Targeting Expired Listings
Be First and Be Different
Every agent that wants to list property is going to be calling or mailing something to expired listings. A good rule of thumb is to: “Be different than everyone else”. In other words, if you do the same things everyone else is doing, you’re very unlikely to stand out. One of the easiest ways to be different is to be persistent. Instead of attempting to contact prospects a couple of times, communicate with them every week, until they either list with someone else, or ask you to stop. Here’s a great outline for prospecting with expired listings:
- Be first. Check out expired listings at 6:00am, before the other agents get out of bed.
- Research every listing that has expired or been withdrawn in the last 6 months, or even one year in your geographic farm or area of interest.
- Revise this list by removing anyone that has re-listed or sold their property.
- Plan on communicating with the remaining owners every week.
- The best way to contact this group is to go and see them face to face with the following script:
“Hi Mr. & Mrs. Smith, my name is _________. I’m with The Real Estate Group. My company has recently sold a number of homes in this area, and we still have a number of buyers that want to live here. I noticed that you had your property listed for sale __________ months ago. I was wondering if you were still thinking about selling your home.”
If you take your list and map out a route to follow on a Saturday morning, you can visit 15-20 homes in a few hours and end up with 2-4 great listing prospects. Remember, it’s highly unlikely anyone else has had the courage to warm canvas, or get up at 6:00a.m. If you’re not comfortable knocking on doors, get another agent to go with you and split the listings. If that won’t work, at least plan on dropping something in the mail to your group every week. It’s also highly unlikely that any other agent will try more than a couple of times to contact this group before they give up. The strategy that works best in most prospecting approaches is to TAKE THE SHOTS.