A unique approach to building a relationship with expired listings is to agree with the homeowners decision to pull the house from the market or not relist it. Most sellers that have let their listing expire or have requested to have their listing withdrawn, have not changed their mind and decided not to sell. They still want to sell but in most cases have decided to wait for the market to improve before they relist.
It is very frustrating when these sellers are bombarded with calls or letters from dozens of agents asking them to relist. By agreeing with their decision you can set yourself apart from all other agent contacts. For example:
“Mr. Seller, my name is Joe, from Next Generation Real Estate. I noticed that you haven’t relisted your property for sale. Did you decide to wait for the market to improve before you sell?”
The answer to this question will almost always be, “yes, we are waiting.” You can respond by saying:
“That’s exactly why I’m calling and you may have made a wise decision. I’ve done some research for an analysis that points out the benefit that you could receive by waiting. I’m sure you will find this analysis most interesting. Would it be convenient for me to drop this report off to you today or perhaps would this weekend be better?”
By sharing the concept of recaptured equity you can show the seller how much more you could make if the market improves during the meeting. However, you can also point out the risk of additional lost to the seller if the economy continues to deteriorate. You can also discuss the emotional benefits of selling now. If you don’t get the listing, reinforce your relationship with them as their new trusted real estate advisor by closing with:
“I’m happy to share this information with you and make you aware of anything else that could impact your decision. All I ask is that when you do decide to sell, or have another real estate need, you consider letting me represent you. That’s fair, isn’t it?”
Continue to send the previous seller regular updates every week or so.