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REALTOR® Emeritus | | SALES MEETING TOOL KIT: CONVERTING EXPIREDS | |
|  Introduction Component 1: Facilitator Talking Points Component 2: Agenda Component 3: Handout 1: 6 Sure-Fire Ways to List Expireds Component 4: Handout 2: A Expired Prospecting Plan Component 5: Activity 1: Responding to Expireds' Objections Component 6: Responding to Expireds' Objections Answer Sheet Component 7: Handout 3: 10 Questions to Ask Expired Sellers Component 8: Activity 2: Role Play—Expireds Up Close Component 9: Activity 2: Role Play—Expireds Up Close—Discussion Directors Component 10: Handout 4: 6 Warning Signals That an Expired Won’t Sell | Activity 2 Component 9: Role Play—Expireds Up Close—Discussion Directors Divide participants up into pairs and then assign each pair one of the three scenarios to role-play for five minutes. Then use a flip chart or chalkboard to write the suggestions for responses and share them with participants. Expireds A: Jane and Jack Jones. A successful two-career couple. He’s been transferred by his company to California and has to be at his new job in another 30 days. She’s concerned about staying behind and wants to move before the new school year starts in four months. They listed their property at $15,000 above comparable homes in the area and didn’t want to come down because they know they’ll need the extra money to buy a home in California. Expired issue: Price. They need to get more money to buy a new home. Salesperson response: I understand how important it is for you be in a good position to buy a home in California. And your home is in terrific shape. But you can see from the market analysis I gave you that no other home in this area has sold for as much as you’re asking. We can list the home at the price you want, and I promise to do my utmost to sell it. But I’d like a promise from you that if the home doesn't receive an offer in 30 days, that we'll lower the price to the one I’ve suggested. Expired issue: Time. They want to move within 90 days. Salesperson response: The aggressive marketing plan I’ve done for you should ensure that a lot of buyers see your home right away. But because I’m accustomed to working with relocating buyers and sellers, it will be easy for me to work on selling your home after you move. I’ll e-mail/phone you with weekly updates on my activities and arrange for a service to keep the lawn mowed. Also lowering the price or being willing to negotiate the price could help result in a quicker sale. I also could introduce you to Jack Smith down at the bank. He’s arranged bridge loans for some of my other relocating clients so that they have the money for a down payment on their new home before they’ve sold their current house. Expireds B: Lucy and Herbert Mason. The Masons are empty nesters who’ve just retired. They’re planning on moving to a condo they own in Florida, but still have lots of friends in the area. They first listed their home with Sara Sholti, an old family friend, who put the home on the MLS but did little else. The Masons received no offers from the listing. Expireds issue: Lack of urgency. The Masons already own another home and don’t need to sell by a set date. Also, they may be ambiguous about leaving the area where they still have many connections. Salesperson response: Why not spend half your time here and half in Florida? There are some great townhouses overlooking the river that are scheduled for completion next spring. The management company handles all the exterior maintenance, so when you’re not here, you’ll know the place is in good hands. And by listing with me and leaving the day-to-day selling in my hands, you can be all moved and settled in Florida in time for the holidays. Then come back next spring to get settled in your new home here. Expireds issue: Incompetent agent. The Masons chose someone they liked personally, but who obviously didn’t apply much time and effort to making the sale. Salesperson response: Listing a home on the MLS is good, but it’s just the first step. I’ve been one of the top-performing salespeople in my company for 10 years so I have learned the hard way how important a comprehensive marketing plan with advertisements, open houses, and agent tours are to selling a home. It’s especially important to hold promotions and open houses in the first 30 days after listing. That’s the sort of promotional effort I think your home deserves and the one I outlined in the marketing plan I showed you. (Note here that the salesperson does not say anything directly negative about the other salesperson.) Expireds C: Phil and Phyllis Proctor are a middle-aged couple with two children who want to move up to a nicer home. They had a home picked out, but had to back out of the deal when their home didn’t sell. They got one low offer, but otherwise nothing. They believe that their salesperson didn’t do enough to sell their home and didn’t communicate effectively with them. Expireds issue: Anger at the salesperson. They ’re frustrated and angry that the agent they spent so much time and selecting an agent who did so little. Salesperson response: I don’t really know the circumstances of your last bad experience, so I’m not really in a position to comment on your last salesperson. Choosing a salesperson is difficult. It’s important to evaluate their past success rate, as you did in your selection process. But it’s also important to select an associate who will make showing your home and providing service to you a priority. In our business, it’s hard to say “no” to a listing, but I only take on the number of clients I think I can service effectively at one time. I want to be able to give your home the attention it deserves and have the resources to devote to a comprehensive marketing plan like the one we discussed. Expireds issue: Frustration at losing the home they wanted to buy and fear that they won’t find another one that suits them as well. Salesperson response: I know how frustrating it is to lose a home you love. But if anything, it’s a better market for buyers now than it was three months ago when you were previously looking. Homes in the higher price range you're looking at are selling more slowly than those in the lower price range of your current house, so you’ll be in a great position to find a terrific new home. I’d be glad to work with you on finding a new home at the same time that I’m helping you sell your current place. And it won’t cost you anything, since the seller usually pays the buyer’s agent commission. 6 Warning Signals That an Expired Won’t Sell > |