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Real Estate Fight Club

4
Jan 2021

Episode 67: What to Do When the Listing is About to Expire

January 4, 2021

In Episode 67 of the Realtor Fight Club Podcast, hosts Jenn Murtland and Monica Weakley discuss why they decided to change the podcast name, and duke it out over what to do when your listing is about to expire. Who would have thought that on such a special episode, Monica and Jenn would agree!

Episode Highlights: 

  • After receiving a ton of feedback, Monica and Jenn decided that it was time for a name change.
  • All three of the MLSs that Jenn uses give 2-week notices when the listing is going to expire.
  • It is the agent’s responsibility to be tracking the listing and to know when it is going to expire.
  • The last thing you should do when the listing is about to expire is to avoid talking to the client.
  • Refer an agent, or handful of agents, that you trust to bring new energy to the project.
  • Client motivations should play a large role in whatever direction the agent decides to turn.
  • Clear and consistent communications about marketing efforts throughout the process will make it easier to pivot.
  • Monica has had an agent reach out to her about partnering on a stalled listing before contacting the client.
  • Agents should be vulnerable and admit that they did not deliver, rather than blaming the seller.
  • Take ownership of your failure and find the person that can help solve the problem while staying involved.
  • It’s time to move on from the game if you dread reaching out to your clients about a problem.
  • Most people that Jenn spoke to aren’t able to find solutions to the problem and just move on.
  • Jenn, the agent, talks to Monica, the client, about the lack of results from the listing.
  • Don’t over-explain or apologize when talking to your client; focus on offering a solution.
  • This week’s tiebreaker, April Mack, is a high-level coach to executives, entrepreneurs, and realtors alike.
  • Though she is no longer an agent, April always hated making the call as the listing expired.
  • Everybody on the team has to take ownership of the problem and move forward with the solution.
  • There are many different factors that make a property challenging, but blaming those will not help.
  • It’s harder for a client to fire you if you meet with them face-to-face than over the phone.
  • If you know that it’s not going to work out because of a personality clash, it’s time to move on.
  • April will take on anyone at any point in their business because everyone should be growing at all times.
  • Having a coach gives you the benefit of saying your thoughts out loud with someone to hear you.

3 Key Points:

  1. Clear communication throughout the entire process, especially if the listing is about to expire, is absolutely essential to keep a good relationship with the client.
  2. Agents need to take ownership of their mistakes when they can’t solve a problem and bring in the person who can.
  3. There’s no need to over-explain or apologize if you did everything that you said you could do. Just solve the problem.

Resources Mentioned: