Learn how to convert expired listings
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.
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