Renovation Questions to Consider when Selling Expired Listing Leads!
Summer affords great opportunities to sell those expired listing leads you’ve already acquired as clients. One aspect to discuss with sellers is the level of renovation they’re willing to do on their property. The second aspect to consider is what level of renovation is needed to sell the home at top dollar. They will look to you, as the experienced realtor with knowledge of the market and area to help them make their decisions. Consider these aspects when you sit down to discuss with your sellers in Manhattan and Brooklyn.
Are the sellers already moved out and moved on?
Often, if it’s an expired listing, the sellers could have already moved out of the property they’re trying to sell into their new home. This can be tricky to then consider renovations. Just the thought of that other home that’s been languishing on the market might be a source of considerable frustration to them. So you will need to help them weigh the state of their home and if that contributed to the home not selling the first time around. Or, if it’s in an ok state, were other factors the real culprits behind the listing expiring?
What kind of shape is the home in and what would it realistically take to get it up to par?
Sellers need to think critically about the return of investment if they do any renovations. They will want to place their money into the most effective jobs that will prove most lucrative and not be a waste of their time and resources. You, as the real estate professional can help with this part as well. Offer your expertise on the current state of the market, specifically in their neighborhood. Tell them what comparable homes are going for and if their home is truly comparable in updates with those homes or if it needs some work to get there. Assess what kind of money the expired listing lead seller has to pour into this home and if the price increase would be worth the time and headache of the renovation.
Also with this aspect, you don’t want to leave the home completely as is in almost every case. Homes are meant to be lived in and will be. It was a place where your seller built a life with family or loved ones. There’s nothing wrong with the inevitable wear and tear that happens. However, if your sellers want to leave the home completely “as is”, you’ll have to steer them away from that. It could be part of why the home struggled to sell originally. At least encourage them to paint every room with a fresh coat and spruce up hardwoods that have greyed or dimmed. There’s staging options as well even if the sellers are leaving furniture. You know that homes that look good and present themselves in a good light will sell so much easier and quicker.
Keep these renovation considerations in mind when meeting with expired listing clients this summer!
*ExpLiMO provides high quality leads on a daily basis and offers a unique opportunity for Manhattan and Brooklyn real estate agents to prospect for expired listing leads and grow their business exponentially.