Hi folks. Earlier today I was preparing my listing presentation for an appointment tomorrow morning. It reminded me of why I LOVE working expired listing.
First, if you solicit expired listings everyday you will get appointments. In fact, you’ll get a bunch of them. And that’s a good thing as I get to spend a lot of time researching the MLS and practicing my presentation.
And secondly, expired listings are challenging. The reason the listing has expired is almost always pricing. I don’t care how good the REALTOR® was if they didn’t price the property properly…it will expire. Then I get to step in.
Getting Sellers to price properly can be a big challenge. Fortunately, it’s the part of my job I enjoy the must. It’s a real good feeling when you can get the Seller to “see the light”.
Surprisingly it’s not as difficult as you would think. More times than not the Sellers are ready to listen to reason by the time I get there. After all, I’m always the second REALTOR® and sometimes the third or fourth. So they have already experienced a period of no showings.
By the time I get there they are usually a little more anxious to get their property sold and move on with their life.
The Seller, I am meeting with tomorrow morning, has already had their property on the market for 8 months. There have been no showings.
My challenge is that the property is currently listed at $182,500 and my analysis tells me it needs to be at $125,000!!! And that assumes it’s in excellent condition.
So, my goal tomorrow, is to get a 30% price reduction. That’s a pretty substantial reduction but is certainly achievable. They have enough equity to price right I just have to present the cold hard facts and get them to agree. It should be fun.
The sad part is that if they would have priced at around $150,000 or so, when they first placed it on the market, it would probably have already sold. By overpricing they have already cost themselves about $30,000, or 20%.
That’s the reality, that as a professional, I have to get them to understand. It’s a tuff job but it’s why people pay me.
So folks, if you need experience with listing presentations and pricing, my advice is to start working the expired listings market. You may not be able to list them all but you will certainly get a great education. So go for it! I know I will.
I’ll come back tomorrow and let you know how I did. Think I can do it? I do.
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