When you look for ways to grow your prospect list, check your MLS for expired listings. There are many reasons why a home doesn't sell, but it typically comes down to just a few: It's overpriced, in a "bad" location, in poor condition or simply never got the exposure it needed. None of these are insurmountable and each presents an opportunity for you to gain a new client.

Here are four ways you can convert expired listings.

Re-examine the price

An inflated price is often the biggest reason a home goes unsold, so convincing a stubborn home owner to reconsider the price might be your most challenging task to convert the expired listing. Suggest the home owner reduce the price; for example, if they previously asked $500,000, recommend they list it for $495,000. While they might see it as "losing" $5,000, whip out your calculator and multiply their mortgage payment by the number of months the home previously spent on the market. Chances are the price reduction is the lesser figure, and it might convince the homeowner to rethink their position.

If the last list price is still inappropriate, the owner might not realize how much the market has changed since the home was first put up for sale. Do some research and offer a comparative market analysis (CMA) to highlight the most current conditions.

If the homeowner still believes their home is incomparable, take them around to see other neighborhood homes for sale and how they're priced. (Make sure you do a little reconnaissance so the homes you select for comparison will back up the point you're trying to make.) When your seller sees renovated kitchens, redone bathrooms or a newly paved driveways, ask them which house they would purchase. The reality check just might be the eye-opener they need.

Recommend that the seller offers an incentive, which is another way to spark an expired listing back to life. Consider a home warranty: While it might seem unlikely that a buyer would make their decision on a $400 "perk," it's entirely possible they will use it as the tiebreaker if they're equally torn between your listing and another. You might also suggest your seller offer a bigger incentive, such as a carpet or roof credit.

Shift the focus away from location

A home's location is entirely out of the homeowner's hands, so if you suspect that's why the listing expired, redemption will be found elsewhere - for example, in your refreshed listing description. If the home has other things going for it, if not its location, focus on those amenities instead. You can always take a tongue-in-cheek approach when you mention the less desirable features. For example, if the interstate abuts the backyard, say the home's location offers "easy access to the freeway."

Improve the condition

A home might lag on the market because it's in sub-par condition. The state of a home is entirely within the seller's control. If they don't have the funds for a major renovation, suggest they do some smaller tidying-up chores. Sweeping and mopping all the floors, polishing the windows, repainting rooms to neutral colors, moving the trash bins from the front yard to the side of the home and adding potted plants to the porch can make a big difference in how buyers regard the home.

Renew marketing efforts

When you ask a home owner why they think their home didn't sell, they might tell you their last real estate agent did nothing to market it. The agent didn't use any signage or ads, never posted the home on Zillow, didn't conduct a broker tour and told the owner to hold the open house themselves.

If you're adept at handling objections, you don't need to throw the previous agent under the bus. Instead, lay out your own marketing plan and timeframe for selling the home. Show the owner that you plan to use both traditional and online resources - including social media platforms - to expose their home to as many potential buyers as possible. Let them know how often and by what methods you will update them on the process; ask if they have a preference. If you've already staged some marketing materials, share them with the owner to illustrate that you're prepared to do whatever it takes to sell their home.

An expired listing isn't dead in the water, but a homeowner might think so. Listen to their hopes, fears and opinions about the languishing sale of their home, and make sure your action plan is aligned with their needs. If you can convert the listing and sell it to the owner's satisfaction, you'll increase your business and gain a client who's highly likely to recommend you.

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