Below you will find some different but effective approaches to prospecting for Expired Listings.
BEFORE YOU START :
CLICK HERE FOR A GREAT EXPIRED PROSPECTING SCRIPT
GO TO www.theredx.com and sign up to get expired phone #'s at your fingertips!
CLICK HERE FOR A GREAT EXPIRED PROSPECTING SCRIPT
GO TO www.theredx.com and sign up to get expired phone #'s at your fingertips!
A PLAN TO AGGRESSIVELY MARKET EXPIRED LISTINGS EVERY DAY!
1. Download the Landvoice numbers early– Sort by phone #
2. Call every lead before 10AM
3. Make notes on each expired that was not reached
a. If voice mail - Call back later
b. If no answer – Make plans to visit the home
c. If disconnected - Make plans to visit the home
d. Place unreached leads with phone #s in a stack to be called later
4. Hand pick 10 expireds you would like to list according to price and location
a. Hand address 10 envelopes
b. Mail expired letters (for less than a Starbucks latte per day, you can mail 10 leads)
5. Pick 5 expireds to visit based on price, location and proximity to each other
a. Visit each of the 5 between 6pm and 7pm
b. Go to the door, knock and speak to the seller
c. Offer to be the solution to the problem
6. Gather all unreached leads with phone numbers and call them before 9pm
a. Place all unreached leads with phone numbers to call with new leads tomorrow.
7. This is the consistent success cycle: Calls -> Letters ->Visits-> Calls
PROSPECTING EXPIREDS
If you’ve been in the real estate industry for more than a week, it’s probably already apparent to you that if you want “NOW” business, you need to prospect Expired listings. You can realistically take 2-3 listings a month just by talking to Expireds! When you’re prospecting Expireds you need to convince them that you are the answer to selling their home; that you will save them hassle, and ultimately net them more money in their pocket. Remember, if you don’t convince them of this, someone else will.
Sign up for a Service
Don’t waste your valuable time. You came in this industry to make money, didn’t you? You need to begin to treat this business like a real business; don’t fall into the trap of performing minimum wage work. Sign up for a service which gives you a list of Expireds every day, there is no need for you to spend hours each day tediously finding the Expireds. Every hour you are prospecting is worth $500, $600, or for some of you, $1,000. If you are focusing on calling Expireds have someone else do the “busy” work for you.
Be First
Keep in mind that in most states you’re technically not allowed to call prospects before 8am. It’s up to you to decide what time you want to start calling. However, one thing is certain, in most markets, if you’re calling them at 8:30am, you’re probably the 5th-10th caller. Many agents have tremendous success by calling around 8:00am. Now you need to just make sure you get to the office by 7:30am so you can be at the office getting prepared to start your day.
Use a Script
If you’re not using a powerful script, then you’re setting yourself up for failure. There are many scripts out there that work, I have found that Mike Ferry’s scripts get great results. It is critical that you find a script that works for you and use it.
Compliment Them
When someone says something nice about you, praises or compliments you, doesn’t it feel good? Doesn’t it “lighten you up” and somehow “disarm” you? When you’re talking to an Expired, use some of the following:
You strike me as someone with a lot of common sense…
You’re definitely smart, I can tell that by talking to you…
I can certainly appreciate your perception on the market…
You definitely a smart person, that’s clear to me…
You’re definitely smart, I can tell that by talking to you…
I can certainly appreciate your perception on the market…
You definitely a smart person, that’s clear to me…
No, you’re not being sarcastic and no, they won’t reject it. Think about it… who’s going to say “No, I don’t have common sense…” After you give the compliment; attach a closing statement to it. For example:
“You strike me as someone with a lot of common sense so obviously we should get together… are evenings or afternoons better for you?”
By attaching a closing statement to your compliment, you are asking them a “sort of have to say yes” question.
Close for the appointment
Why is it that after agents do a great job talking with prospects they either fail to close for the appointment or only make one attempt to close? Memorize these phrases:
If I can get you the money you want in your pocket and sell your home in the time you want, would that pose a problem for you?
What’s usually a good time for you and your spouse, afternoons or evenings?
If we were to meet, what day would work for you?
I’ll be in the area, so let’s tentatively set something up. I’ll call you before to confirm and if we have to cancel, it’s no problem, we’ll reschedule. How does tomorrow at 5pm work or is 6pm better for you?
What’s usually a good time for you and your spouse, afternoons or evenings?
If we were to meet, what day would work for you?
I’ll be in the area, so let’s tentatively set something up. I’ll call you before to confirm and if we have to cancel, it’s no problem, we’ll reschedule. How does tomorrow at 5pm work or is 6pm better for you?
