3 Steps to Prepare an Expired Listing to be Relisted
Are you working to build your business and revenue by obtaining expired listings as clients? This pocket in the real estate world is full of potential. But what happens after the seller comes on board as your client? Ideally, you sell their property and sell it quickly. This helps boost your business in two ways. First through revenue and second through your reputation.
So it’s vital that you do indeed sell the property in Manhattan or Brooklyn. Here are a few things to consider as you prepare to relist these expired listings.
1. Check Condition
Go over the condition of the property with the expired listing. Are there 1 or 2 more changes or renovations that the sellers should make before relisting? Perhaps the bathroom is a real eyesore. Explain how it will be worth it for them to invest a little in modernizing that bathroom if it means their home sells and they get that cash. Or perhaps the home needs to be staged properly. Maybe it was an empty shell that was hard for buyers to see the potential. Or it could be that the home was cluttered or mismatched and that was turning buyers off. Either way, talk to the sellers about staging the home to get the most from interested buyers.
2. Review the Market
The second step is to review the market data with your clients. Go in depth in your analysis of comparable properties for sale. What’s helping them sell that this listing might be lacking? Is it cleanliness or a difference in square footage? Is it the amount of light? Again to the first point, encourage the seller to change what they can. But also be realistic that the property might need a slight price drop to sell. It’s worth it to shave a little off if it sells.
3. Develop an exceptional marketing strategy
So much of the work of selling a home these days comes down to the work done online. Evaluate the previous agent’s marketing strategy and pay close attention to how they dealt with online platforms. Were there email campaigns going out? Did they utilize multiple social media outlets? What about the listing photos and open house schedule? Simple things like great lighting and proper staging go so far in selling (or not selling) a home. Or if open houses were at times when a lot of people were working, they probably didn’t see as much foot traffic. And how often were there posts on social media and how professional and engaging was the tone and voice?
Evaluate and analyze the former agent’s strategies to see what can be tweaked or added in to your marketing strategy. Develop a great plan to bring to the sellers to help them feel confident in trusting you and your instincts.
These 3 Steps will help you prepare those expired listings to be relisted on the MLS. And they will help those properties sell as well.
*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.