Tuesday, July 12, 2011

Working Expired Listings

Working Expired Listings is easier than you think...First because these are HOT Leads! You know for sure the Seller wanted to sell their home...but for some reason it didn't sell.
In today's market we are seeing a lot of homes go withdrawn or expired usually due to incorrect pricing, poor condition ...or both!
Follow these steps to get more conversions of expired listings into new listings for your inventory:
1) Read the daily MLS hot sheets and target the expired listings you want to "re-list"
2) Always treat expired listings as high-probability leads
3) Contact the Seller by voice or in person with-in 48 hours of property expiring
4) With the Seller’s information in hand, you’re ready to proceed.

The Seller has demonstrated a previous desire, or need, to sell ...
There is a reason their goal was not met… it is your job to discover why.
Find the problem...Solve the problem...and Get the Listing!
“The problem”, is usually, (after waiting out the entire listing period), most likely a simple fix.
The perception for most owners’ is the previous Agent didn’t perform.
More than 50% of expired homes go right back on the market with a different Agent …  why not make the different agent YOU?
Engaging an expired listing
  • Working expired listings is an all-or-nothing game. You can’t proceed in a half-hearted, here-today-gone-tomorrow fashion. Either you work expired listings ... every day and on a consistent basis … or you don’t.
  • If you want to capitalize by converting expired listings, be ready to make working expired listings a part of your business plan.
  • Almost half all the listings that expire occur over the last five days of the month and the first five days of the new month. If you are going to work expireds, plan around this time schedule
  • Arrive at the office early and immediately print out the expired listings
  • After you pull your expired listings from MLS and sorted the ones you want to target, research phone numbers and start making calls
  • If you are unable to find a number go knock on some doors
  • Practice dialogues before you start making calls and visits, spending time to anticipate the objections you might hear from the Seller and practice how to overcome them
  • Work hard to secure a face-to-face appointment to find the real reason their home didn’t sell…. “There must be something the other agent missed”
  • Listen… Ask them why they think their home didn't sell, and then give specific examples of what you will do differently. But remember to be positive; don't criticize the other salesperson.
  • Take the homeowner's side. They are anger and humiliated that their home didn't sell. Be empathetic to these concerns and reinforce to them that they have a desirable home
  • Provide value immediately
  • Give Expired Listings a marketing plan demonstrating how you'll promote the property. They have already been to the dance once…Show them it will be different this time around … Promise to call them on the same day each week and update them on your activities.
  • And after all this is they don’t list… don’t give up! Have a follow-up system which allows long term contact with these listing prospects so that when the time is right… you are front of mind.
Also used expireds and withdrawns as a pool for your buyers who are unable to find the “perfect” home… If the property matches what your buyer is searching for…contact the Seller to see if they are still interested in selling, and if they would be willing to let you show your buyer … it then becomes a list and a sell for you!
Eddie Brown ©2011

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