Authorify - Expired Book Vol. 3 Preview

HOW TO GET TOP DOLLAR FOR YOUR EXPIRED HOME

YOUR NAME

Published by Authorify Publishing Copyright © 2020 Authorify Publishing

All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. DISCLAIMER AND/OR LEGAL NOTICES: While all attempts have been made to verify information provided in this publication, neither the Author nor the Publisher assumes any responsibility for errors, inaccuracies, or omissions. Any slights of people or organizations are unintentional. This publication is not intended for use as a source of legal or accounting advice. The Publisher wants to stress that the information contained herein may be subject to varying state and/ or local laws or regulations. The reader of this publication assumes responsibility for the use of these materials and information. Adherence to all applicable laws and regulations, including advertising and all other aspects of doing business in the United States or any other jurisdiction is the sole responsibility of the reader. The Author and publisher assume no responsibility or liability whatsoever on behalf of any reader of these materials. If your property is currently listed with a Realtor, please disregard this notice. It is not our intention to solicit the offerings of other brokers. Printed in the United States of America

Table Of Contents

1.

Introduction

1

2.

Introduction

5

3.

Options For Expired Homes

9

4.

Possible Reasons Your Home Didn't Sell

13

5.

Possible Reasons Your Home Didn't Sell

19

6.

Thinking Of Dropping Your Price

25

7.

Why Marketing Is Just As Important As List Price

27

8.

A Little Bit Goes A Long Way

31

9.

The 80/20 Rule In Action

33

10. The Secret Strategy To Sell For More Money 37

11. Prep Your House For Sale

39

12. The Most Important Upgrades

43

13. The Great Outdoors

49

14. Good Pictures Make All The Difference

53

15. Words Matter

57

16. How I Sell Homes Other Agents Can't

61

17. Become An Expert Negotiator

65

18. How Not To Negotitate

67

19. Different Negotiation Tactics

73

20. Landing On The Perfect Price

77

21. How Added Incentives Sweeten The Deal

81

22. Insist On Prequalified Buyers

83

23. The Many Advantages Of Hiring An Agent

85

24. Why Specialized Knowledge Is Worth The Price 91

25. Good Vs. Bad Agents

93

26. What To Look For In A Real Estate Agent

97

27. What To Ask, What To Avoid, And How To Hire An Agent 101

CHAPTER 1 Introduction

Hello, and congratulations on opening this book! It’s a great first step toward finally selling your expired home. You might be wondering: why you should read this book rather than any of the millions of other things you could be doing? Well, I’m going to explain why with a story. Jordan wanted to sell her home, so she hired an agent from a firm with a good reputation. The agent did what she could to get Jordan’s house sold. She listed it for $499,999, made sure the photos were good and the marketing strategy was solid, and held an open house. Unfortunately, the home didn’t sell. Jordan’s agent told her to consider lowering the price so it would be closer to the other listed homes in her neighborhood. Jordan resisted; she knew her home was nicer than theirs and had several desirable features lacking in her neighbors’ houses. Jordan decided to hire a new agent, and the same thing happened: no sale, and advice to lower the price. Jordan had a few options to consider. The first was to take her agents’ advice and list her home for $450,000, which was the top of the range for comparable houses in her area. The second was to hire another agent and see if they could get her the price she wanted. Jordan chose option two. She did some research and found an agent who specialized in selling homes previous agents hadn’t been able to. Jordan’s new agent looked at the house and agreed that it was worth the original list price. Then the agent came up with a new, more specialized marketing plan. The new agent

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took more, even better pictures, launched an improved marketing campaign with a wider reach than the previous agents’ advertising, and held not just regular open houses but also a broker’s open house, inviting other agents come to see the home. Just over two months later, Jordan finally sold her house for $485,000 a completely reasonable price, given that most homes will sell for less than their asking price, and far better than what she would have gotten if she were only asking $450,000 in the first place. This is why you need the RIGHT real estate agent—one who knows what your home is worth and how to sell it, even if it’s been listed before without success.

