1. Listing Expireds

2. Listing Expireds Agenda
Develop relationship before listing expires
Get “Invited In”
Diagnose why original marketing plan failed (first step)
Create your prescription for success
Your presentation (second step)
Follow up

3. Develop relationship before listing expires.

4. 1. Develop relationship before listing expires.
Tell me - how do you develop the relationship before the listing expires?
Can someone flipchart our ideas?

5. 1. Develop relationship before listing expires.
When showing and/or previewing properties,
engage the seller in the conversation/tour
demonstrate your interest in the property and your excitement in its best features
leave your business card
report negative showing feedback in positive light
don’t give your opinion on price (say, “The price is fine”)
conduct previews when the seller is home, where they can observe/meet you

6. 1. Develop relationship before listing expires.
Preview listings within 45 days of expiration.
Arrange a time when seller is home.
Ask them to give you a personal tour.
Complete your “Getting to Know You” booklet.
Ask, “Could you take a few minutes to show me around? I don’t want to miss anything.”

7. 1. Develop relationship before listing expires.
Send Just Listed and Just Sold cards to other active listings in your primary markets and/or farm area.
Use non-solicitation disclaimer
Promotes you’re doing business

8. 1. Develop relationship before listing expires.
Invite sellers of active listings to your public Open Houses.
Use non-solicitation disclaimer
They come to shop the competition and you
They’ll invite you in…

9. 1. Develop relationship before listing expires.
Ordered thru Central fulfillment via your Processing Manager or DOORS PMC.
Item #M780
$3.87 per package of 50 postcards

10. Establishing the relationship before the listing expires leads to…Getting Invited In.

11. Project interest and enthusiasm for seller’s property.
2. Get Invited In.
Project interest and enthusiasm for seller’s property.
Express your positive feelings about the market and/or your personal business.
Seller will ask:
“Why do you think my house hasn’t sold?
You respond:
“So, let me get this straight, are you inviting me in to talk with you about why your house hasn’t sold?”
“I’d love to come back. How is Thursday at 7:00 p.m. or would Wednesday be better?”

12. Once you’ve been invited in, now it’s time to diagnose the problem – why didn’t this house sell?

13. 3. Diagnose why original marketing plan failed.
Be the Doctor
Get all the facts first
It isn’t always just about the price

14. 3. Diagnose why original marketing plan failed.
This is your first appointment (it’s a two-step). What would you ask the seller to diagnose why the house didn’t sell?
Can someone flipchart our ideas?

15. 3. Diagnose why original marketing plan failed.
Let’s see if we covered everything that’s listed on the Diagnosis Checklist handout.

16. 3. Diagnose why original marketing plan failed.
First Appointment: Get the Facts
Print out multiple listing of property. Review data and property description prior to appointment.
May I review (collect copies of all items):
Listing agent’s marketing plan
Original property feature sheet; other house display placards
Copies of newspaper, magazine ads (copy & photographs)
Broker X website property promotion
Listing agent’s website
Realtor.com property promotion
Was there a For Sale sign on the property? If yes, was the listing agent’s name and cell phone number on the sign? For remote locations, were directional arrow signs posted on trees?

17. 3. Diagnose why original marketing plan failed.
What were showing instructions and property access during listing period?
What was your showing activity (showings per week)?
What was your list price history?
What feedback have you been given on price?
Did you have a Broker Open House? If yes, what kind of traffic and/or feedback did you get?
Did you have public Open Houses? If yes, what kind of traffic and/or feedback did you get?
What objections have you received from potential buyers?

18. 3. Diagnose why original marketing plan failed.
Have you received any offers?
How often did your listing agent communicate with you?
Did your listing agent recommend you make any improvements to your home? If so, did you make them?
What specific issues do you have with the listing agent and/or company?
Has there been a change in the reason for selling your home?
Did any other factors enter into your marketing agreement with your listing agent?

19. Case Study
Let’s try to diagnose why the marketing plan failed on a specific listing that was about to expire.

20. Case Study Here’s the situation:
I had an Open House and invited a seller whose house wasn’t selling.
The seller invited me in to their home and showed me around.
Using the questions we just went through, I diagnosed why the original marketing plan failed.
I’m going to tell you what I learned. I’d like you to write down your observations on this worksheet.
When I’m done, we’ll break into groups and you’ll create a plan for how Weichert can help.
Ready?

