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What Really Is The Best Way To Approach Expireds?

By Lissa Uder

Real Estate Agent with RE/MAX Next Generation, LLC

January 22, 2008 09:28 AM

I'm confused! I've been out of the game for a little while, and am a newbie to real estate sales anyway so I'm not afraid to admit when I have no idea what I'm doing. I'm referring to approaching expired listings. I've read and read and everyone seems to have a different approach.

Here's the story. Small town, too many agents, an average of 550 listings on any given day, and anywhere from 3 to 10 expireds per day.

When I first became an agent (I had previously been the office coordinator in a non-franchise office), I decided to call expireds for listings. None of the other agents in the office were doing so, and I thought it would be a great way to get started. It didn't take me long to give up. If you actually reached a real person, they were usually cranky because the Broker of another office had called them between 6 & 8 that morning. OUCH! Don't get me wrong, this Broker has lots of listings, but I lost alot of hiney from these frustrated sellers chewing on me. So.....I quit calling.

I have given consideration to printing out my presentation and dropping it off personally with the owners of expireds, but on some days, there is too many and I don't know if I can keep up with them. I hate to implement a program that I'm not sure I can commit too.

Mailing the presentations became quite costly, so I have now condenced it to a one page letter. I'm working on another letter and postcards for follow up, but it seems as though I have the creativity of a rock lately. (I don't like pre-made postcards because they do not set you apart from anyone else and they usually don't really catch the interest of the seller.)

Does anyone have a good phone script that works for these sellers? It seems like I would need something that I could blurt out before the seller has a chance to realize I'm a realtor calling.

Does anyone have any postcard ideas that they would be willing to share?

Does anyone have any statistical information regarding the best way to approach expireds?

Although I have a strategy for FSBO's, what seems to work best for you all? Once again, I tend to avoid the phone. There was an Agent in the office I used to work for that would be very misleading to people on the phone just to get her foot in the door and it left a bad taste in my mouth.

Any advice or assistance would be greatly appreciated!!!!

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Christina Williams. REALTOR® TN property search & local insights

First Realty Company - Crossville, TN

Lissa ~ I have the best luck when I mail out a personal typed letter from me. Letting the customer know what all I do. My websites, marketing ideas, how I market. I've tried post cards and calls but the letters seem to produce the best results. Best of luck in 2008

Jan 22, 2008 09:36 AM

Heather the Realtor Orlando, Lake Mary

LemonTree Realty - Orlando, FL

First Time Home Buyers, Bank Owned Homes

I look forward to see what you get from other agents. I have never been profitable with expireds either. I have talked with them and sometimes they were friendly but just cant seem to seal the deal with them. I would love advice as well.

Jan 22, 2008 09:56 AM

Jon Miller

United Country-Marshland Realty - Beaufort, SC

I do expireds, but I never CALL. Most of my listings came from expired listing letters and right now, I control 1/6 of the entire inventory in one neighborhood - Out of 60 properties on the market I have 10 of them and most of them came through expireds. I send them a letter, my personal marketing brochure, my business card and a GET IT SOLD flyer of what I can do for them. My letter usually starts out like:

Dear Mr. & Mrs. ________:

Your beautiful home (or land or property) at (ADDRESS) was on the market for over ___ days and did not sell. I am writing to tell you that I can give your property greater exposure to get it sold and to let you know what our company can accomplish.

(Tell the owner what you can do for them...what your company can accomplish. For example:) United Country uses all local methods of marketing plus the added benefit of nationwide exposure to millions of potential buyers. Our United Country websites attract over 94 million hits, 826,000 visitor sessions and over 300 internet referrals PER MONTH! United Country advertises properties to over 80,000,000 readers a week in newspapers and magazines across America; for example, the New York Times, Washington Post and The Wall Street Journal just to name a few of 350 publications. These advertisements generate thousands of inquiries every month from potential buyers whose names are passed on to us! Our comprehensive program is unmatched by any other real estate organization, and this is one resource that may sell your property.

You deserve to get the best advertising exposure and marketing experience in the real estate industry. Our exclusive United Country marketing tools get results, and we can give greater exposure than any other real estate company in our area. (Or whatever you can say to pursuade your potential clients.)

I'd love to show you what I have available to market and sell your property. If there is a way I can assist you with your real estate please call me at (phone number). Buyers are contacting us every day, and we may already have a buyer for your property from someone on our confidential lists of prospects.

Sincerely,

Your name address & phone number

Then I hand-write the name and address of the owner on the envelop. I put all the contents into the envelop and put a stamp on it and send it off. Of course, postage is a pretty big expense for me because I do a lot of mailings.

Here is something else I do. When I look at the MLS for expired listings, I always check to see how long the property has been on the market. I also look to see if the property is listed as OLREA - Owner is a licensed real estate agent. If the owner is OLREA I leave it alone. I also check the remarks column to see if the property is owned by a family member of the listing agent. If it is, I leave it alone because they're not going to list with you anyway so you're wasting your time.

Fortunately, I'm pretty proficient in Publisher software and I make my own flyers and brochures. I'll be happy to send you a copy of the GET IT SOLD flyer if you want it.

Then, once I get a listing from an expired, I write a letter to all the homeowners around that home and send them another 'Just Listed' letter telling them that I just listed the home at such and such an address and I'm sending you this letter for three reasons: 1. You may want to purchase this home for you or your family, 2. you may know someone who would like to buy this home, or 3. you may want to list your property with me.

PS. I'm getting ready to get two more listings from one guy, and possibly an entire neighborhood of 15 properties from a developer, all because I sent out expired listing letters.

Jan 22, 2008 10:32 AM

Sharon Harris

Keller Williams Keystone Realty - Hanover, PA

Realtor

Good letter. i have been calling and not really getting to far with them. I will step it up with a letter and more personal information about me. how about that flyer any chance that I can get a look?

Jan 22, 2008 11:12 AM

Sandra Carlisle (Ayers)

Berkshire Hathaway California Properties - Newport Beach, CA

Real Estate Marketing & Sales

I use my open houses to get expireds. I walk up and knock and when they answer I say "I'll be holding open (such and such) address this weekend and if that home doesn't work for the buyers I'll meet, would you still consider selling yours? When can I see your home?"

Then start the dialogue from there.

Jan 22, 2008 12:25 PM

Lissa Uder

RE/MAX Next Generation, LLC - Lebanon, MO

Your Lebanon MO Real Estate Agent

Thank you all, so much! These are all great ideas. I love this site! Where else can you go to such great advice?

And Jon, I would love to see a copy of that flyer. my e-mail is lissasells4u@earthlink.net.

Jan 22, 2008 10:55 PM

Anonymous

Sheila Robinson

This is a fantastic letter I really appreaciate it very much. Can you please email me a copy of your flyer? Thanks in advance.

Aug 20, 2009 11:57 AM

Andrea Peters

Cortiers Real Estate - College Station, TX

Lissa,

I'm trying to start a campaign for expired listings as well. Would it be possible for you to send me a copy of the Get it Sold flyer? I think something like that would be perfect!

Thanks!

Andrea

Dec 30, 2009 01:34 PM