Expireds are a huge niche. The leads aren't hard to get.
Every agent is different.
Those are the different approaches that are available to you.
Pros: It's very low-cost. If you can deal with a lot of rejection and rudeness on the phone, you won't mind this.
It's also a numbers game. So eventually you will get some people to say yes, but it could take you a really long time.
Cons: You get a lot of rejection. Unless you are a tremendous salesperson, you're not going to get that many results, especially considering how competitive it is to get listings today.
Most of us don't want to get hung up on 40 times a day.
Cold calling requires you to be at the top of your game.
This is the only way you can get good results. If this is the backbone of your lead sources and you have an off day, it’s going to set you back.
Who should do it: If you are good at person-to-person sales, then you might want to try cold calling.
If you're very good at what I would call “being pushy”, then you will probably be good at cold calling. I'm not saying I am for or against being pushy.
But, if you are naturally good at pushing people to work with you, then try cold calling. That is a good way to do it.
Also, cold calling is a good way to just get your feet wet, figure out the different openings, the different opportunities to get listings.
I'm not against cold calling. But if you're going to cold call, remember it is very competitive, and you need good phone skills in order to be successful.
Pros: You can call and just leave a Voicemail. Or, you can scale it up and leave Voicemail Drops on hundreds of voicemails all at once. Apps and websites like "Slydial" can do this.
This reaches out to these leads without bothering them. A lot of people prefer this.
Cons: The Do Not Call List. When you do this, you risk getting a complaint. I’ve never personally tried voicemail drops.
I’d try it with 50 numbers to see if anyone gets angry. Then, I’d scale it up to 100 numbers and maybe even more.
Who should do it: People who like to try new things and are willing to take risks.
Pros: I recently listed a house from texting the seller. So, I know it works. You get less rejection with a text message than a cold call.
It's somewhat non-invasive. If they are interested they'll respond.
Cons: The Do Not Call List. When you do this, you risk getting a complaint. But, the odds of this are small when you aren’t texting a lot of people.
A lot of owners will just ignore this as well.
Who should do it: This is best used when you combine it with cold calling.
Pros: I've gotten a lot of listings from direct mail. Direct mail works because you can do your best sales presentation in an effective manner- without getting a lot of rejection.
You can draw attention to your past successes of houses that other expired with another agent… that you were able you were able to sell.
Send them some valuable information or a CMA - and they will know your worth.
Cons: It’s expensive. And today… I get better results from mailing out books.
Who should do it: Agents who are getting good results from their other marketing and want to supplement that.
I have found that when you combine direct mail with cold calling… you multiply your effectiveness.
I know from personal experience that is triples the results you get from cold calling. Why?
Well, when you cold call… they know who you are… and so you get better results.
An even better alternative to direct mail is mailing them a book. I’ll talk about that next.
Pros: This is what I do today and it works the best. I mail them a book. If their house is near my office, then I’ll try and drop it off.
I give a lot of sellers my book, and it's the best way to stand out from your competition. It really elevates your status. It has been a huge boost for my business.
It's what all our members do.
Cons: It costs money. At least from an expense standpoint. It can cost you three to five bucks to print out books depending on how many you order.
But, the return on investment is great. An agent I know invested about $2,000 into books and postage… and made $40,000 in commissions.
Who should do it: Anyone who wants more listings and has some extra money to spend.
Pros: I've tried all the different strategies. Today, I use a hybrid approach. It’s a hybrid of cold calling – combined with my books.
Here’s how I do it. I mail a copy of my book to the Expired. Then, I followed up 4-5 days later. This is the best way to get listings.
I get two to three times as many listings as I would from just cold calling… or just mailing out a book… and leaving it at that. Why?
Well… a lot of people read my book and procrastinate on calling me. So, when I call after they get the book, I get a lot of listings.
Cons: It costs money. At least from an expense standpoint. It can cost you three to five bucks to print out books depending on how many you order.
But, the return on investment is great. An agent I know invested about $2,000 into books and postage… and made $40,000 in commissions.
Who should do it: Anyone who wants more listings and has some extra money to spend.
Pros: Knocking on the door is very powerful. I have gotten listings from knocking on people's doors.
You can have the opportunity to make a good face-to-face impression. If you and the person hit it off, then you can get great results.
One time, I knocked on a seller's door and walked out with the listing.
Cons: It takes a lot of time. It can take five to 10 minutes to drive from one house to the next house.
Who should do it: Most of the people who get listings from door knocking are good at cold calling. If you can get results from cold calling, then do door to door. It’s a more efficient investment of your time.
Pros: Obviously, you have to make sure you're following all the licensing laws.
But sometimes you can have your assistant call and just say, "Hey, do you still want to sell your house? Would you be interested in talking to the realtor that I work for?"
Cons: It costs money. Plus, it takes a lot of time to find and hire a good assistant. And then you have to find the time to manage them.
Who should do it: Someone who has lots of extra money to spend and is good at managing people.
Pros: You’ll stand out from everyone else.
Cons: It’s expensive.
Who should do it: Nobody! I just don’t recommend it. For the same cost as an expensive Fed-ex Package, you could mail a book to them. And that will work much better.
Mailing a balloon or a big box fall in the same category. But, I mentioned them to get us both to stretch out mind. If we’re creative, then we can usually come up with a solution to about any problem!
Pros: You can contact people using a medium that most other agents don’t know how to use. Plus, you’ll look technologically savvy.
Cons: It takes some time to figure out the technical side of it and figure out how to run the Facebook ads.
Who should do it: Techies. If you're not naturally good at technology, I wouldn't recommend doing Facebook ads.
If you’re not a techie, then do this instead. Message the sellers on Facebook. I don't personally see any downsides in that. It just takes a little bit of time to use Facebook.
Pros: It’s very cheap. Practically free. Except for your time.
Cons: It takes time to grow your consistent list.
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