How to Revive Stale Listings and Keep Your Clients Happy

Update: 2024-09-21

Description

In this episode of the HyperFast Agent podcast, Dan Lesniak discusses strategies for dealing with stale listings, an issue that's becoming more common as housing inventory increases and homes take longer to sell. He emphasizes the importance of setting clear expectations with sellers from the outset, particularly around pricing, by using data to justify price recommendations. Dan suggests having an agreed-upon plan in writing for price reductions if the home doesn’t sell within a set timeframe.

Dan breaks down four key areas to review when a listing isn’t selling: **Price**, **Promotion**, **Packaging**, and **Placement**. Price is often the main issue, and a 3-5% reduction is usually necessary to regain traction. Promotion should be evaluated to ensure the property is reaching the right buyer demographic, while Packaging should focus on the quality of staging, photos, and presentation. Placement includes using multiple channels such as social media, email campaigns, direct mail, and open houses.

Once a price cut is made, Dan advises re-promoting the listing aggressively through neighborhood outreach, database emails, and agent communication. Regular communication with the seller is crucial, providing weekly feedback on showings and online activity, to help them understand the need for adjustments and avoid frustration. Finally, Dan offers listeners access to his coaching and training programs for free when they align with his team at eXp Realty, encouraging agents to reach out to explore further opportunities.

If you are ready to join eXp realty and would like Dan Lesniak and Keri Shull to personally sponsor you so you have access to two nationally recognized coaching programs text 703-638-4393.

Join Dan as he discusses:

- **Setting Seller Expectations**: How can agents effectively use data to set realistic pricing expectations with sellers upfront, and what strategies can be implemented to agree on a price reduction plan in advance?

- **The Four P’s of Stale Listings**: Discuss the importance of evaluating Price, Promotion, Packaging, and Placement when a listing is not selling. Which of these factors tend to be the most overlooked, and how can agents address them?

- **Communication with Sellers**: Explore the role of consistent communication in maintaining seller trust and preventing listing terminations. How can weekly feedback on showings, online activity, and marketing efforts help secure necessary price adjustments?

Notable Quote

"Anytime a listing is sitting, you need to take proactive action—not only to move it but to prevent getting fired. Consistent communication and strategic adjustments are key to keeping both the listing and the client."- Dan Lesniak

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