21. Case Study 8 Aspen Court, Anytown, PA
8/4/2 ½ bath/2 car attached garage.
20 year old Colonial on quiet residential street in Anytown, PA
Listed 5 months with 2-person Real Estate Broker in neighboring town
List Price $599,900

22. Case Study 8 Aspen Court, Anytown, PA
Listing broker is 2-person office with part time office hours
Listing broker’s out-of-town office location limits broker networking and exposure
List price to tax assessed value place it in “reasonable” range for pricing
Electric heat
No broker Open House
One public Open House

23. Case Study 8 Aspen Court, Anytown, PA
MLS did not promote or show photos of updates and good structural condition of the 20-year old house which had:
new kitchen
new baths
new siding
new roof
in-ground pool

24. Case Study Now it’s your turn to create your prescription for success:
In groups of 4, write down how Weichert can help this seller.
In 10 minutes we’ll stop and share our ideas.

25. Case Study Your prescription:
We’ll start with one group’s diagnosis of one item
We’ll go around the room and each group can address one item until we’re out of ideas
Then I’ll show you my prescription for how Weichert can help
Which group wants to start?

26. Case Study
Here are my observations and the prescription I created…

27. 4. Prescription for SUCCESS: Your Presentation Case Study #1: 8 Aspen Court, Anytown, PA
Observations:
Listing broker two person office with part time office hours limits access to buyers and broker inquires.
Out of town broker location restricts broker networking and exposure.
How Weichert can help
Local Weichert Office has 80 full time sales associates.
Weichert office hours 7 day per week; 8:30 a.m. to 9:00 p.m. office hour exposure.

28. 4. Prescription for SUCCESS: Your Presentation Case Study #1: 8 Aspen Court, Anytown, PA
Observations:
List price to tax assessed value place it in “reasonable” range for pricing.
How Weichert can help
Adjust list price modestly to reposition house in MLS $597,800.

29. 4. Prescription for SUCCESS: Your Presentation Case Study #1: 8 Aspen Court, Anytown, PA
Observations:
Electric heat source doesn’t appeal to the majority of potential buyers.
How Weichert can help
Seller can offer concession to pay for installation of natural gas heating system. Weichert Sales Associate can obtain bids from local heating contractors, add concession to comment section of MLS and place placard at home with explanation.

30. 4. Prescription for SUCCESS: Your Presentation Case Study #1: 8 Aspen Court, Anytown, PA
Observations:
No broker Open House and only one public Open House.
How Weichert can help
Broker Open House held on new listings
Public Open Houses held weekly with directional signs and balloons

31. 4. Prescription for SUCCESS: Your Presentation Case Study #1: 8 Aspen Court, Anytown, PA
Observations:
Given the house’s age, none of the major structural condition or updates were promoted
New kitchen
New baths
New siding
New roof
In-ground pool
How Weichert can help
Reposition property photos and copy to highlight “like new” property condition
Multiple pictures of exterior, pool/landscaping, new kitchen, baths, etc.

32. So what happened? SOLD $595,000 Within 3 days with Weichert
4. Prescription for SUCCESS: Your Presentation Case Study #1: 8 Aspen Court, Anytown, PA
So what happened?
SOLD $595,000
Within 3 days with
Weichert

33. 4. Prescription for SUCCESS: Your Presentation
Let’s get back to completing your first appointment. You’ve already done your diagnosis.
Before leaving…
Don’t provide any solutions – yet
Leave behind Weichert One brochure
Leave behind your profile/personal information
Set up the 2nd appointment now

34. 4. Create Your Prescription for Success
Now it’s time to do your homework and create your prescription for success.
Learn from their mistakes!

35. 5. Your Presentation: The Second Step
Complete Your Own
“Getting to Know You”
(if you didn’t preview the home and complete it then)

36. 5. Your Presentation: The Second Step
Create a Listing Presentation customized to your diagnosis
Go back on the 2nd step with your custom plan centered around what didn’t go right last time around

37. 5. Your Presentation: The Second Step
On your second appointment:
Deliver Your DOORS Listing Presentation that you’ve customized to your diagnosis
Show Price Trend Analysis
Leave behind your marketing plan
Ask for the listing!

38. Summary of Getting the Expired Listing
Here are some tips for creating your prescription for success:
On the 1st step, just do the diagnosis – don’t provide any solutions
Create a plan to address the reasons why the house didn’t sell
On the 2nd step, show how Weichert can help overcome the reasons the house didn’t sell the first time
Don’t try to show everything that Weichert has to offer - stick to your prescription

39. What If You Don’t Get the Listing?

40. 6. Follow Up They invited you in!
Continue to build the relationship – stay focused on the goal of getting the listing

41. What If The Listing Has Expired?

42. After Expiration ~ General Approach
The “typical” approach is to call or send a letter.
Differentiate yourself by giving the human touch.
Make yourself stand out from the crowd!

43. After Expiration ~ General Approach
Go to house, knock on door when seller is home
“I’m working with a buyer…” dialogue
“Would need to preview”
Begin your diagnosis using the steps we went through

44. Have fun, list expireds! Good Luck