The One Thing You Need To Know About Expired Listings

Did You Know?

Did you know there are three dates on the calendar when more listings will expire than almost any other time during the year?

  • June 30th

  • December 30th

  • December 31st

The One Thing You Need To Do…

The one thing that you need to do when pursuing an expired listing is care more about the homeowner than you do about yourself and getting the listing.

They aren’t looking for another salesperson – they need a trusted advisor to listen to their needs, then simply and effectively explain their options.

Mastering the Seller’s Psychology

Understanding a little bit about human psychology is key to your success when interacting with a seller whose listing has expired. Three different behavior patterns you may notice include:

  • Rationalization

    When people don’t get what they want or attain a goal they’ve set, rationalization often sets in.

  • Reaction Formation

    When someone feels one certain way, but acts in another way, they’re displaying a reaction formation.

  • Displacement

    Sometimes people are upset, mad, or annoyed at one person, but they take out their frustrations on another person.

Ask the seller what it was that their previous agent did that bothered the seller? What were the things the previous agent didn’t do that the seller wish they had done?

Through this conversation, you will receive all of the information you need to put together a listing presentation that directly addresses all of the needs specific to this seller and their unique situation.

Things That May Have Prevented the House from Selling

Helping the seller see the things that may have prevented them from selling the house will position you as a trusted advisor who’s there to help – rather than just get the listing.

They certainly don’t want the listing to expire again, so make sure you understand and address the factors that may have prevented the house from selling the first time:

  • Proper Access

  • Visual Aids & Staging

  • Price

Explaining the Seller’s Options

When you meet with someone after the listing has expired, you shouldn’t be trying to convince them to sell their home (that’s what salespeople do).

Instead, you should be helping the seller discover what their options are, explaining the pros and cons of each option, and then letting them make the decision that’s best for them and their family.

Every seller whose listing has expired has four options:

  • Take House Off The Market

  • For-Sale-By-Owner

  • Relist With Current Agent

  • List With You

Bottom Line

Some agents think expired listings are too much work to pursue. But it’s not the listing that’s the issue – it’s the lack of an effective plan.

This means an incredible opportunity for the right agent with the right plan – an agent like you.

Free PDF Download & Video Series

3 Steps to Winning Expired Listings

This eGuide and accompanying 4-part on-demand video series featuring KCM’s Steve Harney and David Childers will provide you with a new understanding of the seller’s mindset and help you create a strategy that turns expired listings into new business.