Last Updated on April 24, 2017
You know expired listings are motivated to sell their home, but they’re also skeptical of agents because they just had one fail them. Here’s a simple way to show how your services stand head and shoulders above every other agent trying to cold call them. You’ll have to speak to their frustrations and position yourself as an agent who can help them in their situation.
STEP 1: Get a list of “Quality” Expired Listings from your MLS
Not every expired listing is a good one to take. Quickly scan the MLS each day for expireds that have an obvious reason they’re not selling. It may be the price, or it could be the listing agent did a terrible job describing the core benefits of the property. Make your list with the names and addresses of the expired listings you want to contact. Put listings in areas you want to work at the top of your list.
STEP 2: Visit Each Expired Listing To Offer A Survey
Yes, you’re going to personally go to their home and knock on their door. I’m not a fan of manual prospecting, but if you have no money to use our other strategies with letters and postcards that can do the heavy-lifting for you, then you’ve got to start somewhere. And there’s another reason why it makes sense to visit Expireds face-to-face. They don’t trust Realtors. Remember, one just failed them. They also have swarms of agents calling them every day. “What’s going to make you stand out?” Showing up in person is a start. But you’ll need to also diffuse their “sales” radar as soon as they open the door with a script…
Use this script when meeting Expired Sellers face-to-face:
Hi, My name is Your Name and I’m a real estate broker with ABC Realty.
I’m not trying to solicit you for business. (NOTE: YOU SAY THAT TO GET THEIR DEFENSES DOWN), I know you’re frustrated and probably have a lot of Realtors calling you.
I sell homes in this area and I simply want to stay on top of the market. Could I ask you a few quick questions so I know more about why your home didn’t sell?
Most every person will say “Yes.” They are sick and tired of hearing agents promote that they’re #1. So you’re acknowledging their frustration and bonding to them, letting them release some frustration without them feeling like they’re going to get a “sales pitch.” Make sure to thank them, and acknowledge that the information they’ve provided will help you do a better job as an agent. (Revealing how you benefit from the conversation also lowers their resistance.) Then transition the conversation like this:
“It’s a shame your home didn’t sell. It’s really a great home I bet a lot of people would want. You know, the average agent in the area sells X number of home a year, and I sold X number last year. It’s mainly from my communication skills and from my 28-Step Maximum Value Home Marketing Plan. I can leave you a copy just so you’ll be able differentiate great agents from not-so-good ones when you re-list your home.“
Do you see what you just did there? You completely changed the dynamic so they don’t feel pitched, but you’re still positioning yourself as their first choice when they do want to re-list their home.
STEP 3: Follow-Up Each Week To Check On Their Status
Mark it on your calendar to stop by once a week until they decide to re-list their home, or tell you they’re going to wait awhile. Either way, ask them if they want to be on your monthly newsletter list so you’re building your database even if you don’t get their business. By the way, if you’re looking for a fast and easy way to nurture relationships and demonstrate why you’re worthy of referrals, check out this real estate newsletter.
|The strategy above is called the Expireds Survey™ System and it can make you the first choice for motivated sellers to re-list their home.|
Action Steps• Get a list of QUALITY Expired Listings (in an area where other homes are selling) • Visit the expired listings to offer a quick survey (we’ve found 3 simple questions that work best) • Follow up with the homeowner weekly (mark your calendar – and also put them on your monthly newsletter list)