How we help sellers with expired listings

Posted by Dan Miller, REALTOR on Saturday, March 3rd, 2018 at 4:47am.

One aspect of our job that we really enjoy is helping home owners whose previous listing expired without selling. When we meet with owners we start by getting to know the property and the marketing used during the previous listing. Usually we find out there's a lot we can do to help each client.

Such was the case with our recent sale of this upscale listing which we sold this February. When we first met with the sellers we were struck by the beauty of the property and setting. It was a truly special home, but the home's beauty wasn't fully exposed by the previous marketing. 

For example, we saw an immediate opportunity to upgrade the pictures and produce showcase listing photos like this one below. This was one of several ideas we had for generating more interest in the property and selling the listing quickly. 

How we helped this expired listing sell the second time around

All of our marketing plans are customized according to the particular needs of each client. Here are a few key elements of this marketing plan which helped these sellers receive multiple offers after their first listing expired with another brokerage. 

First, our real estate team hired Debbie Lea from Showcase Home Stagers to create a staging plan for the home. Debbie implemented a plan using the sellers' existing furniture and enhanced it by selecting additional pieces from Brook Furniture Rental. 

Second, we hired Justin Lackner to take interior and exterior photos of the property. As you can see from the listing photo above, Justin is an amazing artist and was the perfect photographer for this job. 

Third, we asked Justin to create a dollhouse tour of the property. This virtual tour provided a wonderful view of the home's features and finishes room-by-room. 

Fourth, we used Justin's photos to create eye-popping social media ads as part of our "coming soon" marketing. This ad on Facebook generated a ton of early interest even before we opened the door for showings. 

Next, we thoroughly documented the home's features room-by-room. This list helped buyers see the quality in this former parade home. In addition, we created a floor plan and a book about the house and surrounding neighborhood. 

Last but not least, we also took aerial photos of the property and adjacent conservancy which helped us sell the home's unique setting. Here's an example of one aerial photo that we included in our marketing. 

Lessons learned from expired listings

Sometimes listings expire because they are grossly over-priced, but often times no adjustment or only a small price change is needed in order to sell the property. We adjusted the price for this listing by $5,000, but what really sold the home the second time around was a new approach to marketing. Our marketing attracted multiple cash buyers, which led to a full-price offer with a quick closing and very few contingencies. We were also able to negotiate a back-up offer with a second buyer - which gave the sellers a "plan b" in the event that the first offer should fall apart. 

One other key to success for this listing was the sellers themselves. They fully-embraced all of our recommendations and did everything that was asked of them to make their sale successful. "Teamwork makes the dream work", as they say, which was certainly the case for this listing.  

Do you know someone who has struggled with their sale and could benefit from some fresh perspective? Feel free to connect them with us. We enjoy helping home owners rebound from a previous expired listing.  

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
610 Junction Road #205, Madison, WI, 53717

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