If you need listings, the quickest and easiest way to ramp up your inventory is to solicit properties that have expired. Generally the property owner has heard lots of promises, and with little or no results. This is a great opportunity to demonstrate your unique selling advantages with cutting edge marketing and strong communication skills. Another standard presentation isn’t going to charm a disgruntled seller, who is ready for results.

Finding expired properties to list is easy if you know where to look. Consider going back to properties listed from several months to 3 years ago of instead of soliciting the latest crop, which many other agents may be calling. The script to use can be as simple as just asking if the property was sold or not. This opens to the door to asking if there is still interest in selling, or if the property owner has any other properties that they might be interested in professionally marketing.

Maximize your efforts by using a consistent property selling “system” to win the expired listing. Several top producers across the country have from 3 to a dozen steps in their strategy to win the opportunity to market the property for the owner.

For positive results, here are a few pointers to build a strong program:

1. Begin with a call asking if the property is still available and if you can interview for the job.

2. Be ready to listen to what the property owner’s expectations are, so that you can meet and then exceed those expectations.

3. Find out how many showings the property had during the initial marketing period, and if there had been any offers. If the seller has turned down a previous offer, find out why so you are clear on their motivation.

4. Ask what the showing comments had been previously communicated about the property from prior showings and if those objections or concerns were addressed.

5. Have a checklist at the listing interview to record what had been done in the previous marketing period and the results. Having a structured list shows the homeowner that your plan is deliberate and focused. This professional step demonstrates your interest and your analysis on how to make the property sell. Very often, there was no real marketing plan, no accountability for implementation of services or feedback given to the property owner by the previous agent.

6. Don’t be afraid to ask the property owner to do those things that will improve the “salability” of the property. Guide the seller with ideas to make the property more presentable for showings. Prepare a list of those things that must be done, should be done and might be completed. Be sure the “a” list is completed before marketing begins. Items to address may include a more competitive price pocket for the property in the current market. Other issues to address is the professional staging of the property, cleaning, painting, lighting, etc. The property owner will be more amenable to guidance if you are prepared, especially when they perceive your intentions are sincere on their behalf.

7. Be prepared to guide the property owner to launch the marketing with a new offering price. The property has expired for a reason. In many cases, it was the value as it competes with the other properties in the current marketplace. There is a strong possibility that the original listing agent may not have presented the market pricing position accurately at the original market time. Or perhaps there has been a strong shift in market values since the property was listed previously and the property owner was never apprised of the shift. In many instances, the property owner will be more receptive to committing to an offering price that is realistic to get the property sold.

8. Have your new marketing strategy in writing with dates for the completion of the each step.

9. In some cases, be prepared to choose not to list the property. If the homeowner is difficult to deal with, the property is in poor showing condition or you haven’t been able to educate the seller on a competitive value to market the property in the present market, you don't want to waste your time or marketing dollars.

10. Sometimes it may take more than a phone call to keep a prospective property owner. Develop a follow up system for contact that keeps your name in front of that property owner.

When you demonstrate to a homeowner a full executable plan for marketing, your guidance to executing that plan and your commitment to both you can be sure there is confidence that this time the sale will occur.

Published: June 25, 2001

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