An expired listing isn’t the end of the world and it isn’t the end of your relationship with a client. However, you will have to put in a little work to keep the seller’s trust and make sure you do everything you can to get their home sold.
Here are 5 tips for what to do when your listing is about to expire:
1. Check your Multiple Listing Service
Find the average number of days on the market for homes comparable to your listing, and use this figure to demonstrate to the owner that the listing should be extended.
2. Complete a CMA
This can be used to determine whether the price on your listing still reflects the market price. It may be the case that your client is trying to get too much for a property that is not worth it. Try to use these numbers to convince them that the house will be more likely to sell at a lower price.
3. Discuss with your clients what you’ve done to market the house
Develop a new marketing plan with a different approach, and present it to the sellers when you ask for a renewal. Don’t wait until the last minute to discuss a listing extension with your client. Your goal is to build trust, and discussing extension options before the listing expires lets the client know that you are organized and aware of the situation with the expired listing.
4. Try to get information from other real estate agents about your listings
Perhaps you can form a solid relationship with a mentor agent who can give you advice about your listings and give you possible tips for improvement.
5. Earn a referral fee if nothing else
If you don’t think you’ll be able to sell the listing, let a trusted colleague know it’s about to expire, and earn a referral fee.
Using these ideas will have you better equipped to handle a listing that is about to expire and inspire confidence in your client.
How to Approach a FSBO
If you are a new Florida real estate professional, make sure you complete your Post-Licensing Education before your 1st license expiration date. If you are a seasoned veteran, it’s never too early to get your Continuing Education done. Either way, Larson Educational Services has you covered with timely and market-ready information taught in professional classrooms by instructors who care about your success.
Learn more about the courses we have to offer in Fort Myers, Naples or Online at the following link – http://www.larsoned.com/realestate/ – or simply call a friendly Larson representative at (239) 344-7510.
Larson Educational Services looks forward to earning the right to be your real estate school of choice!
Larson Educational Services
1400 Colonial Blvd. Suite 44
Fort Myers, FL 33907