Winterizing Your Real-estate Business #4.
Expired Listings: by Rick Guthrie
Thanks for coming back to my series on, “Winterizing your real estate Business”. As you remember from our last blog, I blogged about holding 2 opens a week.
Today we’re going Winterize by focusing on Expired Listings.
I’ve found a common pattern or strategy in the mindset of a seller is they seem to list around the Holidays. What I mean to say is, that a greater percentage of sellers will purposely have their listing contract expire around the holidays. Their thought is that if their home doesn’t sell before the holidays, they’ll just simply take it off the market and try again in the spring or hirer someone different to get the job done. Now of course people, who have to move, will still have the motivation to get their home sold and will need to relist. However, what’s on their mind is, should I relist with the agent who didn’t get the job done the first time or should I look for a fresh approach?
If you’ve been in the business for any amount of time, you’ll know the reason the home didn’t sell is most likely price. Actually, not most likely, it is price. You coming in as the pinch hitter or second choice gives you the opportunity to price the home properly this time. You’ll get it listed with less pricing objections. If you focus on the expired listing, in your winterization strategy, you’ll find some great opportunities. Here’s what I’ve done that’s worked well for me.
- Develop a Great Expired Packet
- Set my MLS to Search for New Expired Listings Daily
- Drop Off Expired Packets Daily
- Follow Up With a Phone Call
Develop a Great Expired Packet – You want to make an expired packet eye catching but very generic. I kept about twenty in my car at all times. That way I could drop of several on my way to the office. The cover of my bound packet said in big letters “Do You Know Your Home May be currently off the Market”? The reason I did this is that some agents don’t keep up with their listings like they should and one will expire without their knowledge. Bad news for the seller but good news for you when you bring it to the seller’s attention. This usually leads to an appointment. The content of the packet should be information about you and also your value proposition for sellers. Testimonials are great here too!
CAUTION: Too much information might have a negative effect. The seller could make conclusions about your marketing and services without meeting you. CLOSE TO AN APPOINTMENT!
Set my MLS to Search for New Expired Listings Daily – Three things I did every morning. Got up early, had my coffee and checked for expired listings. I always wanted to get the jump on anyone else. I pulled them up, searched the address on the MLS to make sure they had not been relisted, plan a route to drop off packets and got phone numbers if I could. Too Easy!
Drop Off Expired Packets Daily – I basically door knocked and dropped off packets in the morning. You’d be surprised at how many people are at home in the morning. I found putting a packet in their hand and asking for an appointment gave me a higher conversation rate than just a phone call. If they were not at home, I would leave the packet and follow up with a phone call or another pop by.
HINT: Roll the packet up and put it in the handle of their garage door. People rarely go in through their front door anymore.
Follow Up With a Phone Call: Always follow up with a call to make sure they got the packet. There are companies that phone lists for expired listings. I guess the key is you’re on the clock. You have to get to them quickly so don’t waste a lot of time.
These are some key elements I used to stay in front of sellers whose listing agreement had expired with their former agent. Remember that good memorized scripts and dialogues for expireds are a must. So take this opportunity to make expired listings one of your tools to winterize your real estate business.
“You have a Great Month Today”