Good job going after the expireds market! Now, keep in mind these 3 important things that will set you apart from other agents who have tried and failed.
We've probably all had a bad experience with an expired home seller. After all, they're frustrated because they're getting bombarded by aggressive real estate agents, and by the time you try to approach them with a helpful, calm rapport, they’re already feeling a bit jaded. It can be the perfect storm for disaster. But on the flip side, expireds can be a quick listing opportunity if you approach them correctly.
Let me explain the three areas where I see agents failing — those agents who stack the deck against you before you even call the expired seller. If you know what those agents are doing wrong, you can avoid making those same mistakes.
What are the 3 things?
- When a home expires, an agent needs to quickly spring into action with a complete plan, instead of just calling on a whim.
- Agents need to be persistent no matter what. Yes, sellers whose homes have gone off market are at an emotional low. Agents have to be persistent to neutralize their emotions. Many times, an expired homeowner can be angry and upset about everything they’ve been through, then turn around and let another agent visit the home, do a presentation and get the listing.
- Most agents are not consistent. If you're not consistently going after expireds, and you're just dabbling here and there, it’s like chasing two rabbits. You don't get either of them, and they both run away.
Now, I’m not saying you have to be solely focused on expireds. What I am saying is that you need to stick to a process. For example, I spend an hour every day with expireds. Here's my process: I call them; I mail them materials; I drop by; I text.
But whatever your process is, put the process together, start the process and then perfect it as you go along. But you have to act fast with expireds. You have to be persistent and you have to be consistent. It’s a combination of all three — not just one or two. Let’s say you act fast, and you're persistent, but you don’t have any kind of process. That doesn't work.
And don’t forget that you have to constantly evaluate the process and make sure it’s the best for you. Regarding my own process, I know that when I drop off a package, and then call, I have better results. When I text before I call, when I email before I call, when I know about the property and I know my stuff by the time I call instead of using a script, it’s better. When I know more about the house, I can talk about the neighborhood, the school system, the drainage issues, whatever. If the house didn't sell for a particular reason, I try to figure out that reason ahead of time. Many agents think: “I just need to get them on the phone. I have script and when I say this script, it gets me listings.”
But that’s not how it works. Those are the same agents who are usually frustrated and confused and don’t understand why they aren’t seeing results. They don't have a plan, and they don't know what to fix because they don't know what's working. They also frustrate sellers.
So here’s what I would encourage you to do.
Act quickly, be persistent, and be consistent with a tested process. Start with whatever process you have. It doesn't have to be perfect; you can perfect it along the way. I also encourage you to give your time to expired listings because they're great listings. They need to sell. Furthermore, they probably need to sell quickly because they already listed once or twice. If you can flip them into listings and successfully sell them, you can undoubtedly expect to get a positive review and future referrals.
Also, when you have a listing, you can offer to host an open house and advertise the home to bring in more buyers and expand your network. It just snowballs from there — remember, a sphere of influence is round, just like a snowball.
I hope this discussion has given you some useful tips on what we're seeing across the country, and where agents are dropping the ball. Maybe it will help you reevaluate what you're doing and point out some areas where you can improve, be a smarter agent, and win more listings.