1. Check your Multiple Listing ServiceFind the average number of days on the market for homes comparable to your listing, and use this figure to demonstrate to the owner that the listing should be extended.
2. Complete a CMAThis can be used to determine whether the price on your listing still reflects the market price. It may be the case that your client is trying to get too much for a property that is not worth it. Try to use these numbers to convince them that the house will be more likely to sell at a lower price.
3. Discuss with your clients what you’ve done to market the houseDevelop a new marketing plan with a different approach, and present it to the sellers when you ask for a renewal. Don’t wait until the last minute to discuss a listing extension with your client. Your goal is to build trust, and discussing extension options before the listing expires lets the client know that you are organized and aware of the situation with the expired listing.
4. Try to get information from other real estate agents about your listingsPerhaps you can form a solid relationship with a mentor agent who can give you advice about your listings and give you possible tips for improvement.
5. Earn a referral fee if nothing elseIf you don’t think you’ll be able to sell the listing, let a trusted colleague know it’s about to expire, and earn a referral fee. Using these ideas will have you better equipped to handle a listing that is about to expire and inspire confidence in your client.
Larson Educational Services looks forward to earning the right to be your real estate school of choice!
Larson Educational Services
1400 Colonial Blvd. Suite 44
Fort Myers, FL 33907