If you’re looking for new real estate marketing ideas on how to grow your pipeline of business, expired listings may be worth considering. There seems to be a lot of “expired listing activity”, which explains the dramatic increase in both traffic and orders for “expired listing postcards”.
(FREE EXPIRED LISTING LETTERS DOWNLOAD BELOW)
As a print marketing company that caters to the Realtors®, we can see trends brewing “before the storm” actually hits. A storm is brewing and the wave is beginning. More and more agents are looking at expired listings as their specialty and offering their expertise to frustrated homeowners.
What’s going on with expired listings in your market? What’s prompted you to consider expired listings as a good market for you to pursue?
I have read some very interesting strategies for marketing to expired listings and thought I should share.
One agent who has had great success in working the “Expired Listing” market says that his success comes from such a targeted list of
prospects that HE KNOWS are looking to sell. He stated that he was mailing out thousands of real estate marketing postcards every month, which he found costly. He decided to change in his strategy and focus on the Expired Listing Market which increased his “success per postcard rate” substantially by targeting this specific segment of his market. He also noted that he didn’t send just one postcard, which is what most agents do. He sends multiple postcards, the first simply introducing himself/his team. An introduction that has nothing to do with trying to get the listing. A day or two later, he follows up with an “expired listing postcard” soliciting the business. Once he knows his competition has stopped sending marketing materials, he sends another postcard and stands out because he didn’t give up after all the other agents had. I’ve said it so many times that great marketing is about consistency and repetition.
If you receive three marketing pieces over the space of a week from one agent, I would have to assume you might give that person some attention because they clearly wish to earn your business. Receiving all that marketing in the mailbox, where there is little competition these days is also a sign of an agent who HAS a marketing plan. You wouldn’t likely be marketing if marketing wasn’t part of what you do to sell homes.
Many agents opt for printed door-hangers to prospect for expired listings. I personally believe that a combination of different marketing mediums is a great way to expose your business to any prospect. You never know which marketing medium may be the one to “click” with the homeowners you’re targeting.
Sending expired listing letters is another popular way of reaching out to the property owner of an expired listing. The way to be successful with that sort of approach is to make sure your letters are always signed in blue ink AND that that envelope is hand addressed. NO labels, it’s a sure sign of junk mail and what most other agents will do. If you want to stand out as different from all the rest, you need to BE different than all the rest.
Pick up the phone and contact the home-owner. Their contact information is likely easily available and instead of being the same as all the other agents calling, offer something different. Apologize for the frustration they must feel for having an expired listing and offer to answer the questions they have about why their home didn’t sell. Don’t sell, just offer answers…that’s what people want…they want answers why the home didn’t sell and their agent likely didn’t communicate that with them. Let them complain, let them talk, let them ask all their questions…it’s all about relationship building and showing your expertise in the market.
You’ll find a completely updated variety of Expired Listing Postcard templates on the PrinterBees website if Expired Listings is a market segment you’re considering. Remember whatever you commit yourself to, you must actually commit yourself to it for it to work for a period of time.
Get the Expired Listing Letters emailed to you along with handout “The Top Three Reasons Listings Expire”:
The documents are fully editable and and I hope it helps you get those listings! Keep us posted on your results.