that your market is starting to turn around. It does take time, and the saying goes that if you can be patience all good things will come to you. How long is the marketing time for land in your area?

Aug 16, 2008 02:56 AM
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate

Lorraine- Thanks...and I was just in your area last week...I don't think you were hit as hard as we were out here.  Anyway, the land lots that are priced right (these are only 27,500 for 13,000 sq ft lots) should sell within a few months.  The ones that are higher priced have been on the Market for about a year.  We've sold a few of the ones that are under 30K, but nothing above it.

Aug 16, 2008 05:09 AM
Barb Van Stensel
Chicago, IL

Way to go Kathy!

Aug 16, 2008 06:04 AM
Lynnette Phillips Real Estate Consultant
Yucaipa, CA

Wow, a niche I never thought of! Glad things are looking up.

Aug 17, 2008 06:11 AM
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate

Barb- Thanks :)  Now the real work begins......

Lynette- I typically don't go after these...but these just came to me :)

Aug 17, 2008 08:21 AM