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Expired Listings: Do you have a system?

By
Real Estate Agent with Kathleen Cooper, Sposato Realty Group 9084437/Brokers

Recently I have been looking a lot into getting a system in place for expired listings.  I have worked with them before and enjoyed it, but I never really got a good system going that I could keep up with.  I came across the Borino Expired Plus System and it looks promising.  Anyone ever use it?  Is there something else that you are using that you'd like to share your experience with us?  I'm always look for new ways to do business better, more time and cost effective and to help get my name out there.  Expired listings seem to be much better than buying seller leads in this buyer's market in Massachusetts.  I don't see paying for a lead that may get you a listing presentation, may not, but either way, most sellers don't even want to listen to what you have to say about where the home should be priced.  I have had to turn down too many listings because of unreasonable expectations of price, and I'd hate to be paying top dollar for those "leads" when I can find sellers on my own.  I also have been subscribing to the RedX system to lookup the expired listings and fsbos.  Works very well, now I just need something to go to the door with and send in the mail. 

Any sharing here would be greatly appreciated!

 

Comments (6)

Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

I no longer go after expired listings. That being said you need a system to make it work.

Jun 24, 2008 04:57 AM
Patty Carroll
Vancouver, WA

We have no answers for you but are interested to see what answers that you get so we will park here. Thanks!

Jun 24, 2008 05:04 AM
Andy Park
Weichert Realtors FH Realty - Forest Hills, NY

I love when brokers/agents are not afraid to ask for advice.  We will never know everything.

There are different systems to tackle those expired listings.  Many I will say, since researching lead me to so many different ideas and ways to approach expired listings.  The best one of course you know, is going directly to their door and ask them for their business.  Obviously, you want to know how to approach them and is as simple as reading the seller.  Not everyone responds the same way to your solicitation.  Some will just plainly shut the door in you face before you can say who you are.

here's my advice: ask them questions, don't tell them what you will do for them.  That's the first step, making them feel comfortable with you.  They already are pissed at the listing agent who did not sell their home, so probably they already are distrusful of agents.  Ask them if their previous agent ever explained to them why their home did not sell.  Were they happy with him/her?  What did they do that they liked best?  What should have they done more?  How did you (seller) find that agent?  What would they expect from the next agent to do more of?  How long have they lived at the present address?  where do they plan on moving to?  when must they move by?

I always ask them the first question first.  You can find the question you want to use first.  I find it that when you ask seller about the other agent, they start to let everything out and get comfortable with you.  After those questions, you can explain to them about the market and to finalize, ask them firmly: "if I can get you what you want for your home, would you list your home with me? "  This will force them to answer you on a yes or no.

I also like to use letters for coops and condos since you can't go directly to their doors.  Send them the letter 3-5 days prior to the listing expiring, so they get your letter when it does.  then you follow up with another letter and then a phone call.  All within one week after expiring.

Try it and let me know what you think of it.

Jun 24, 2008 05:09 AM
Kathleen Cooper
Kathleen Cooper, Sposato Realty Group - Worcester, MA
Sposato Realty Group - Broker Owner

Hey Andy!  Good stuff!  How do you know when a listing is about to expire?  That info is not published in our MLS and I'm not sure how I'd find that out.  Listings in our area are signed on for any amount of time ranging from 30-180 days depending on the agent.  I definately agree about asking questions and really listening to the possible clients.  Taking notes and touring the home has helped me gain their trust.  I have ordered the Borino Expired Plus System and it should come in 3-5 days.  I can't wait to get started!  I'll keep everyone updated on how it works out for me.

Sincerely,

Kathleen

Jun 24, 2008 09:56 AM
Anonymous
Diane Hartwell

I use www.Leadsenders.com ... its by far the best system available when it comes to prospecting expireds!

Sep 25, 2008 09:57 PM
#5
Lanre-"THE REAL ESTATE FARMER" Folayan
Samson Properties - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

@Diane Hartwell- Do you still use www.Leadsenders.com

@Kathleen Cooper-Since this blog is over three years now,I figure this is the right time to ask you this? How did the Borino Expired Plus System work for you? And would you recommend it to anybody? Please let me know. I am looking to do more expired listings. I am going to use RedX.com also. However I need a good Touch campaign. Any advice/suggestions? Please share. Thanks

May 10, 2011 08:20 AM