Everything you need to know to turn Expired Listings into Cash-in-Your-Pants

First Know Your Market! What area(s) do you do business in? Make a list of all of the areas you work in. Next, search your MLS to find out how many listings expired in these areas in the last twelve months.

How Many Expireds? Let us say you have approximately 600 expired listings last year in these areas. That would be an average of 50 listings per month. EVEN IF…

Even If… 25% were just not interested in selling -AND- 25% will soon be foreclosed on YOU STILL HAVE 300 qualified sellers over a 12 month period

So… With minimum effort and consistency, is it possible for one agent, maybe even you, to capture 4% of the Expired Business? Even assuming that 50% of the Expired Listings are Not Saleable Listings, that is an average of 12 additional listings per year!

Could You Use An Extra 12 Deals A Year? How much money does that translate to? It depends on the average sales prices. Average Price = $800,000 x 3% = $24,000 x 12 = $288,000 gross per year

NOT TO MENTION: The additional buyer calls you will generate Possible referrals from your expired sellers The very real likelihood of you listing more expired listings than this Potential listings from buyers looking to buy your expired!

So Do You Want Expired Listings? Say “YES”!

Where Do You start? You may be lucky enough to re-list an First it is important to have patience! You may be lucky enough to re-list an expired listing within a week or so of starting an expired listings campaign, but it is more likely it will take a while for your process to mature to the point where you start getting listings.

But, if you make expired listings a mainstay of your real estate marketing efforts, you should be able to develop a steady stream of prospects within 3 - 6 months, depending on local market conditions.

Step 1: Keep A Log

Why Use a Log? The reason you must use an Expired Listing Log is that you will be sending or delivering information on a regular basis. It is important to check your log each time so that you have a list of prospects, can track each step taken and it is important to always make sure they have not re-listed with the same agent or someone else.

Step 2: Your Search Set up an automatic Hotsheet for expired listings so that you can quickly pull them up EVERY morning.

Step 2: Your Search Criteria When pulling up your Hotsheet make sure to include Expired, Cancelled and Reactivated Listings so that you can watch for properties that have returned to the market.

Step 2: Your Search Other than those that have re-listed EVERY EXPIRED LISTING IS GAME!

Step 3: Your First Contact The campaign that we have designed is comprised of several touches. It is a 10 touch program so that you remain in constant contact. If by the end of the 10 touch campaign you have received NO feedback, you should remove them from your campaign.

Step 3: Your First Contact If you have made contact and they are not yet ready to sell, put that expired seller into your regular database so that they will also remain part of your regular “stay-in-Touch” marketing campaign.

Step 3: Your First Contact The reason that we have designed this program with 10 touches is because we have designed it with one person in mind.

Step 3: Your First Contact On Average, How Many Times will the a real estate agent touch this expired seller?

Step 3: Your First Contact ONE (If at all)

Step 3: Your First Contact Since you are 10 x better than the AVERAGE Real Estate Agent, how many times will you touch this expired seller?

Step 3: Your First Contact The most important part of your Expired Campaign is Persistence and Consistency. It will take 3-6 months of both to see real gains!

BEFORE WE CONTACT: Before we make the first contact with the EXPIRED seller, what is it that we already know about him or her?

BEFORE WE CONTACT: They are discouraged They are not impressed with Real Estate Agents in general. They think all real estate agents are the same. They Don’t trust real estate agents. They have some understanding of the market, but may not be educated enough.

BEFORE WE CONTACT: They probably do want to sell. They are looking for answers as to why their property has not sold. They might think they can sell it themselves and for a lower price. Like many sellers, they think their house is special and they want us to keep that in mind when we talk to them. They have agreed to pay a commission.

Understanding Emotional State The key to your success lies in being able to understand and empathize with their highly emotional state of mind.

BEFORE WE CONTACT: It is important to keep all of these aspects in mind as we begin the process of marketing to the Expired Seller. Our system is designed using a “soft” touch with good information about the market.

BEFORE WE CONTACT: By touching them 10 times with information that will help them sell their home no matter what, it will differentiate you as a true professional. This system is designed to build trust over time so that, in the end, you walk away with a signed listing agreement on a home that is now saleable.

