A Tale of Two Expireds

Reaching out to leads is a delicate process. Especially expireds.

It's something we mention on Smart Agents a lot.

These expired owners get bombarded by realtor's calls.

You even see news stories from time to time about agents getting hundreds of calls in a short span.

Deborah says she listed her home months ago, but after a contract fell through and she realized the home needed some repairs, she decided to take it off the market.

Then, out of the blue on Monday she started getting dozens of phone calls from real estate agents trying to convince her to sell the home.

"It just hit so quickly that I didn't know what to do," she said.

She says on Monday alone she received about 75 to 100 calls in a matter of 12 hours. Most were local but some came from around the country. The calls have slowed down a bit in the days since.

Expireds are such a huge niche. It's why we always talk about it here.  

In this blog, I'll go over the way a Smart Agent works expireds and the way your regular agent does it.

There's a definite difference. One works smarter not harder while the other puts in more time doing the same useless tasks.

We get leads from the Redx for a decent price. 

Expireds are some of the easiest leads to find.

The first step is to know what type of neighborhood and potential owner you are targeting.

Let's call our agents, agent A and agent B.

How they each contact an expired listing is the main thing that separates them.

Agent A (the Smart Agent) will research the address and the area the home is in that they are targeting.

Then they send them mail with a marketing package that will appeal to them. If it's an upscale area, the package should focus on the price point of a potential sale.

Or agent A will drop it off at the home. This brings about a much better introduction than other ways of contact.

Face to face meetings are the best way they leave impressions. Agent A:

  • Knows the area after researching the address.
  • Knows the price of the area and comparable properties.
  • Calls or drives past at the most likely times to reach an owner.

Agent B is used to just gathering the leads, and calling them out of the blue.

There's no particular time or routine they go about contacting a lead with. They just give them a call whenever it pops into their mind.

When they don't get in contact with an expired, they'll just call them the next day. 

When agent A doesn't get in contact, they send him something of value in the mail.

They could even go the extra mile here and drop it off at the home.

Their first conversations determine how the rest of their relationship with that owner will go.

Agent A separates themselves from the lazy agents right off the bat by not just asking for the listing or saying they can get it sold.

Once they demonstrate they've prepared to speak to this specific owner, it makes all the difference.

Coming off scripted, distant and just in it for the money is what agent B does. It's usually easy to see through.

Agent A can usually run through some material out of their listing presentation on their first meeting.

Even if they meet or speak, agent A can give them a reason to pursue a second meeting.

One of our members is a pro at that.

"This is something that we have. And they’ll say, oh, hey, that’s a good idea. And we’ll say when would be a good time when we can get together because obviously at the open house we don’t have time to go over all the ins and out.
So we create a compelling reason why they have to come to the office or host me at their home," said Jerry.

He gives away one of his licensed books that our members get. But the idea works for any agent.

Once you show them your value in a way, offer them more.

Let's say each of our agents is in a full-blown presentation with the owners. We talk about listing presentations a lot, and for good reason.

I've already mentioned how these two agents prepare differently from each other.

Agent A sits down with the owner and goes over his plan. The expired owner can tell that the presentation is crafted just for him.

It goes over the home, why it didn't sell and how agent A can sell it. Agent A also uses visuals rather than just numbers.

When they bring up statistics, they fit for the home them but also stand out compared to other agents.

In certain situations, agent A may have emailed the seller the day before with any vital stats and information that is going to stand out. Then they'll focus on the trends in their area.

Agent B's meeting is the same thing for each owner.

They go through each meeting referencing their past sales and how many listings they've had throughout the year.

They fail to realize to make it more about the owner and less about themselves.

Asking for the listing is straightforward for agent B, and if they say no he gives them his contact information and says if they change their minds, to contact him.

Agent A plans on following up with them persistently and respectfully. Even if they don't get the listing, there's still a chance.

The details in these presentations stand out as well.

Whether it’s marketing techniques to get their home seen by a bigger audience or staging inside of the house, agent A has detailed pictures of everything that he offers for them.

The owner can easily visualize what he is going to do with their home.

Each of these agents offers virtual tours, but only agent A's is included in a video in the presentation as well.

Seeing is much different than hearing. 

The lazier agent's presentation is just bulleted slides, some numbers and a few quotes from former clients.

The conversation is one-sided. Expired owners tune a lot of this out.

Agent A makes it feel like more of a counseling session than an information dump.

When these types of agents are marketing the home, one stays in great communication with his client while the other doesn't.

When the listing is new, being in contact and talking to the owner once a day is a must. They may want to tweak something about the listing.

Agent B wins the listing and immediately places the home on the MLS. Then the owner gets an update from them sporadically.

Agent B blames the market when a falling out with his client happens.

Agent A doesn't have any falling outs because he and the owner work together each step of the way. They stay on the same page.

This affects their marketing material.

Our Smart Agent is very willing, knowing the power of his past clients and referrals. They plan for it throughout the whole business relationship with a client.

As you can see, having a real plan when you contact an expired (based on their home's history) is the best way to win them over.

Our members have another option that wins over expireds. Check it out below.

What if you left a book that you were the author of with these owners?

Books have a huge perceived value. They don’t get thrown away.

They can get tucked away somewhere, but most people aren’t going to toss them in the trash. They’re worth something, and they’re worth something to the author’s name.

Do this and you will position yourself as the authority in your market. When you give away your book, it will separate you from your competition.

That’s how a Smart Agent thinks!

Want to get a free sample of the book that will get you more listings? Click the link below.

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