Expired listings are still hot…hot…hot. I live in Arizona and here they are extra hot! The weather makes it that way in the summer! LOL (A little Arizona humor…I do love it here!) With expired listing marketing being a hot topic in real estate, it seems like a good topic for discussion and answering some of the frequently asked questions we get on how to market them.
I highly recommend taking a look at the expired listing letters available here as a good place to start.
One of the questions I receive frequently when people download the expired listing letters is wanting to know the best approach to using the free letters (click here to get them). My recommendation is to create a campaign that includes the letters, a phone call, expired listing postcards and an expired listing door-hanger. By using the several different methods of getting in touch, you’re sure to stand out amongst the crowd. When a listing expires, there’s some stiff competition for being the Realtor® the seller chooses to relist with, if they choose to relist. Most agents will send out one mailing piece and that’s it. You will stand out and become familiar when you show up everywhere.
When the potential client asks, “why didn’t my home sell,” what would you answer?
I’m one of those people who simply tells the truth. If the house didn’t sell because it was overpriced, I would tell the seller exactly that. I once had a listing that expired because the house was a “hot mess” and smelled really bad. REALLY bad! The woman who owned the house was a bit of a “pack-rat”, had lived there for many, many years and had dogs that she didn’t necessarily clean up after. Let’s just say that with this client “cleanliness was NOT next to Godliness,” and it made my job of selling her home almost impossible at the price she wanted to sell it for. She was a sweet wonderful person and I really liked her, but her house wasn’t selling because of the way she cared for it and I told her the truth. As an agent, you can’t fix what the seller doesn’t know is broken. If you take the listing and things remain the same, you’ll have the same situation on your hands. If you tell the truth and help the client fix whatever it is that’s keeping the home from selling, you’ll both feel better when the home sells. As a Realtor®, you are the expert, a consultant to the seller. They deserve the honesty and integrity of your expertise. That’s what they’re paying you for.
What if a listing is withdrawn?
If a listing is withdrawn and you’re not sure why, I’d say the best approach is to call them and find out if they plan to relist. Ask them why they withdrew the listing. “Nothing ventured, nothing gained” and…What have you to loose? Add the sellers to your mailing list and drip market to them as one of your prospects. You know they were thinking about selling at one point and if you’re the one agent who keeps in touch, you just might be the one they call when they do decide to put their home back on the market. I would certainly consider a lead like a withdrawn listing, a hot lead.
How do you get them to return a phone call?
Getting return phone calls isn’t easy when they are being bombarded with many calls like yours. I’d say the best way to get a return phone call is to provide the type of value that makes them want to call you back to find out more about what you’re offering. I’d also say that the advice above about being everywhere will increase your chances of a returned phone call. There has to be something about you that makes you different than all the others. Something that’s more valuable than what everyone else is promoting will increase your chances of a return phone call. There’s no guarantees, except for the one that you’re certain not to get a phone call if you never reach out and give it a shot.
Please let me know what other questions you have about marketing to expired listings. I’m always looking for opportunities to help my friends in real estate and if you’re reading this blog, that would be you!