Expired Listings: The Bottom Line – 24 Touches
Listings will rule during the next 12 months and every agent should be aggressively pursuing these highly desirable money-makers on a daily basis. Consider a couple of key points. First, Listings normally sell, while buyers don’t normally buy. Your conversion rate with listings is much higher than your conversion rate with buyers. Second, 60% of buyer sales come from listings that an agent has.
We’ve determined that listings are critical to success for your business. Why not go after the people that have already expressed a desire to sell? The real challenge is recognizing that most other agents have also identified the value of prospecting with expired listings. How can you be different? Use common sense and do more than anybody else does.
For example, many agents feel that a couple of shots at a listing that recently expired is worth the effort. Get over this feeling. A couple of shots won’t cut it. In marketing 101, you learn that it usually takes 5 or 6 consistent communications or “touches” before people even acknowledge that you’re an option. If you. Also, consider that everyone is chasing newly expired listings, so why not go back a couple of years, say, to 2014 and start from there. Ideally, try to identify at least 100 listings that have expired during the past couple of years and take consistent weekly shots with the same group.
What qualifies as a shot? That’s simple, dropping by the home would be the best, because agents are notoriously intimidated by warm canvassing, so nobody else does it. Or, you could call your list every week after you’ve sent something out. This is also a good approach because even the best agents will only try to call once or twice before giving up. And, finally, you can just mail something every week to your expired list. This one is in most agent’s comfort level but requires consistency, which is not a strong suit of many agents.
What can you send? This answer is not as difficult as you might think. as part of your weekly mailings you could send:
- Market Reports- Showing the trends in the market and how they may impact the homeowners decision on whether and when to sell.
- Agent Announcement- It’s okay to send something about you and your past success or experience as a way for your list to get to know you.
- Old Listing Sheet Highlighted- Point out the weakness of previous MLS listing information by highlighting flaws and asking your expired seller to contact you to discuss the. just hand write a note on the listing sheet.
- Tax Record Highlighted- Point out the declining values and once again, hand write a note indicating they should call you to discuss the impact the info has on buyers.
- Sold Activity- Don’t analyze this information. Just hand write a note and tell them there are trends that are developing that they should know about.
- New Actives- Explain, in a handwritten format, that this information could be important to them.
- Affiliation- Send out flyers on affiliations, networks or awards and the success the company has had, especially with selling listings in the area, and piggy-back on that success.
- Luxury Portfolio- If you’re a member, send them a flyer.
- Information on Just listed properties- Hand write that you thought they would find this new listing interesting, but don’t say why.
- Information on individual properties that have just sold and at what price. Hand write that this could make a big difference for them, but don’t say why or how.
- Updated trend information- share the recent changes in price, inventory levels, and availability or selection changes.
Send something every week in a hand-addressed, stamped envelope with a simple return address and your last name. (If not in violation of any Real Estate disclosure rules). And, if you’re feeling industrious, call your expired listings to ask them if they received the information and are still thinking about selling.
And, finally, if you’re feeling really confident and you want to cut to the chase, knock on their door after 5 p.m. and before 7 p.m. during the week or on Saturday morning. You can say the following: (If you’re not feeling confident, you can send it in a letter.)
I noticed that you recently had your property for sale. If you’re still thinking about selling your home at some point in the future, I’ve attached an analysis of the Real Estate market activity through the first quarter of 2012. I’m in the process of updating this information, and there are some very interesting trends developing that I would be happy to share with you.
After all, how can you determine when the best time to sell will be if you don’t have all of the facts. If you would like to receive an updated market report when it’s finished, feel free to contact me at ________________, or if you prefer you can e-mail me at __________, no obligation of course.
Also, if you’re thinking about selling now, I’ve sold all of my listings in your area (the area) and still have a number of buyers that I’m working with that want (your area). I would be happy to show them your home if you’re thinking of selling sooner than later.