Here’s a secret about expired listings. Expired listings are almost ALWAYS over priced. That’s why they are expired.
E$pired listings are without a doubt my favorite type of lead. These Sellers have already decided to sell and they’ve already decided to use a broker.
The only hurdle left is to get the price right. That being the case it’s important to establish quickly if this is possible or not.
A CMA (Comparable Market Analysis) for a property that has expired should be short, sweet and to the point. No need to go overboard. A good technique is to arrive at a “range” of where you know the property will sell.
The idea is to make sure the seller is willing and able to make the proper price adjustment BEFORE you spend a ton of time arriving at a more precise price.
Why? Well…. the property was overpriced. This means either the seller was unrealistic about price or they were given bad advice by an inexperienced agent. The first seller will be more difficult than the second.
An example would be an expired listing that was priced at $500,000 that’s worth $325,000. All you really need to know is that the property should sell in the $300,000 to $350,000 range.
If you give the seller this price range you will know almost immediately, by their reaction, if you have a chance of getting the property priced right or if you just need to walk. If you feel the seller is receptive to pricing right then get serious and do a full blown analysis.
Good listers can establish this stuff during a phone call. No need to set an appointment unless we know for a fact we can get the price right. I know my time is valuable. Is yours?
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