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Expired Listings Part 2

By
Education & Training with Advantage Solutions Group

   Last week, we started by talking about which to walk away from and how to choose the one's to prospect. Many of you shared some great tips. Seems that bad photography is right up at the top of the list with reason's why something doesn't sell.

Doesn't that amaze you? Especially given how easy it is to use a digital camera to take lots of photos and how easy it is to make a virtual tour. Point2Agent is offering free virtual tours with their edition.  www.microsoft.com/photostory  is also a wonderful free program that uses your still photos for a pretty cool looking tour.

What other resources are you using?  Or share what you are finding works in WOWing the client?  

Here are some more of my thoughts for success with expired listings.  

1. Have Empathy They usually are disappointed, frustrated or just plain mad! They were promised by their  previous agent that he(or she) could get the job done and they'd be able to move into the next chapter of their life and it was a lie! So, don't take their frustration or anger personally. Ask them, "What happened?" This is different than asking them why they didn't think their house sold-subtle but different. You'll hear clues of what they want in their next agent. Let them vent. Don't try to give your solution right away, but give them time to wind down by expressing all their frustration. This will build their perception of your communication skills!  

2.Be The First Even though the common perception is that these people are getting inundated by agents, I do not ususally find that to be the case. The majority of agents are relying on passive contact. If you are the 1st or 2nd agent to actively contact them-either on the phone or if you are scared of the DNC rules, by dropping by, you have over a 60% chance of getting the listing IF they relist. Timing counts. If they are going to re-list, they may be in a hurry to get their house back on the market. Use a service like TheRedX to find the contact information, scrubbed against the DNC list and that gives you a structure with scripts and materials to manage the contacts.  

 3. Wow Them! You need to differentiate yourself immediately. You don't have the luxury of building relationship slowly, but must impress them with services, knowledge and skills that the other agents are demonstrating.         

 

 This is

  • When you want to show up with your tablet computer!
  • When you want to demonstrate your call capture system!
  • When you give them an excel spreadsheet they can use as a scorecard when they interview other agents, listing your designations, your unique marketing tools!
  • When you show up with a personalized copy of 450 Ideas To Get Your Home Sold Faster!

Or, what do you Wow them with??????????  

More to come!

Posted by

Mary Pope-Handy
Christie's International Real Estate Sereno - Los Gatos, CA
CRS, CIPS, ABR, SRES, Silicon Valley
Great ideas, Joeann!!

With warm regards,
Apr 16, 2007 11:33 AM
Doug Gibbons
RE/MAX Excel - Bordentown, NJ
Thanks for the great suggestions. We have also found that being a solid source of information about the market conditions can set you apart from others who may not be sharing as much information with clients. Also, it's essential to have better marketing materials to set you apart from the rest.
Apr 16, 2007 11:40 AM
Roger Stensland
Keller Williams Realty Puget Sound - Maple Valley, WA
Let's Move!
This looks like a Floyd Wickman or a slight variation of his approach.  Anyway, it is good information and bears repeating.  Well done!
Apr 16, 2007 11:44 AM
"JT" Prevatte
Former Agent - Fayetteville, NC
Really have to be fast in my area....I have yet to convert and expired...but that is not from the lack of trying.
Apr 16, 2007 11:52 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Joeann, In your previous post, you had asked me if I do any other step in my expired program besides my letter. The answer is no. I'm fortunate that I have a large quantity of expired listings, in my market, to mail to(50-150 per week) So my letter seems to do the trick. The two things I have incorporated into it, that makes the biggest difference, is my 45 day no obligation listing agreement and my guarantee to return their call within 1 hour 8 to 8, 7 days a week, Oh, also my minimum, twice a week, updates. These 3 things are addressing the 3 complaints I hear most from the sellers.

1. I had to wait 6 months to get out of my agreement or I had to pay a cancellation fee

2. I never heard from my REALTOR(R)

3. I could never reach my REALTOR(R)  

But of course the key is to mail the letter to EVERY expired or withdrawn listing EVERY day. The one you miss is the one that would have listed. And every market is different, so what works for me may not work for everyone.

Great series Joeann. Thanks for sharing.

Apr 16, 2007 11:58 AM
Cynthia Sloop
Community Association Manager - Indianapolis, IN

Joeann -

I too mail to the expireds.  As of lately, I haven't been as fortunate getting them to contact me.  Maybe I need to go back to my letter that talked so much about the problems Bryant is speaking about above.  I had tweaked my letter more towards the traditional and internet marketing that I do.  This has not gotten me the calls as of yet. 

Good post, it made me think more about what I've been doing and how I may need to change it to be more effective.  I did try to use REDX and did not like the service.  It had its limits and probably.

Apr 16, 2007 12:11 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Joeann -

This is really great information, expired are a great source for listings if done correctly and consistently.

Apr 16, 2007 12:22 PM
Michael Ross
Coldwell Banker Residential Brokerage - Beverly, MA
North Shore of Boston

Joannn,  You have missed the boat on this one.  It's all about price.  Over priced in a depreciating market is the real answer. Number one rule of advice is NOT TO OVER PRICE a property period. Any agent that wants to take a listing into fantasyland is an agent that doesn't know what they are doing. Period.

Forget about bad photos, newspaper ads, and all the nickle and dime marketing. The brokerage community will  see it as over priced from day one but properties priced correctly  show value get the attentiion.  They get sold. It's not brain science. It's reality.

As for having empathy with expired listings. Another wrong answer Joeann. You need to be brutally honest and direct and get to the point. Do you really want to sell?  If Yes...and you believe them then get to the CMA and  SHOW THEM  depreciation in the market and show them they need to REDUCED greater then the current depreciation.

Apr 16, 2007 12:37 PM
George W. Miller
Keller Williams Realty - Naugatuck, CT
Naugatuck and Beacon Falls Real Estate

Thanks for the tips.fig

 

Apr 16, 2007 12:47 PM
Joeann Fossland
Advantage Solutions Group - Tucson, AZ
Master Certified Coach to Motivated Agents

Mary- Thanks!!! Means a lot coming from you!

Doug & Gina- I agree. Your ability to differentiate by listening and offering them education is a great way to get their trust.

Roger Thanks, I've never taken one of Floyd's courses, but the basics work, as you've said!

Jeffery Keep trying...consistency works

Bryant Thanks for sharing how it is working for you! The easy out is great. looks like you have a good system. I appreciate the additional tips!

Cynthia Yep, it sounds like time to re-strategize. If it sounds like they are hearing the same traditional stuff from you they'll be looking for why you are different

Jennifer-They sure are! Thanks for coming by

Apr 16, 2007 12:53 PM
Joeann Fossland
Advantage Solutions Group - Tucson, AZ
Master Certified Coach to Motivated Agents

Michael I totally agree with you about the pricing, but an agent first needs to be able to get the interview before they can talk about price. In my first post, I talked about walking away if they weren't reasonable on price.

And, the empathy part is building some trust and relationship by listening to them and their needs BEFORE being straightforward and honest. I think we are on the same page and I'll be posting next about the strategy once you get in the door.

George My pleasure

Apr 16, 2007 01:03 PM
Tim Maitski
Atlanta Communities Real Estate Brokerage - Atlanta, GA
Truth, Excellence and a Good Deal
I've never gone after expireds but am always looking for new ideas.  Thanks for the tips. 
Apr 16, 2007 01:47 PM
Joeann Fossland
Advantage Solutions Group - Tucson, AZ
Master Certified Coach to Motivated Agents
Tim Putting together a system is the most important thing to do for these or they can take way too much time!
My Expired Real Estate Game is a fun, easy way to do that!
Apr 17, 2007 01:26 AM