How to get listing extensions signed (scripts included)
Selling a property can be a journey, for both you and the owner. And some of those journeys take a lot longer than others.
You can do all the right things, follow up all the interested parties, and listings can still sit on the market for months, waiting for that right buyer to come out of the woodwork.
In a market like this, you need to fight to keep those listings, to ensure you eventually get paid for all your hard work. But this is often easier said than done. 90 days in, owners are starting to get frustrated, looking for someone to blame, wondering if their grass will look greener with a different colour sign on the fence.
Controlling the stock is key in this market, so here are our top tips to help you get your listings extended.
Invest in regular vendor review meetings
You can maximise loyalty from owners by showing up, in person. Start holding regular review meetings long before you need to get an extension signed. If owners see you making an effort (and have a chance to vent their frustration), they are more likely to stay on your side throughout the process.
Tip: Check out our vendor review meeting guide, complete with a template agenda and price reduction scripts:
Andrew Duncan
Find out what they think has gone wrong
By day 90, every owner has formed their own theory about why the house hasn't sold. Maybe they think the price is fine and buyers are just tight. Maybe they think the photos undersell the place, or the open home times don't suit the target market. Whatever the theory is, you need to get it out in the open so you can address it.
I always opened review meetings with this question, long before the extension conversation ever came up:
"How do you feel the marketing's gone so far? Is there anything about the approach you'd like us to change?"
Whatever comes back, deal with it there and then, even if it's something small like the sign position or a photo they don't like. An owner who feels unheard on the small stuff won't engage with the bigger recommendation you're about to make.
Always have a plan
The number one thing owners want is a buyer. If they can't have a buyer, the next best thing to have is a plan, and a specific one, not a vague promise that things will pick up.
I split the plan into three areas, and tried to bring a fresh idea to each going into every meeting.
Marketing strategy:
Is the method of sale still right? If you've tried By Negotiation for the last 3 weeks, why not try using a price guide? If that hasn't worked, switch to a Deadline Sale, or create some urgency with an Auction. There's no exact right or wrong here, the key is to keep trying a different approach until you find the right mix that either attracts the ideal buyer, or allows you to secure offers to show the owners where the market sees the value of their property.
Pricing:
Is the price where the market's telling you it needs to be? What are the latest sales in the area showing? What offers have you had from buyers so far and what picture is that starting to paint of the property's value? Is the search range on the portals where it needs to be?
One key step to review here is you 'price-talk' plan with buyers. What is your response when buyers ask: 'How much do the owners want?' Is there any chance you are over-quoting the property? Remember - our first job is to secure offers at whatever level the market sees value, and then let our owners make a decision from there.
Check out our complete price reduction guide for loads of tips and scripts to help you get your listings priced in the selling zone.
Andrew Duncan
Advertising:
Does the listing look stale online? A main photo and headline that haven't changed in three months blend into the background for buyers scrolling the portals. Swapping to a new photo or headline costs you nothing and gives you a chance of attracting a new buyer.
How about adding more motivation to the advert to show buyers the owners are serious about selling?
What other, creative advertising methods can you offer the owners? Can you try a social media campaign? A letterbox drop? A database mailout? Or a targeted print advert? These alternative methods might have a small chance of success but the key point here is that if owners know every potential avenue has been exhausted, they'll be more open to adjusting their price expectation.
TIP: While you're here, you might also want to check out our tips on securing more vendor-paid marketing investment.
Andrew Duncan
It's our job to find a solution
The plan I turned up with was rarely a menu of options. If I thought a change to Auction made sense, I said so, and explained why. Owners can usually tell the difference between an agent thinking out loud and an agent who has already done the thinking for them.
None of this guarantees you'll get the extension. But an owner who's had their concerns heard, watched you turn up with a plan across marketing, price and advertising, and seen changes actually happen, is having a completely different conversation with you at day 90 than an owner who's largely only heard from you by email. You walk into that meeting with runway already built, not starting from zero.
The extension meeting / handling objections
Same rules as any vendor review meeting: face to face if at all possible, in the office if you can manage it, and with every decision maker in the room. Try and get your manager to be there, too.
Opening the conversation
Recap the campaign the way you would in any review meeting: hits, enquiries, open home numbers, price feedback, then move straight to the decision in front of you.
"Mr and Mrs Owner, as part of today's meeting, we'll need to work through a listing extension. I want to talk through where things stand and what I think our best path forward looks like, because I'd like to keep working on this with you. I'm confident we can get your home sold."
"Here's what I'm seeing: [recap]. My recommendation is [extension / new strategy], because [reason]. I'd like to sign up for another [X] days so we can [next step]. How does that sit with you?"
Owners: "We think it's time for a fresh approach. We might try someone else"
"That's a completely fair thing to consider, and I'd rather you tell me now than think it quietly. Can I ask what's behind that? Is it the price feedback, the marketing, or just how long it's taken?"
"If it's the time on market, I understand that's frustrating. What I can tell you is that changing agents alone won't change what buyers are prepared to pay. A new agent will use the same portals, the same open homes, and reach largely the same pool of buyers. What I can offer that a new agent can't is three months of knowledge of this property, what's worked, what hasn't, and a working relationship with the buyers who have shown interest. I'm determined to get this home sold for you. Let's confirm a plan to make it happen."
Owners: "Let's just take it off the market for a while"
"I understand wanting a break from open homes and phone calls. Before you do that though, can I ask what you're hoping a pause achieves?"
"If it's about the hassle of random viewing times - we can talk through set days and times that fit your schedule rather than stopping altogether. Lots of houses are taking time to sell in this market. You are not alone. Persistence is the key right now. What I'd hate to see is losing the momentum and history we've built, and starting again from zero in six months."
Owners: "We'll give you two more weeks"
"I understand wanting to keep this short. My only concern with two weeks is it doesn't give [Auction / new price / new marketing] enough time to actually reach buyers and get a result. Would you be comfortable with [X weeks], with a review meeting in 2 weeks so you can see exactly how it's tracking, and the option to stop earlier if you want to?"
Script: closing and getting it signed
"Based on what we've talked through, I'd like to move forward with [plan] for the next [X] days. I've got the extension agreement here, let's go through it together now."
Don't leave without a plan on paper. An owner who agrees verbally but doesn't sign before you leave the room has more time to talk themselves out of it.
The absolute key to success is going in with confidence, having a plan and showing your determination to get the job done.
If you feel like that internal confidence is hard to tap into right now, make sure you take your manager along to the extension meeting for support.
Have an epic week!
Andrew Duncan
Founder, Agent Monday
PS. Are you interested in personal coaching? Or a speaker for your next event? Click here to book a free discovery call.
PPS. For a deeper dive into the power of content marketing, check out this guide.