AN IMPORTANT LESSON FROM HOLLYWOOD

I know you’re reading this book to find out how to sell your hard- to-sell home, but before we dig any deeper into things, I want to talk about a movie. Go with me here—not only is the story relevant, but the lesson behind it could very well help you finally close the deal. So: did you know that The Shawshank Redemption was a box office flop? Yes, The Shawshank Redemption, the film that was nominated for over 36 awards (and won 19 of them). The one the Internet Movie Database lists as the top-rated movie of all time. The one that gets 91% on Rotten Tomatoes’ Tomatometer (critic reviews) and an Audience Score that shows 98% of users like the movie. In spite of all that, it only earned $60 million worldwide. It was two spots behind a movie with Pauley Shore. Pauley Shore! And did you know The Flintstones, which came out the same year, gets 22% on the Tomatometer, has only a 24% Audience Score, and won Razzie Awards for Worst Screenplay and Worst Female Performance and was nominated for worst movie? Because for all

2

its failures, it also earned $358 million worldwide.

How is it possible that an awful movie could kill it money-wise but an awesome movie could be almost dead on arrival? Targeted Marketing. The people who marketed The Flintstones knew their audience and sold directly to them. In contrast, promoters for The Shawshank Redemption didn’t know how to sell it (they admitted as much)—and it shows. Co-star Morgan Freeman also thinks the title was a hindrance. He’s had plenty of fans come up to him and say the name wrong. Maybe a title that’s easier to say would’ve made a difference? It just goes to show you that every detail matters in marketing! While I myself agree that The Shawshank Redemption is a great movie, when it comes to selling your home, I’m on Team Flintstone. Not only do I know why your home isn’t selling, I know how to target its marketing to catch the interest of your ideal buyer. I’ve got years of experience using many well-proven tactics to sell expired homes, and I’m sharing them here to help you finally get that offer you’ve been waiting for. Throughout the book, I’ve also included case studies of agents who’ve used the strategies I mention to sell previously hard-to- sell homes. For example, there was seller whose house had been listed for seven months with agent A. They switched to seller B, who sold a home in 81 days for 96.8% of the asking price. As you’ll see throughout the case studies, these knowledgeable agents didn’t just finally close the deal, they got the homes sold close to their original asking prices—sometimes at or even over them! So, are you ready to learn tons of helpful tips and tricks you can use to finally sell your home, quickly and for a price you’ll definitely be happy with? Let’s get started!

3

CHAPTER 1 Introduction

Hello, and congratulations on opening this book! It’s a great first step toward finally selling your expired home. You might be wondering: why you should read this book rather than any of the millions of other things you could be doing? Well, I’m going to explain why with a story. Jordan wanted to sell her home, so she hired an agent from a firm with a good reputation. The agent did what she could to get Jordan’s house sold. She listed it for $499,999, made sure the photos were good and the marketing strategy was solid, and held an open house. Unfortunately, the home didn’t sell. Jordan’s agent told her to consider lowering the price so it would be closer to the other listed homes in her neighborhood. Jordan resisted; she knew her home was nicer than theirs and had several desirable features lacking in her neighbors’ houses. Jordan decided to hire a new agent, and the same thing happened: no sale, and advice to lower the price. Jordan had a few options to consider. The first was to take her agents’ advice and list her home for $450,000, which was the top of the range for comparable houses in her area. The second was to hire another agent and see if they could get her the price she wanted. Jordan chose option two. She did some research and found an agent who specialized in selling homes previous agents hadn’t been able to. Jordan’s new agent looked at the house and agreed that it was worth the original list price. Then the agent came up with a new, more specialized marketing plan. The new agent took more, even better pictures, launched an improved marketing campaign with a wider reach than the previous agents’ advertising, and held not just regular open houses but also a broker’s open house, inviting other agents come to see the home. Just over two months later, Jordan finally sold her house for 5

