3 steps to 'relist' that painful property that just won’t sell

Tom Ferry answers the question, 'Why isn’t my listing selling?'

The HUB: Tech tools to up your productivity and bring more structure to your business.
Try it FREE today!

What do you do with a listing that just isn’t selling?

Especially when the national media has homeowners convinced all they have to do is stick a sign in the yard and watch the offers roll in.

Keep reading for a solution to help you sell properties faster and get your customers what they want.

I also want to give you my “Dialogues for Breakthrough Conversations,” full of real estate scripts for listing presentations, FSBOs, Open Houses and much more. It’s all included in my free List & Win bundle.

Why isn’t it selling?

Here’s an important mantra you need to remember and use when you’re feeling stuck with a listing that just won’t move:

If it isn’t compelling, it isn’t selling!

You want the property sold, and the homeowners want answers.

3 steps to success

That’s where my 3-step “re-list” strategy comes into play.

Schedule a face-to-face meeting. Start by calling a face-to-face meeting to discuss the listing with the homeowners. Make sure all the decision makers will attend.

Know your audience. Before your meeting, make an effort to understand the seller’s point of view. If you don’t do this step, you’ll instantly be out of rapport with their perspective. Think about the where they’re getting their information. Whether it’s the Wall Street Journal, Fortune, CNN Financial or another publication, many media sources are saying that there is no inventory!

Make it make sense. Let the homeowners know the national, state, and city stats versus what is happening locally in your hyper-local market. Show them what is happening right in their backyard.

Watch more related to success with listings from Tom Ferry:

  


What makes a listing compelling?

There’s more to being compelling than price. Educate your clients by reviewing these key factors that dictate whether or not a property is compelling.

Opportunity – Opportunity properties give a builder a chance to build a sparkling new masterpiece on a prime piece of land. Does your property offer that opportunity?

Exclusivity – You know those one-of-a-kind properties! They have the ultimate location, a storied history or a unique architectural pedigree. Does your property possess any “exclusive” features?

Turnkey – We all know that turnkey properties are compelling, especially when there is no competition. Does this home provide a turnkey experience for the buyer? Are comparable homes available in the same price range?

Price – If none of the previous factors apply, then price becomes the lone reason a listing is compelling.

Which brings us to my three-option pricing strategy.

Give the homeowner 3 options

Instead of simply presenting comps to a homeowner and mutually agreeing on a price, I advise agents to utilize this three-option pricing strategy to make the home as compelling as possible.

Above Fair Market Value (Not Compelling) – Talk about pricing above the fair market value, and how having that higher pricing strategy hasn’t worked so far. The data and the market have showed that, at the current price, the home isn’t compelling.

Fair Market Value (Compelling) – Pricing at the fair market value is based strictly on the comps. This will make the property more compelling, but there is an even better strategy…

Below Fair Market (Most Compelling) – What really makes a property more compelling? When you set a price that is extremely compelling, you create a bidding war and feeding frenzy around the property!


Download my 19-Point Marketing Plan Sample as part of List & Win, a bundle of success tools to help you win every listing. It’s completely free!