Expired listings are a great way to build your company's listings if you're a newly licensed real estate agent.There are more than a thousand expired listings in the average metropolitan area.If you want to get expired listings, you need to be able to sell yourself and your services to a homeowner who has already been burned by another agent.
Step 1: There are about to expire listings in the MLS.
You can build a contact list of expiring listings by checking the MLS hot sheet every morning.You should not contact the seller until the day after the listing has expired.When you call the seller, use a script.You can use an expired listing system.The systems send scripted messages to sellers with expired listings.
Step 2: There are older expired listings.
The older the listing is, the easier it will be for you to convert the seller.These listings might be a better bet for you if you're just starting out as an agent.If the home sells, the seller will make a healthy profit because they will have equity in the house.
Step 3: Look for listings with poor marketing.
Poor marketing can indicate a bad working relationship between the agent and seller.You have an opportunity to pick up the expired listing.The original listing has photos.The house is unlikely to sell if there are no photos or one photo of the exterior.People want to see what's inside.Interior photos that aren't staged with furniture, or use poor light and awkward angles, may indicate inexperience or a lack of effort on the part of the original listing agent.
Step 4: The listings have a history of price reductions.
If the seller is unhappy with their current agent, you can pick up an expired listing.Flexibility on the part of the seller is shown by a listing with a history of price reductions.Multiple price reductions are an indication that the seller doesn't have unrealistic expectations.It can be difficult for an agent to sell a property.
Step 5: There are either unique or custom features.
It can be more difficult to sell a home with unique features.It's likely that the marketing didn't showcase the features effectively.It is possible to market a house with unique features.Sharing ideas with the seller can help you get the listing.
Step 6: There is a general expired listings letter.
You can introduce yourself to the seller by writing an expired listings letter.It's good to have a general draft on hand if you want to send this letter the day after the listing ends.You can borrow ideas from other agents' expired listings letters.Information or statements that are applicable to an expired listing should be included in your general draft.Make sure everything stays up to date by periodically reviewing it.
Step 7: You can personalize the letter for each listing.
A mile away, sellers can smell a cookie cutter.The seller feels like the letter was just for them if they include details about the property.You can tease some of the ideas you have with this.Suppose you found an expired listing that has a unique water feature in the backyard.It's clear from your old listing that the water feature in the backyard was not used to its full potential.I look forward to sharing some ideas with you.
Step 8: You should include the value added by your company.
You started working for the company because of that.Pass this information on to the seller so they can see what your company can offer.For example, if your company has more extensive advertising and direct marketing efforts, you are going to be at the top of people's minds when they think about real estate in the area.It's possible to use that familiarity to sell a home more quickly.
Step 9: Write a letter that stands out from the crowd.
The seller is likely to get several letters from interested agents in the days after their listing ends.They may have already been contacted dozens of times if you're targeting an older expired listing.Quality paper and eye-catching graphics can be used.A small token, such as a gift card, can be included.Getting a hold of expired listings letters from other agents in your area can give you ideas on how to make your letter stand out.
Step 10: Follow it up.
If you want to pick up an expired listing, you should contact the seller several times.If they've had a bad experience, they will be skeptical of your offer and may need some persuading.Many agents give up if they don't get a positive response to their first letter.The seller may realize that you will bring the same persistence when selling their home if you are persistent.You may end up contacting the seller more than once, but don't be aggressive about it.You could send a postcard saying "If you're still looking for an agent for your home, I'm willing to talk to you!"
Step 11: Listen to what the seller has to say.
Ask the seller a lot of questions if they get in contact with you because of your expired listings letter.They should be able to tell you what the problem was with the previous agent.Don't bad-mouth the other agent.The other agent did wrong, so focus on what you can do to resolve the problem.Say something like, "I understand how frustrating that could be."I would do things differently if this were my listing.Tell me what you would do.They will tell you how to make a listing presentation that will hook them if you listen carefully.You can show them how to do it differently if you know what went wrong.
Step 12: You can meet the seller in person.
It's hard to win over a seller with an expired listing through letters and phone calls.When you can discuss the listing, schedule a face-to-face meeting.If you're standing in front of the sellers, they'll have a hard time rejecting your offer.This can be used to create an inspiring and persuasive listing presentation.Focus on what you can do for them, and the approach you will take to sell their property.
Step 13: Discuss your sales.
If you sell your home in the past, you can give the seller an idea of what to expect.If you have a history of selling expired listings, you can highlight them if you were able to sell them quickly.Point these out if you've sold a home in the same neighborhood.It shows that you know the area and have a track record there.If the neighborhood is less desirable and harder to sell, this is important.Your sales history can be supported by quotes from past clients who were happy with your services.For each listing presentation, try to use quotes from at least one past client who shared something in common with the seller, for example, the type of property or length of time on the market.
Step 14: The needs of the seller should be addressed.
The seller told you that they had problems with their previous agent.To show the seller how responsive you are, use that information to your advantage.The seller might say that they became frustrated because their old agent wouldn't return their calls.You might note in your listing presentation that you call every client at least once a week to update them on the progress and answer any questions, and you return all phone calls within 24 hours.Don't make promises that you will keep if you get the listing.If you tell the seller you will do something during the presentation, make sure you have the skills to do it.
Step 15: Tell me about your marketing strategy.
The house didn't sell before.The seller wants to know what you would do differently to draw attention to the house that it wasn't attracting with the previous listing.Don't spend a lot of time on the problems you noticed in the other listing.It's important to remember that homes with representation sell faster and for more money.If you have data from your own work, use it to support your points.To make the selling process easier, focus on how you will save the seller money.The listing might have five poor-quality images of the interior, some of which were only showing a wall or a corner.Tell them that you would use a professional photographer to stage the home.If you have statistics that show homes sell faster when they have certain images, you could back this up.
Step 16: Any unique strategies for the property should be included.
It may require an equally unique and creative strategy to find the right buyer if the house has any unique features.Tell the seller anything you have in mind for their property.Compare the two properties and explain how you believe that strategy would work for this house if you were to base the strategy on something that worked before.Explain what you would do differently if you could see how the previous listing didn't highlight the home's features to its best advantage.
Step 17: To act as a dual agent.
If dual agency is legal in your state, you can offer a lower commission if you find the buyer.It makes your offer more appealing to the seller, since they are paying a lower commission, but allows you to compensate since you will take in 2 commissions.In some states, dual agency is not legal.Before you offer the practice, make sure it's legal in your state.Multiple warnings regarding dual agents are common during the home buying process.Prepare to talk openly and honestly about how you plan to represent both parties' interests.
Step 18: The seller should be asked for the listing.
If you can take control of the listing, close your presentation with a brief summary of your goals.They can sign the agreement immediately if they come armed with it.If you want to include any of the promises you made to the seller during the listing presentation, use your standard listing contract.Make sure that the seller understands the contract before they sign it.