Consistency
You may get lucky and call an Expired after reading this and set an appointment, or it may take you weeks or even months before you set an appointment, but remember…consistency is the key… Anyone can spend 2 hours a day calling Expireds for a week, but who can do it for 1 month? 1 year? Now is the time for you to take action and get to work. Start prospecting now!
PROSPECTING EXPIREDS THE LAZY WAY
Hi there,
So… you want to take some listings?
In my opinion, there is no better way to get properties to sell than by soliciting expired listings. These listings expired mainly because of pricing. It was too high.
These Sellers have already decided to sell and they have already decided to use an agent. It can’t get any better than that.
Now all you have to do is get them to contact you. There are many different programs out there on how to work expired listings. Some suggest knocking on their door. Some have a system in place where you mail out numerous marketing materials staggered over a few months period. Some want you to call them.
My guess is that ALL of these programs will work if you follow their plan. But for me? I’m just too lazy to do this much work. I’m also too busy. So I have a very simple system that works for me. I keep it simple so I’ll do it. I don’t want a system that takes up too much of my time. So……..
I mail one letter. Every day. To every expired listing. With no exceptions. I have been doing that for 14 years. I usually get a couple a listings a month out of it. But you have to commit to it and be consistent.
Remember, the one day you miss is the day you would of hit a hot listing. So just like any marketing plan you have to stick to it. Don’t over think it. Just do it.
I do not personalize the letter but do hand write the envelope with the owner’s name. Whether they are owner occupants or absentee owners they get the same letter. I look them up in the tax records to make sure they are going to the right place. Sometimes if I am slow I will sit down and stuff a 100 or so envelopes so all I have to do is write an address and stick them in the mail.
This letter works for me but obviously modify to fit your own personality. I believe in short sweet and simple. It should be one page but the largest print that will fit. I think I use 12 or 14 font.
***Consistency is key!
Have you mailed to expired listing before and it didn’t work? If so, then maybe it's because they read like every other letter out there. You know what I mean. "We Market your house on 500 websites", "Our CMA is the best" and blah blah blah. There is no value proposition at all. The letter did not address the expired listing Seller's biggest concerns.
1. Lack of communication
2. Locked into a long listing agreement
3. Can't cancel without paying a fee
4. Never heard from my agent
If you want to have success working expired listings then you have to remember that the only reason you are contacting them is to get them to contact you. That's it. You want them to call or email you.
ALL expired listing Sellers have the same concerns that I listed above. I have NEVER, not once, had a Seller tell me their listing didn't sell due to pricing and rarely do they mention marketing. But they ALWAYS mention the agent's lack of communication. And of course we all know that the agent didn't contact them because they took an overpriced listing and didn't have any showings to call the sellers about.
The agent took the overpriced listing because they don't know how to sell Sellers on pricing. It's not the Seller's fault. It's not because the Seller made a bad decision. So quit telling then they did!
Sellers want to know what you are going to do different for them. ALL agents pitch marketing and CMAs.
I don't.
I pitch 4 main things:
1. I will answer my phone when you call from 8am to 7 pm 6 days a week OR I will return your call within 1 hour guaranteed. Try it!! And they do. They will leave me a message telling me I have 60 minutes to return their call.
2. 45 day listing agreement
3. Fire me anytime
4. Minimum once a week updates
And it just happens that these four value propositions line up perfectly with the Seller's four main complaints.
Build your letters around their common complaints and your letters will work. Save the marketing strategies and CMA until you are face to face. Make the phone ring. Pitch your wares later. It’s simple.
SAMPLE LETTER
Greetings!
IF YOU ARE READING THIS LETTER THEN YOUR REALTOR HAS NOT SOLD YOUR HOME.
My name is Rick Tankersley and I am Century 21 Northside. I have noticed that your house was recently taken off the market so I am writing to see if you still have an interest in selling.
I welcome the opportunity to meet with you to go over your Real Estate needs and update you on current market conditions in San Antonio. Together we can devise a plan that will get your home sold.
In this more competitive market you need a Realtor experienced in your area who will get your home sold for full market value in a reasonable amount of time. I will offer you my 20 years of experience selling homes in San Antonio and an unconditional 45 day listing agreement that you can cancel at any time with no fees to you. I get paid when you get paid…at closing.
I promise to talk to you personally during the listing period at least twice a week with updates. I promise to answer my phone when you call or return your call within 30 minutes Mon-Sun 8am-8pm. Try it! 210-788-9690.
Folks, if you are serious about selling your home then give me a call today and start packing! I look forward to hearing from you.
Sincerely,
Rick Tankersley
Phone: 210-788-9690
Email: Rick.Tankersley@C21.com