Why Target Expired Listings?
Sellers who have been unsuccessful in trying to sell their home are visible - ready and more than willing to move forward in getting their home sold. You don't have to try and find them, they're easily located with a quick MLS search.
Running such a search will give you everything you need to target your pitch - you can obtain their contact information, the current asking price, how long it's been on the market and any price reductions they may have enacted. Obviously, the seller is already familiar with listing with an agent to sell their property and that's just one big hurdle you don't have to face. Your task now is to engage them and earn their trust to win the opportunity to re-list their home with you.
Purchase your Expired Listing Marketing Kit Today!
We've created three dynamic postcards and three compelling letters that you can customize to target your local expired listing market. Don't wait for other agents in your office to jump in - take these templates and begin your Expired Listing Marketing today!
All six files are in MS Publisher 2000 and they have been zipped up for easier download - the file size is just under 7 megs. Once your purchase has cleared, we'll send you the link for download!
What they're going through
While the seller may already be familiar with listing agents, they may be quite disillusioned with the entire process in general. You have to really convey a strong sense of empathy and understand that they feel like they've "lost the edge" by relying on a poor listing agent. They could very well have preconcieved notions (given by the agent) as to why their home didn't sell such as market conditions, lack of improvements or the age of their home.
If nothing else, the seller is feeling foolish - all the neighbors have seen that sign in the yard for months...their relatives have probably asked them why they haven't sold their home yet. It's got to be an embarrassing situation for them. They may even have friends or relatives advising them to try and sell their home without agent assistance.
What else could they be feeling? Perhaps upset that the home that they've spent years in has been virtually rejected by everyone who attended showings and open houses. They may be second guessing many of the decisions they have made thus far. It's hard not to take that personally and assign blame.
You will now represent ALL real estate agents - including the one that let them down.
As you know, 99% of the time when a house doesn't sell - it's because the price was set too high. Especially today when interest rates are climbing and many of those who were able to buy already have...You now have to be very engaging, thoughtful and calming in your approach. They don't want the same old spiel, they want solutions.
How can you offer the best solutions? Something as simple as a post card mailing with the headline: "Sometimes even the Best Homes don't Sell" can go a long way towards building that relationship because it takes the home seller's side and gives them a way out, a justification for why their home didn't sell.
The second postcard or letter in your expired campaign should build on the first by acknowledging that they're probably being contacted by every other hungry listing agent in town. Tell the truth - Yes, you want to help - but you can provide something that all the others can't: Accountability.
Explain carefully to them that if you had been aware that their house was even on the market, you may have been able to deliver a buyer. Show them that quality listing agents have an immense list of other busy agents with buyers who are always looking for a good value, and that there is something that can be done now to get them the best price for their home quickly...
Show them your personal marketing plan - a custom website for the listing, posting to Craigslist, Realtor.com - A beautiful flyer that goes out via email and fax to all agents in the area, your existing farm of hungry buyers - show them the difference between a lazy agent and one who's truly dedicated to that seller's need for a quality buyer.
What else can you do?
Consider running a detailed CMA for the potential seller. Perhaps find examples of other listings that were on the market for a considerable time and point out what the major concerns were. Engage them and help them realize, too that even the ugliest property can sell if enough potential buyers get a chance to see it.
If you find yourself on the other end - the agent whose listing is about to expire, you might consider offering another agent the opportunity to solicit the listing in return for a referral fee. Perhaps the seller will appreciate the 'fresh' personality, a new marketing approach and you stand a chance of recovering your marketing costs.
Your Expired Marketing Kit includes three postcards in MS Publisher 2000 and one letter in MS Publisher 2000 (plus 2 bonus letters!):
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