Eight Easy Questions to Get Expired Listings
In today’s real estate market one word is definitely getting its 15 minutes of fame: Expireds.
Especially if inventory is high on the market, you can bet not all of it is getting sold as fast as sellers would like. This might sound like an ugly situation, but actually this is a golden opportunity for eager brokers and agents to profit handsomely. The key is getting those expired listings.
Certainly, you have to act fast. Remember, lots of other agents have access to the expired listings, too. Beat them to the punch and when you do, explain to the seller that his phone and doorbell are going to be ringing often and loudly, but that he can ignore all those other agents because you’re the one who can help.
And don’t worry if you fail to get those newly expired listings. Instead, go after the older Expireds. There was a case of a brand new agent with no name recognition, and within one year she rose to become the top seller in her market primarily because she called on Expireds that were at least three months old. She has built her business on old Expireds. If a new agent can do it, you can too!
So how do you convert Expireds into fresh new listings? Yes, you need to have good one pointers on why you and why National Realty. But by asking questions, you will be better off. This way you can better understand the seller and find their motivation.
And here are some questions;
- Why do you think the home didn’t sell? Then listen like you’ve never listened before, because what comes out of his mouth will be your plan. He’ll be explaining specifically what you need to overcome to sell the home. Simply re-phrase what he said so he knows you listened, and then talk about how National Realty can clear those hurdles.
- Did you get any offers? Again, the answer will be very telling: one, it will tell you if the seller is flexible or not. If he turned down several offers, perhaps he’s not flexible enough. If he didn’t get many or any offers, the listing was likely priced too high. Getting answers to this question will help craft a more effective marketing strategy to sell the home quickly.
- How many showings did you have? If a lot, staging is likely a problem. Freshen things up a bit – new paint, cleaner windows, a spruced up yard. And if there weren’t many or any showings, then it’s probably priced too high.
- How did the past agent market your home? Listen intently for areas where you believe the agent failed and where you can excel. The seller needs to know specifics and how you approach selling a home differently than what has been done before. And whatever you do, avoid bad-mouthing the other agent or company. Instead, focus on your skills and experience, and how they differ from other agents.
- What changes are you willing to make to sell? The answer will either send you packing (so that you don’t waste your time with a non-motivated or difficult client) or keep you in the game. If he’s willing to make changes, you have to be upfront and explain in detail what needs to be done (along with the costs) to get the home sold.
A word of caution: Be empathetic when dealing with sellers who have Expired listings. Agents are likely not going to be on their “favorite people” list because they didn’t get what they wanted. Knowing that, and then focusing on their needs, will go a long way toward building a good relationship and a quicker sale.
Expired Listings – Systematic Follow up
Follow up on expired sellers should involve two major components: mail and phone calls. Taking time to have a balanced attack will bring sellers calling you and make your phone calls easier.
Your expired listing letter can actually be quite simple. One of the most important aspects is that you get your expired listing letter in the mail on the very first day the home is identified as an expired listing. This will ensure that your letter arrives just after the initial flood of people who rush to drop something off in person. Keep your envelope and letter simple and make it easy for them to pick up the phone and get a hold of you.
Phone call follow up is what is going to enable you to take the number of listings that you have always wanted. When most agents have stopped after day 5 you can keep going and stand out from the crowd. I invite you to consider the following methods to get the most from your phone calls:
- Call at the same time each day – It doesn’t have to be at the crack of dawn, but calling at the same time each morning will give you the best chances of getting a hold of the home owner. Your pipeline of potential sellers should be large enough to spend at least two hours on the phone.
- Leave voicemails – Most agents avoid voicemails because they don’t know what to say. Leave voicemails and give them a reason to call you back. Let them know they can call you back to learn more about your “29 Day Guarantee” message. The more interest peaking and easier you make it on them to return your call, the more call backs you will receive.
- Be prepared with scripts – Have a list of qualifying and interest peaking questions that you can ask the seller when you get them on the phone. You may get their voicemail 80% of the time so when you get them on the phone you want to take advantage of those valuable minutes to get the appointment.
- Set a timeline – Your phone call schedule should go far beyond 5 days. Consider a phone call follow up schedule that lasts for up to 21 days. You don’t need to call every day, but put a schedule in place that allows you to reach them 6-10 times during that period.
Following up on expired listings won’t take much of your time, especially when you do it consistently every day. Along with your consistent follow up you will be able to consistently take listings monthly as well!