Step 3: The First Contact We recommend that the first contact be made the MORNING their listing expires. That is why it is important to watch your Hotsheet every day! Most agents will mail a generic letter. You, on the other hand, are showing up in person on day one with your “something of value.”

Step 3: Your Something of Value Deliver your full blown Pre Listing package to their doorstep. If you can afford to pay someone to deliver it for you that is better than you doing it. This package separates you from the rest and has shelf life (they will hang on to it). Touch #1

What does this show the client?

It Shows Them That… You are a marketer! You are willing to show them exactly what it takes to get their home sold. No one else will do this so it shows them you do things differently. As such you will do the same to get buyers in their door? YES!

It Shows Them That… Your are a professional! You understand their needs and wants and more importantly are showing them everything you will do to make sure their home sells for the highest price possible.

It Shows Them That… Your are prompt! Their listing agreement just expired. While every other agent is mailing them a generic letter, you have already stopped by to leave them something of real value!

It Shows Them That… There is more information to come. They will now be watching out for more information…so for the next 30 days let us make sure they get plenty of info about how you run your business!

Step 4: Mail… Mail… More Mail. For the next few days we have set up a campaign where you can touch the expired seller each and every day. Once you have set up a system for doing this, it will be EASY. Most of the materials can be printed in advance so that you can have plenty ready to mail every day.

Step 4: Mail… Mail… More Mail. On the first day that you start campaigning to an expired have all ten touches ready to go. Give them to the administrator all at once and place notes on each item with the date it is to be mailed.

Step 4: Mail… Mail… More Mail. Each item that will be mailed is specifically prepared to show your competence in the marketplace. The pieces are professional, colorful, and informative. This will separate you from the many agents that will be sending just one letter.

Step 4: Mail… Mail… More Mail. You are also taking this 10 touch opportunity to inform your client about the market. After all, our first goal is to get an appointment with the client, but our second is to list a saleable property!

Step 5: The 2nd Contact Now, you have already dropped off your pre listing package. That same day you should send your first item to mail to them (this is touch #2). They will most likely receive other correspondence from other agents on the same day. You will remain first and foremost in their thoughts since they will recognize you from the pre listing package you delivered to their doorstep!

Step 5: The 2nd Contact Since the expired home seller will be receiving LOTS of mail from LOTS of agents, we want yours to have more information, more color, and come in a larger envelope. So, for touch #2, you will send them our 8-Page Plan of Action.

Touch #2 Your Plan of Action should be in a nicely bound booklet format.

Why should you send them your plan of action rather then a generic expired letter?

Why should you send them an 8-Page Plan of Action? It differentiates you from EVERY OTHER REAL ESTATE AGENT! It gives them INFORMATION. They see everything you do to get a home sold? They can compare it to what other agents say they will be doing…there is no comparison. Because most home sellers think we do nothing to earn our fee. Because it works!

Touch #3 Mail them a Cloud CMA. Print out and bind the entire long version of this detailed Home Valuation which can usually be created within your MLS online agent access.

Why Should You Send A Market Analysis? You are NOT just asking for a listing… you are PROVIDING VALUE. You are giving them information about… YOU Why they should use a Realtor The importance of having a proper pricing strategy from day 1 Tips on Selling Their Home

We Recommend Using a 9 X 12 envelope (or a cylinder) so you do not have to fold the booklet. Always handwrite the name and address on the envelope. Include a return address label. AND…….

We Recommend Using a 9 x 12 envelope (or a cylinder) so you do not have to fold the book. Always handwrite the name and address on the envelope. Include a return address label. AND…….

Have a GREAT Envelope made To Draw Attention! (9 x 12)

Touch #4 Send Them a Sample Flyer!

Why Sample Flyers? Shows that you have access to superb marketing materials. These sellers want to see more than just a listing sheet. You are not just asking for a listing, you are establishing your value. You are showing that you are a Marketing Expert.

We Recommend Use an envelope large enough to only have to fold your flyer in half. Always handwrite the name and address on the envelope. Include a return address label. AND…….

