Real Estate Friday, with Daylan Rubido.
“5 WAYS TO WIN EXPIRED REAL ESTATE LISTINGS”
Would you like to list expired homes, adding a new revenue stream to your real estate business?
Let’s talk about the 5 ways to list expired listings. Ideally, each of these 5 strategies should be part of a larger campaign.
In my experience and what I’ve seen, the real estate agent who stays in contact is persistent, follows up, is relevant, and performs more than one step, usually wins the expired listing. As a new agent going after expired, I would get the listing because I mailed, called, or pursued them longer than everyone else, in other words, I showed up and put in the work required. It wasn’t because I was the best, but I won the listing because I was persistent and stayed relevant.
My recommendation is to build these 5 strategies into a campaign that has multiple steps and would last for a while, with a burst in the beginning. Maybe applying three to four steps within the first week, and then more steps over a few months’ time period if they don’t list.
When listings first expire, they’re the most likely to list quickly. So, after the initial “hot” period, you can spread out the rest of the campaign over time. Some people may not respond to one method, but when you combine these strategies altogether, that’s where the power of a good listing campaign comes into place.
Let’s go over the 5 different ways to list expired.
#1: Mailing out a custom letter
I’ve written a lot of different letters with direct response copies for expired listings. One thing I’ve learned is, when you write that initial letter to expireds, you need to speak to their pain points, and address them directly. Mention the struggle they’ve gone through trying to sell the home and failing. Most people who have failed to sell their homes are frustrated and for many different reasons. So, speaking to their pain points and highlighting what you can do differently from other agents is going to help you stand out from everyone else that going after them as well.
#2: Send the “shock and awe” package.
Note that steps one and two can and should, as often as possible, be combined. As a new agent, I used to create this thing called the shock and awe package, and it would have all this stuff inside, like flyers, and brochures, to attract the seller’s attention. For example, in one case, I had recently sold a home in a flood zone down the road, and the home that I was going after was also in a flood zone. So, I took the time to write a handwritten letter, talking about the other home and sharing the news of that recent sale and how that home was also in a flood zone, and what I did to sell it. In addition, I even put a listing agreement in there, because I knew the home was vacant, and they had already relocated. Long story short, I won the listing.
#3: Try a ringless voicemail.
Instead of calling people, interrupting them at home or work, and stumbling around your planned script, or getting rejected, one way to get around that is to drop a voicemail in their inbox and never ring their phone numbers. You can create a voicemail, that speaks to their pain and talks about what you can do differently than everyone else, and record it like it’s real.
There are a lot of services out there that do it, just keep in mind that ringless voicemails aren’t allowed in every state, so be sure to check your state’s specific laws before signing up for one of these services.
#4: Text Message – to break the ice.
You can text them with so many different things to start the conversation to build a rapport, then get on the phone and talk to them. Start with something simple, like asking how their weekend was and whether they’ve sold the home yet.
#5: Make the call.
Cold calling, which is at the end of this strategy list for a reason. Most people don’t like it, and I’m sure you don’t either. That’s why I wouldn’t lead with it. Expireds get flooded with calls, and it’s hard to separate yourself from everyone else when you’re making those phone calls as well. So, if you start with letters, your own shock and awe package, the ringless voicemail, and the text message, making the call is easier and is no longer a Cold Call.
You could start the conversation by saying something like, “Is this the Smith residence? I sent you a package. Did you receive it?”
Combining the 5 Strategies
As I mentioned earlier, I personally like to start with mailing items and follow up with text messages, voicemails and calls. You can mix it up however you like, do a little bit of everything and drag it out over two-three months. Truth is, that it really comes down to who you are, your personality, and the unique superpowers you use to get homes sold.
Talking about your unique powers, put that in your letters. Whatever you have, use it!
Build a good campaign, structure it out over a few months, reach out to the seller early and often, and then stay in touch, stay relevant. Be that Relevant Realtor who just keeps showing up when everyone else disappears. You’re going to earn respect when you go that route, but most importantly, you will win expired real estate listings.