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Learn how to convert expired listings

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Red sign in the shape of a home with white arrow and white text: HOME FOR SALE

05/18/2016 | Author: Editorial Staff

Expired listings on your MLS can be a great source of strong leads for your business. With a bit of strategy, you can convert these leads into your own listings.

First, consider why the expired listings might have gone unsold and determine which of these listings are the best prospects.

The easiest issues to spot are flaws in marketing or presentation. Maybe with better photos and a strong marketing plan the property will be easier to sell, but you should also be prepared to sit down with the seller to get a fuller picture of why the previous listing expired.

Next, contact the seller—but only if the listing is still expired in the MLS. Otherwise, you may be found in violation of Article 16 of the Code of Ethics for interfering with an exclusive representation agreement. Presuming the listing is expired, ask the seller to describe, in his or her own words, why the home didn't sell. Pay attention for details such as how many showings there were or if offers were made but turned down. Gauge how flexible the seller might be if you think the listing could require a price reduction or more aggressive negotiation with potential buyers. If the seller thinks that nothing needs to change to sell the property, consider what options that leaves you with if you were to take the listing.

Once all these issues are covered, if you feel confident you can convert the listing, only then is it time to have them sign a new Residential Real Estate Listing Agreement, Exclusive Right to Sell form with you.

Categories: Business tips, Homeowners
Tags: generating leads, listings, business tips

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Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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