Rick Culp With Tips For Working With Expireds

Here are Rick’s Key Points:

  • Rick points out that working with expired sellers takes a different mentality. They are not like FSBOs — they were willing to work with an agent and pay the commission. Now, they are disappointed.
  • When you find an expired seller, always move quickly, says Rick. Put together the pre-listing package and take it to their front door. If they aren’t home, drop it off, and follow up later.
  • If the expired seller says they want to stop trying to sell the home, simply ask, “if someone offered full price for your home today, would you still want to sell?” Dig beneath their disappointment to gauge their interest, Rick says.
  • Rick advises asking the seller questions about why they think the home didn’t sell and assuring them price isn’t always the answer. The more you can find out about the last agent and what went wrong, the easier it is to separate yourself — and this will be the key to your success.
  • Possible issues to discuss with the seller, aside from a too-high price, could include:
    • Incorrect information on MLS or other sites.
    • Subpar photography or other media of the home.
    • No open house or too many showing restrictions.
    • Previous agent was lacking in communication and follow-up.
  • If the issue was actually the price, explain to the seller how pricing correctly the first time can lead to quality offers — and always prioritize quality over quantity, says Rick.
  • Remind them that the best transactions are where the buyer and seller both feel they got a fair deal.
  • Finally, Rick warns not to make the failed sale the fault of the seller. “They don’t want to hear that,” he says.

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