$485,000 a completely reasonable price, given that most homes will sell for less than their asking price, and far better than what she would have gotten if she were only asking $450,000 in the first place. This is why you need the RIGHT real estate agent—one who knows what your home is worth and how to sell it, even if it’s been listed before without success. AN IMPORTANT LESSON FROM HOLLYWOOD I know you’re reading this book to find out how to sell your hard- to-sell home, but before we dig any deeper into things, I want to talk about a movie. Go with me here—not only is the story relevant, but the lesson behind it could very well help you finally close the deal. So: did you know that The Shawshank Redemption was a box office flop? Yes, The Shawshank Redemption, the film that was nominated for over 36 awards (and won 19 of them). The one the Internet Movie Database lists as the top-rated movie of all time. The one that gets 91% on Rotten Tomatoes’ Tomatometer (critic reviews) and an Audience Score that shows 98% of users like the movie. In spite of all that, it only earned $60 million worldwide. It was two spots behind a movie with Pauley Shore. Pauley Shore! And did you know The Flintstones, which came out the same year, gets 22% on the Tomatometer, has only a 24% Audience Score, and won Razzie Awards for Worst Screenplay and Worst Female Performance and was nominated for worst movie? Because for all its failures, it also earned $358 million worldwide. How is it possible that an awful movie could kill it money-wise but an awesome movie could be almost dead on arrival? Targeted Marketing. The people who marketed The Flintstones knew their audience and sold directly to them. In contrast, promoters for The Shawshank Redemption didn’t know how to sell it (they admitted as much)—and it shows. Co-star Morgan Freeman also thinks the title was a hindrance. He’s had plenty of fans come up to him and say the name wrong. Maybe a title that’s easier to say would’ve made a difference? It just goes to show you that every detail matters in marketing!

6

While I myself agree that The Shawshank Redemption is a great movie, when it comes to selling your home, I’m on Team Flintstone. Not only do I know why your home isn’t selling, I know how to target its marketing to catch the interest of your ideal buyer. I’ve got years of experience using many well-proven tactics to sell expired homes, and I’m sharing them here to help you finally get that offer you’ve been waiting for. Throughout the book, I’ve also included case studies of agents who’ve used the strategies I mention to sell previously hard-to- sell homes. For example, there was seller whose house had been listed for seven months with agent A. They switched to seller B, who sold a home in 81 days for 96.8% of the asking price. As you’ll see throughout the case studies, these knowledgeable agents didn’t just finally close the deal, they got the homes sold close to their original asking prices—sometimes at or even over them! So, are you ready to learn tons of helpful tips and tricks you can use to finally sell your home, quickly and for a price you’ll definitely be happy with? Let’s get started!

7

CHAPTER 2 Options for Expired Homes

First of all, I just want to say that I’m sorry you’re in this position. I know it’s a stressful, frustrating, and confusing thing! But please remember you have options about what to do next. The next chapter will look at reasons your home may not have sold, but I’ll say right here that one reason could be your real estate agent. That’s why the first option to consider is getting another agent. I and many other agents out there specialize in selling expired homes, which is exactly what you need. I highly recommend doing some research to find someone specially qualified to help you with your particular situation. Now, if you’re still in your home and don’t have to move, you could always take your home off the market and stay in the house. Considering you were trying to sell your home, I know this isn’t what you want, but it may be the best option for now. It certainly doesn’t have to be for forever, but it’ll give you time to reconsider your options, think about getting a new agent, do some updates, and more. You can also consider renting out your home. One option would be to take it off the market, move out, and rent the whole place our for an extended period of time. Another option would be to keep it on the market but rent it through Airbnb or another similar form of short-term rental. You could continue to live in the house and just rent a room; or, if you’ve got a place to stay, you can rent out the entire home. Just remember that some places don’t allow rentals or Airbnb, so be sure to do your research before deciding on this option.

