Would you like to list expired homes and add a new revenue stream to your real estate business?Let’s discuss six ways to list expired listings. Ideally, each of these six strategies should be part of a larger campaign.
In my own observation and experience, the real estate agent who stays in contact, is persistent, follows up and performs more than one step normally wins the expired listing. When I was a new agent and I'd go after expireds, I would get the listing because I mailed, called or pursued them longer than everyone else. It wasn't because I was the best; I was new, and I didn't know what I was doing, but I won the listing because I was persistent.
I would recommend building these six strategies into a campaign that has multiple steps and lasts for a while, maybe with a burst in the beginning. When listings first expire, they're the most likely to list quickly. So after the initial “hot” period, you can spread the rest of the campaign out over time.
I suggest maybe three to four steps within the first week, and then more steps over a few months’ time period if they don't list. That's how I recommend structuring it. Some people may not respond to one method, but when you combine these strategies all together, that's where the power of a good listing campaign comes into place.
So let's talk about the six different ways to list expireds.
Step 1: Send a custom letter in the mail.
I’ve written a lot of different letters with direct response copy for expireds. When you write that initial letter to expireds, speak to their pain points, and address them directly. Talk about 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 they're frustrated for many different reasons. Speaking to their pain and highlighting what you can do differently from other agents is going to help you stand out from everyone else pursuing them.
Step 2: Send the “shock and awe” package.
Note that steps one and two can, and oftentimes should, be combined. When I was a new agent, I used to create this thing called the shock and awe package, and it would have all this stuff inside, from flyers to brochures, to attract the seller’s attention. 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, specifically, I did to sell it.
I even had the confidence to put a listing agreement in there, because I knew the home was vacant, and they’d already relocated. I won the listing.
Step 3: Send a book or impressive story.
In addition to the shock and awe package, another thing we suggest including when you mail to the seller is a book. That’s what our company does for agents; we’ll create a book for you under Authorify.com.
If you don't have a book, you could curate client success stories or case studies of other expireds that didn't sell. You can put them in the shock and awe package, or mail this stuff later as its own step. Regardless, it’s important to go through the extra work, especially if you're an expired specialist or you want to capitalize on this niche.
Step 4: Try a ringless voicemail.
Instead of calling people and stumbling around your planned script while interrupting them at home or work, 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, again, that speaks to their pain and talks about what you can do differently than everyone else, and record it like it's real. You could create one that you could send to everyone. You can even split test this. There's a lot of services that do it. But 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.
Step 5: Text to break the ice.
Another strategy is texting the seller to begin a conversation.
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.
Step 6: Place a call.
The final method is cold calling, which is at the end of this strategy list for a reason. I don't like it, and I'm sure you don't either. That's why I wouldn't lead with it. Expireds get bombed with calls, and it's hard to separate yourself from everyone else when you're making those phone calls. If you start with letters, the shock and awe package, a book if you have one, the ringless voicemail, and the text message, making the call is easier.
You could say something like, Is this a Smith residence? I sent you a package. Did you receive it?
Combine the Six Strategies
I like to start with mailing items and follow up with text messages, voicemails and calls. You can mix it up, do a little bit of everything and drag it out over three months. It really comes down to who you are, your personality, and the unique super powers you use to get homes sold. Talk about your unique power. 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. Be that persistent Realtor who just keeps showing up when everyone else disappears. You're going to earn respect when you go that route.