Touch #5 If you create a website for every listing you secure send them a link to preview on of your previous or current listing websites. (if you do not have the ability to do this look into this service ASAP. Sellers love to see that you are not sparing any expense in the professional marketing of their home. http://123EasyStreetCarmelca.com

Why Brag About Your Custom Property Website Service It shows you have marketing skills Shows them you invest fully in the successful marketing of their home Gives them a place online they can send their friends or anyone that may have an interest in their home

We Recommend Any size envelope will work with this. Always handwrite the name and address on the envelope. Include a return address label. AND…….

Touch #6 Did their last agent provide community and school information?

Touch #6 Community and School Information may be obtained from the state and town websites

Why Talk About Community And School Profiles? Demonstrates that you are not just selling a house, you are selling a community and a school system. Shows that you are diligent in providing all of the information that a buyer needs to make an informed decision. Gives the seller a reason to compare you to the other agents.

Why Talk About Community And School Profiles? There are many places online to get detailed school reports. http://www.schoolmatters.com/

Touch #7 Send a letter that addresses their concerns…head on. Actual letter to send is on the next page…

Do You Distrust Realtors? Are You Afraid To Hire Another Realtor Even Though You Know You Need To?  Do You Need To Make Top Dollar On The Sale Of Your Property?   Dear Homeowner; It’s been my experience that most owners whose listing has expired are distrustful of Real Estate Agents. We all need to get as much as possible out of the sale of our homes and you need to know that you can accomplish that using the services of a professional Realtor. If this sounds like you, there may be another option for you. Me. You see, I’m not your run-of-the-mill Realtor. I offer guarantees that make it Risk Free to work with me…Guaranteed! Like my Easy Exit Listing Agreement… unhappy with my services? You can FIRE ME, GUARANTEED! Page 1

Truth is, you do have a choice Truth is, you do have a choice. And there is a huge difference in Real Estate Agents. I suggest you interview at least 3 Agents including myself for the job or professionally marketing your home to get it SOLD!   Interested to know more? You can go online to: http://(yoururlhere.com) You will be glad you did. Sincerely, Your Name, Realtor P.S. Remember, I make it Risk Free to work with me, GUARANTEED! Page 2

Touch #8 (send on day 14) Follow Up & Information on Financing

Why Send Them Information About Financing? You are not asking for a listing, you are establishing value. You are separating yourself from other agents by showing them the importance of aligning with a good mortgage company.

Touch #9 (send on day 30) Testimonials

About Sending Testimonials Ask past sellers if you can give their name and email or phone number for a reference An expired seller may be agonizing over whether they should re-list. This establishes a comfort zone References were probably not offered by their last agent Chance are they will never contact them anyway

Touch #10 (send on day 45) Follow Up Letter

THINK “SOLD”! Dear Homeowner;   Dear Homeowner; My list of benefits for clients probably doesn’t seem like much of a novelty anymore. You’ve read about some of them in my letters to you. You understand that if you’re unhappy with my services, you can FIRE ME, Guaranteed. You know I use HI-TECH TOOLS which bring me a consistent flow of new buyers who may be interested in your home – or another one just like it. You’ve read about how I get properties sold in 27 DAYS FASTER THAN THE MLS AVERAGE. You’ve even read that I make my sellers an average of $6,753 MORE THAN THE AVERAGE MLS AGENT. So, at this point, maybe you don’t even register these innovative ideas, hard-hitting strategies and dramatic results anymore. Except if you want to get your home back on the market and actually sell it this time. Page 1

Or you want an agent who really performs for you.   Or you want top dollar in the shortest amount of time. Or maybe it’s because you’ve already decided to call me… Go ahead…you’ll be glad you did! xxx-xxx-xxxx Sincerely, Your Name, Realtor P.S. Remember, my services are guaranteed. Page 2

What Does The Follow Up Letter Do? Lets them know that you will put them in your database. You have to decide if this client is worth pursuing now. If you have not heard from them over the past 45 days you may not want to continue the follow up.

Other Letters Or Flyers To Consider Sample Newsletter Tax Credit Materials Virtual Tour Example Flyer with other expireds you sold

Other Great Ideas For Expireds A website geared specifically to expired buyers A blog geared to expired buyers Keep track of success stories and always share those with your expireds!

And The Biggest KEY! Consistency and persistence!