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Along the lines of renting is temporary donation. This is when a charity organization uses your house. They don’t pay rent, but you can get a tax deduction. Be sure to consult with an accountant to see if the tax deduction would work in your favor before choosing this path, though. Another option is to consider a short sale. This is when you sell the house for less than you owe, and must be approved by the lender. If you’re approaching foreclosure, you can also see if you can reach an agreement with the lender to call off the foreclosure and take back the deed. Your last (and I mean last ) option is filing for bankruptcy. While there are negative sides to this, such as its effect on your credit score, there are positive points as well. You’ll get several months in the house for free while the foreclosure-related liabilities get delayed. This gives you some time to save up some money and figure out your next move. It may be a painful decision in the moment, but sometimes, this is the best option in the long term.

HOW A GOOD REAL ESTATE AGENT CAN HELP

If at all possible, I want to save you from a short sale, foreclosure, or bankruptcy. While there are cases where these are unavoidable, they’re not always inevitable. That’s why I always recommend talking to an agent like me who’s an expert in expired listings. I can advise you from an unbiased perspective, which is especially important when you’re dealing with all the emotions and decisions during this stressful time, and I have the experience you almost certainly lack. Agents typically have strong networks, so by hiring a new agent, you’re gaining access not just to them but to a whole new group of people who may be able to help. This includes other agents with buyers who may not have seen your home, as well as attorneys, title companies, home inspectors, and mortgage consultants. In

10

addition, a good agent can also give you information about tax benefits you may qualify for. Competent agents will also make sure your home is well-priced, go over improvements that could make your house more desirable to buyers (more on this in later chapters!), and be your intermediary in all kinds of transactions. They may not always give you the answers you’re hoping to hear, but they will give you answers that are in your best interest.

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CHAPTER 3 Possible Reasons Your Home Didn't Sell

CASE STUDY #1:

My clients spent six months working with another agent without success before they hired me. After they switched, I sold their home in three months for 100% of the asking price. I’ve seen plenty of sellers who are pretty attached to their homes. They figure there are plenty of people out there who will see their home’s value just as clearly as they do. Unfortunately, that’s not always the case. There are many possible reasons a home might not sell, including the location, the features of the property itself, the quality of the local housing market, and the actions an agent has or hasn’t taken. Thankfully, just because a home’s listing has expired doesn’t mean it won’t sell—just that it hasn’t yet. First, though, let’s get into some more of the specifics of why homes don’t sell: • The price is too high. If there’s a good reason to list your home higher than other available properties, that’s okay, and we’ll get into the details of what to do then in a later chapter. But there is a line where a home can be priced so high that buyers won’t even come to see it. • The price is too low. It’s true that a lower-priced house might sell faster, although I never believe you should use this technique to get your home sold quickly—I know the tricks to getting you the price you deserve! But when

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sellers do decide to go this route, it can scare off buyers because they’ll wonder if there are problems with the home that led to the low price, even if they can’t find them. • The home looks to be in disrepair. This could be anything from a sagging gutter to chipped paint to a messy playroom. Buyers notice the details, big and small, so it’s important you don’t give them even the slightest reason to think you’ve neglected the home in any way. After all, if you haven’t kept up the visual aspects of the house, buyers will also wonder if things like plumbing and electrical systems might have problems, too. Many people just don’t want to take that risk. So, either on your own or with a professional’s help, make sure everything’s clean, bright, smelling good, and in good working order both before you put your home on the market and again before every showing. • The home isn’t welcoming. Buyers often have a hard time getting past what they see. You want to make it as easy as possible for them to imagine themselves happily living in the space. Homes overcrowded with furniture or toys or painted with strange colors could easily turn potential buyers off. First impressions matter, sometimes to the exclusion of everything else! • A bad economy. Unfortunately, this one’s out of your hands. People can get scared about spending money on such a big purchase when they’re worried about their finances. It doesn’t mean a home CAN’T sell, just that it might be a little harder. • Too much supply, not enough demand. This one’s out of your control, too, but there are some things you can do to counter the situation. For example, I advise my clients on

