I recently came across a talk by a Louisiana real estate broker, who, in 2014, sold 286 homes for a total of $51 million. He moved to Louisiana from Tennessee just a few years ago. Wanting to move fast on building his business, he decided to go back to basics and tackle expired real estate listings. And in just one month, he listed 14 expired listings. Here’s how he did it.
Where to Get Expired Real Estate Listings
The best place to get expired listings is through the MLS or a service like RedX. Look only at your county then get to work on whittling down the list. Remove any properties that have been sold or thrown back into the market.
How to Reach Expired Real Estate Listings
Luckily you have your mailing list built right in once you acquire your list of expireds. What worked for this agent was to strictly follow a plan of sending a mailer of some sort every 14 days for four months. Need a good phone number and White Pages letting you down? Try typing in the person’s full name then “contact phone” or just “phone”. They may have an office phone you can call. Then make sure you incorporate phone calls into your plan.
Your mailer should be incredibly informative and have as much information to convince the seller that you can help them. Provide numbers and proof that you can sell their home. A good tactic is to not include a return address to increase the chances of its being opened. Include testimonials from clients who have similar homes you sold. And throw out a stat immediately like “38% of homes don’t sell in the first six months.” It could be just the compelling thing the seller needed to hear to gain back their confidence and earn your trust.
What to Say When You Reach Them
Once you get them on the phone be sure you ask the right questions. Why are they selling their home? Could you show them how you can actually make that happen? Be sure to uncover where they believe their previous agent had failed. Provide numbers and your plan to turn their situation around. And never stray from your objective.
Questions to Ask:
- Where are you moving when you sell?
- Why do you think your home didn’t sell?
- Why are you selling? à important question
- Were you pleased with the virtual tour and video? (They may not have had one – tell them you can provide this!)
- How many times was the home shown?
- How many offers? What was the offer?
It’s also important to get to the point. The seller may be fed up with the whole process and abandon it. By providing enough gusto and acting as a true consultant from the get-go, you may turn them around and reignite their spirit to sell.
Now, if they don’t show any interest or are incredibly annoyed, don’t push it. You can simply ask to follow up at a better time. And if the answer is still no, at least you asked!