Real Estate Blog - Expired Listings

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Expired Listings

One potential revenue stream I have yet to tackle is the Expired Listing market. With the amount of inventory (close to 60,000) on the resale market, and the number of resale transactions holding relatively steady at about 10% of total inventory on a monthly basis, it seems to me that now is a great time to leverage success stories into listing previously Expired Listings.

The information I would share with a prospect to get their attention would include:

SOLD in 9 DAYS - Listed May 25, 2007 for $619,000 - SOLD June 3, 2007

Average Days on Market for our SOLD listings in May 2007 was only 22 Days.

The question is - what's the best way to identify the target market and connect with them?

The MLS shows expired listings - but unfortunately doesn't include the owner's email address! :-)

What success stories do you have in seeking business from this market segment?

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Posted by Tony Marriott, Associate Broker, CRP, CLHMS, CRB, CRS ~~ Phoenix Arizona on 06/15/2007 12:32 PM

Comments (5)

expired listing, target, market, days on market

Originally posted at: Tony Marriott's Phoenix Arizona Real Estate Blog: Expired Listings

This post has been included in Arizona Information Maricopa County, AZ Information

5 Comments on Expired Listings

JUN

2007

The expired market is something I work all the time and get about 2 per year. That doesn't sound like a lot, but most of the work is done by my assistants. I just tell them which was I want to target and they start the mailings. I probably go on three listing presentations per year as a result and get 2 out of the 3. The others, it turns out I don't want -- they are upside down or the house is a pigsty that they are not willing or able to clean up.

JUN

2007

Ann - What sort of ROI in $$ or % do you think you get from the marketing investment?

JUN

2007

Tony, we exclusively use a snail mail compaign we created and turned into an 8x8. On the day the property is expired, we send out the first piece. Each Monday there after we send out the next weeks piece.

We are pretty successful at this campaign and at one time the listings obtained represented over 80% of our inventory - this was when it was just David and myself as his assistant. He maintained an average of 60-80 listings at a time, 80% from the expired campaign.

I have not been nearly as consistent with this program as we are in transition and changing our business drastically. Our program is one of my major goals for this summer to implement and get going no matter what.

Christina - How many pieces did it take to start to get a significant response? Are you willing to share the snail mail docs? :-)

JUN

2007

Tony and Christine, i am also interested in the snail mail campaign. I'm just begining to tackle the Expired Market and my BIC is not an advocate, but wants to see if I can be successful trying.

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