14

improvements they can make to help their homes stand out among the crowd; I also do targeted advertising, such as placing ads for a home with great indoor and outdoor play spaces in publications aimed at families with young children. • Not enough people look at the home. I’m talking about people seeing the house both in person and through advertising. This is a key area where real estate agents like myself can help. We have a variety of ways to draw people to your place, which is important because very, very few buyers purchase a home sight unseen! • Location. Everybody knows the most important element in real estate: location, location, location! Obviously, you can’t help if there’s a train that runs by every 30 minutes, or if your home’s on a busy street, or if a builder replaced your tree-lined view with an ugly office building after you moved in. But you can highlight the positive aspects of where your home is located. It could be amenities like nearby shops, restaurants, or public transportation. It could be the safe neighborhood and its great schools. It could be privacy and a nearby lake. Whatever it is, acknowledge the downsides and play up the upsides! • Selling it yourself or having a not-so-great agent. I know the idea of selling your home yourself seems like it’ll save you hassle and money, but often as not it won’t. A good agent knows everything that goes into selling a home quickly for the most amount of money possible, and does it all without you needing to be involved much at all. They use a multi-pronged approach, from a personalized marketing plan that reaches ideal buyers with professional photos that show off your home in the best possible way,

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to networking with other real estate professionals, interacting with potential buyers in a quick and knowledgeable way, and taking care of home showings. As a side note, remember that it’s okay to research multiple agents and get second opinions if you’re just not sure about something the first agent told you.

WHY MARKETING IS A MUST

Now, there might be one reason or many that your home isn’t selling. A good agent can help you step back and re-evaluate, then come up with a plan for moving forward. Obviously, that plan needs to include a solid marketing strategy, but before we get into that, let’s look at a simple object many people already have in their homes: the mousetrap. You know what it looks like. The piece of wood, the metal bar, the trigger. But over 4,400 people were so sure they could improve on it that they filed patents with the U.S. Patent Office. The end result? In spite of their best efforts, the design most frequently sold in stores today is still the original, patented in 1894. Why? One big reason is that those inventors forgot they had to sell their mousetraps; you can’t just put a mousetrap out into the world and expect massive amounts of buyers to go out and purchase them. On the flip side, one company that did understand the importance of marketing (and targeted marketing at that) is Coca-Cola. They started expanding their business in the 1880s, as did RC Cola (which was started by an ex-Coca-Cola customer), Dr. Pepper, and a slew of other companies. Even into the early 1900s, there weren’t really any clear leaders in the soft drink business. That all changed by 1920, when Coca-Cola took a clear lead. They did it in a very specific way: like the other soft drink companies, Coke salesmen traveled all over the country—but unlike their

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competition, Coca-Cola regularly held sales conventions. By the end of each convention, the salespeople would have a long, long list of possible customers in that area. From there, sales managers would take a good look at the list, removing anyone who was already a customer and noting the bigger potential customers. This enabled the salespeople to make more efficient use of their time by focusing on customers who were more likely to buy more product. By 1927, Coca-Cola took the next step and rebranded this aspect of their business: instead of salespeople, they became customer service representatives. Which title sounds better to you? Personally, I’d much rather work with someone whose title says they’re there to help me rather than sell something to me. Why am I sharing these stories? Because the same logic applies to homes. Even the perfect home at the perfect price needs a unique marketing strategy to catch buyers’ attention. With it, you’ll reach buyers who are genuinely interested in purchasing your home. Without it, your home—like all those now-defunct mousetraps—will wind up sitting there collecting dust, which you’ll have to clean up should you ever actually get anyone interested enough to come for a showing. Remember: all it takes is finding that one buyer who loves the home and is willing to pay more than anyone else. And, with the right marketing, that will happen, I promise. I’ve made it happen over and over again thanks to targeted marketing specifically designed to market to each home’s ideal buyer.

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