Expired Listings - Great Source of Business for Agents
Posted: Wednesday, April 08, 2009
by Borino Slivka
Borino
Expired listings. If you have been in real estate for more than a few weeks, you've probably heard trainers and other agents talk about them. A seller was trying to sell, but something didn't work out (usually the asking price was too high). Expireds can be a great source of leads, listings, and commissions.
Expireds can be easier than many other prospecting methods such as door knocking, Open Houses, or floor time. It takes a long time and effort to find a motivated seller these days. The hardest part has already been done for you. Here you have right at your fingertips a group of home sellers ready to sell their property.
It can take a long time to convert a lead into a listing, especially if you identify the lead at the beginning of the decision-making process. Months, even years sometime. This is not the case with many expireds. They take less time and effort. Many of them are ready to list right away. That means a fast way from a lead to listing and - if priced and marketed right - commissions.
Lower Cost
In comparison to other marketing methods such as Just Listed or Just Sold postcards, print advertising, or web, expired listings are inexpensive to market to. All you need is a good brochure, same of your marketing samples, and a strong cover letter to get the seller's attention. You can download a free marketing kit at the website below.
Follow Up
Some leads may take a bit longer to convert. This is where an effective follow up comes in place. You should start with a strong expired package, and then follow up with a personal visit, a phone call, a series of letters, postcards, and market updates. The secret to effective and profitable follow up is consistency. If you keep your name in front of the sellers often enough using multiple marketing channels, you will be able to convert many of them into listings.
Competition
Most agents marketing to expired listings do not have a good system in place. They use a shot gun approach with low quality marketing materials (if any). They give up too soon and they are not consistent. They play "The Numbers Game". They don't have a good set of questions to ask. Their "scripts" sound hokey.
This makes going after expireds easier: be professional, courteous, and bring more than just a business card. Ask the right questions, deliver decent quality marketing materials, and keep in touch. That really is the secret to success with expireds.
Download a free Expired Listings Marketing Kit. Find out how a 72-year old grand-mother goes from part-time agent to Agent of the Month, listing 7 homes in month by following a few easy steps. A young rookie makes over $100,000 with Borino's Expired Plus System.
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