Expired listings are a great way to build your company's listings if you're a newly licensed real estate agent.The average metropolitan area has a lot of expired listings.If you want to sell yourself and your services to a homeowner who has already been burned by another agent, you need to be able to.
Step 1: There are listings in the MLS that are about to expire.
You can build a contact list of expiring listings by checking the MLS hot sheet every morning.Don't contact the seller until the day after the listing has expired.When you call the seller, use a script.You can use an expired listing system.The systems send scripted messages to sellers with expired listings.
Step 2: Focus on older listings that have expired.
The older the listing, the easier it will be for you to convert the seller.These listings may be a better bet for you if you're just starting out as an agent.If the home sells, the seller will make a healthy profit because they will have equity in the house.
Step 3: There are listings that have poor marketing.
Poor marketing can indicate a bad working relationship between the agent and seller.You have an opportunity to pick up the expired listing.There are photos on the original listing.The house is unlikely to sell if there are no photos or only one photo of the exterior.People want to see the inside.Interior photos that aren't staged with furniture, or use poor light and awkward angles, may indicate inexperience or a lack of effort on the part of the original listing agent.
Step 4: There are listings with a history of price reductions
If the seller is unhappy with their current agent, you can pick up an expired listing.The flexibility of the seller is shown by a listing with a history of price reductions.Multiple price reductions are an indication that the seller doesn't have unrealistic expectations.It can be difficult for an agent to sell a property.
Step 5: You can identify unique or custom features.
It can be more difficult to sell a home with unique features.It's possible that the marketing didn't showcase the features effectively.It is possible to market a house with unique features.Sharing ideas with the seller can help you land the listing.
Step 6: There is a general expired listings letter.
You can introduce yourself to the seller by writing an expired listings letter.It's good to have a general draft on hand if you want to send this letter the day after the listing expires.You can borrow ideas from other agents' expired listings letters.Information or statements that are applicable to an expired listing should be included in your general draft.Make sure everything stays up to date by periodically reviewing it.
Step 7: The letter for each listing should be personal.
The seller can smell a cookie-cutter letter a mile away.The seller feels like the letter was just for them if they include details about the property.You can tease some of the ideas you have with this.Suppose you've found an expired listing that has a unique water feature in the backyard."From looking at your old listing, it's clear that the water feature in the backyard was not used to its full potential."I look forward to sharing some ideas with you.
Step 8: The value added by the company should be included.
You started working for the company because of that.Pass this information on to the seller so they can see what your company can offer.For example, if your company has more extensive advertising and direct marketing efforts, you are going to be at the top of people's minds when they think about real estate in the area.It's possible to use that familiarity to sell a home more quickly.
Step 9: If you want to stand out from the crowd, design your letter.
The seller is likely to get several letters from interested agents in the days after their listing ends.They may have already been contacted dozens of times if you're targeting an older expired listing.Quality paper and eye-catching graphics are used.A small token, such as a gift card, could be included.Getting a hold of expired listings letters can give you ideas on how to make your letter stand out.
Step 10: Continue.
If you want to pick up an expired listing, you should contact the seller several times.If they've had a bad experience, sellers will be skeptical of your offer and may need some persuading.If they don't get a positive response to their first letter, many agents will give up.The seller may realize that you will bring the same persistence when selling their home if you are persistent.You may end up contacting the seller more than once, but don't be aggressive.You could send a postcard saying "If you're still looking for an agent for your home, I'm willing to talk to you!"
Step 11: Listen to what the seller has to say.
Ask the seller a lot of questions if they get in contact with you as a result of your expired listings letter.They should be able to tell you what the problem was with the previous agent.Don't bad-mouth the other agent.Don't worry about what the other agent did wrong, focus on what you can do to resolve the problem.Say something like "I understand how frustrating that could be."I would do things differently if this were my listing.Tell me what you would do.They will tell you how to make a listing presentation that will hook them if you listen carefully.You can show them how to do it differently if you know what went wrong.
Step 12: The seller should meet with them in person.
It's hard to win over a seller with an expired listing through letters and phone calls.When you can discuss the listing, schedule a face-to-face meeting.If you're standing in front of the seller, they'll have a hard time rejecting your offer.This can be used to create an inspiring and persuasive listing presentation.Focus on what you can do for them, and the approach you will take to sell their property.
Step 13: Discuss your sales in the past.
If you sell your home in the past, you can give the seller an idea of what to expect.If you have a history of selling expired listings, you can highlight them if you were able to sell them quickly.Point these out if you've sold homes in the same neighborhood.It shows that you have a track record in that area.It's important if the neighborhood is less desirable and harder to sell.Your sales history can be supported by quotes from past clients who were happy with your services.For each listing presentation, try to use quotes from at least one past client who shared something in common with the seller, for example, the type of property or length of time on the market.
Step 14: The needs of the seller need to be addressed.
The seller told you that they had problems with their previous agent.To show the seller how responsive you are, use that information to your advantage.The seller might say that they became frustrated because their agent wouldn't return their calls.You might note in your listing presentation that you call every client at least once a week to update them on the progress and answer any questions, and you return all phone calls within 24 hours.Don't make promises that you'll keep if you get the listing.If you tell the seller you'll do something during the presentation, make sure you have the skills to do it.
Step 15: You should describe your marketing strategy.
The house didn't sell before.The seller wants to know what you would do differently to draw attention to the house that it wasn't attracting with the previous listing.Don't spend a lot of time on the problems you noticed in the other listing.Focus on the fact that homes with representation sell faster and for more money.If you have data from your work, use it to support your points.If you want to save the seller money and make the selling process easier, focus on that.The listing might have five poor-quality images of the interior, some at odd angles only showing a wall or a corner.Tell them you would use a professional photographer to stage the home.If you have statistics that show homes sell faster when they have certain images, you could back this up.
Step 16: Any unique strategies for the property are included.
It may require an equally unique and creative strategy to find the right buyer if the house has any unique features.Tell the seller anything you have in mind for their property.Compare the two properties and explain how you believe that strategy would work for this house if you were to base the strategy on something that worked before.Explain what you would do differently if you could see how the previous listing didn't highlight the home's features to its best advantage.
Step 17: Offer to act both ways.
If dual agency is legal in your state, you can offer a lower commission if you find a buyer.This makes your offer more appealing to the seller, since they are paying a lower commission, but allows you to compensate since you will take in 2 commissions.In some states, dual agency is not legal.Before you offer the practice, make sure it's legal in your state.During the home buying process, sellers and buyers often get warnings about dual agents.Prepare to talk openly and honestly about how you will represent both parties' interests.
Step 18: The seller should be asked for the listing directly.
If you can take control of the listing today, close your presentation with a brief summary of your goals.They can sign the agreement immediately if they are armed with it.If you want to include any of the promises you made to the seller during the listing presentation, use your standard listing contract.Make sure the seller understands the contract before they sign it.