Strategy and Logistics of Expired Listings

As many of you know I am a HUGE fan of virtual assistants.  In fact, we have had a internationally recognized virtual assistant for over a year at the Company level.  Laura Monroe is TOP NOTCH and we are extremely happy with her work.  However, there are some physical limitations with having your assistant 1400 miles away.  One of the limitations is logistics of prospecting expired and cancelled listings.

TIME is not your ally with an expired listing.  It is absolutely critical to get your mailing out immediately.  That means researching the post office routes and hours in order to be the first mailing they open.  A day later is unacceptable.  A day later and your mailing is one of twenty.  That is one of the reasons we hired another assistant, Rachael.  Rachael is FANTASTIC!  One of our requirements is that we insisted on a EXCEL guru.  I would even venture to say that she has forgot more about excel than I will ever know.  Rachael's main function is database management of Past Clients, Expired, and Cancelled listings.    

The typical expired or cancelled listing is not happy with their former agent or their firm.  Realtors, should not be a commodity.  Price is the only thing that differentiates a commodity.  Agents are different and agents even from the same company are just as different.   However, many sellers do not realise this.  It is unfair, but that is reality.   Bigger firms have more agents and more expired and cancelled listings in terms of numbers.  This is one of the best advantages with being a small, independent firm - there are more expired listings  to choose from.  Most expired listings feel that they were not properly serviced or communicated with.  It is important to ask what made them unhappy with their prior agent.  This is important because it helps gear your marketing  for future expired listings.  It also helps the company or an agent set up systems and a marketing plan to meet these needs. 

Communication is perhaps the biggest complaint.  That is why we use a dedicated showing desk, OneCallShow with an automated FEEDBACK service.  This service is invaluable and the sellers love it.  Happy sellers mean referral clients.  Most companies will discourage a "showing desk" because they do not want to pay for it.  How can you afford NOT to have a showing desk?  Especially with a FEEDBACK mechanism?  I provide onecallshow to ALL our agents for FREE because it is less expensive than an expired listing.  I have yet to meet an expired or cancelled that said, "We wanted more ads in the newspaper or more open houses."  Most expired listings will readily agree that the newspaper is an ineffective media for marketing a home. 

Ask questions.  Was your home professionally staged by a professional stager?  I believe that professional staging is a essential part of delivering FULL SERVICE when selling a home.  Again, it boils down to differentiation.  However, every agent is different and many do not hire a professional stager as part of their marketing plan because it is expensive.  However, it is more expensive to have an expired listing.  A professional stager is worth every penny!  At Alliance, we surround ourselves with the best, Tori Lynn Ross of Ross Designs.  Again, it simply boils down to differentiation and adding value.

Most expired listings are more than willing to pay more commission but they want RESULTS.  They want added value.  Most For Sale By Owners have not experienced the pain and the reality of the market, so value to them is who has the lowest commission.  I say let someone else list them first.  If it is priced right, it WILL sell.  If your home is not priced right, it WILL expire.  However, FSBOs are notorious for overpricing their home and for not properly preparing their home prior to put on the market.

At the end of the day, agents sell real estate not companies.  Companies have advantages both big and small, independent and franchise.  I highly encourage sellers to interview multiple agents from different firms.  Why, I love competition.  However, it is amazing the amount of unprofessionalism.  Many agents instead of selling their service they instead bad mouth the competition. 

Keep in mind, you should study the competition so you know their both their weaknesses and strengths.  If you lose a listing - find out why.  If the competition has a good idea or a technique - use it.  Two years ago very few Realtors in the Omaha market hired a professional stager.  Now, pretty much all the top tier agents in Omaha use one.  Excellence is a moving target.

Thanks,

David Matney,CRS,GRI

Alliance Real Estate