As the slide shows, pending contracts have been declining almost every month since January 2022. This speaks to a decline in demand.
Therefore, in the current real estate market environment, we face a situation of high supply (active listings) and low demand (pending contracts). With this, it is recognized that the number of expired listings will continue to grow in his 2023.
Expired listings have long been a consistent source of opportunistic listings for professional agents. These homeowners let everyone know they wanted to sell by listing them with an agent, but for some reason the home sale never took place.
This is where good agents come in. Top produce agents develop a plan of action to seize the opportunity to relist a home. Show homeowners why their home didn’t sell and what actions they need to take to sell it. This includes the combination of pricing and marketing that drives a successful home sale.
The best listing agent position is to be the second listing agent. Sellers are generally more open to expert advice and guidance. Either because previous agents failed to present the facts in a way that sellers were ready to hear, or because they weren’t expert enough to know what advice to offer homeowners. the house was sold.
Either way, a well-thought-out marketing and pricing plan is usually well received by homeowners who still own their homes after being on the market for a long time.
Childers said homeowners have four options when the list expires.
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Relist with current agent.
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Take the house off the market.
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List homes for sale by owner.
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List their home to another agent.
The most likely outcome is that the house will be listed by another agent. This is where the opportunities for agents will continue to grow as more listings expire. The best thing agents can do now is aim to add as much value as possible to these homeowners and to prepare an expired professional listing program. Our ability to articulate the facts about the market and solution-based strategy allows our top agents to reap a bountiful harvest of listings.
Childers likens a good race car driver to a good agent. He said all the drivers look great on the straights, but it’s the turns where the best of the best stand out. Going into a turn, the best drivers downshift and pick a line through the turn. Then accelerate through the turn while the other driver slows down.
This tipping point in real estate is where the best agents differentiate themselves from their competitors. They see opportunities for others to find fault. They don’t just identify opportunities, they act on them. They will accelerate through this market shift and others will fall back.
This is a market rich in opportunities for hardworking and professional agents. Homeowners who haven’t been able to sell their homes need your expertise. They need an agent who can present market information in a way that helps them make the best decision for their family. They need your marketing skills and a clear action plan for selling their home. increase.
Agents who successfully complete the Expired Listings program will be in a winning position in 2023.