While there are tens of thousands of agents across North America competitively out-listing their peers by making Expireds their niche market of choice, there are still some surprisingly pervasive myths floating around out there about working this demographic.
So, let’s put on our “Myth-busters” hat for a moment and take a look at some common misconceptions:
1. All Expired Listing Sellers are MEAN. Come on now – all of them? In truth, most sellers whose listings have expired are just like other sellers with two differences. First, they’re usually MORE motivated to get their homes back on the market and SOLD because the “clock” has been ticking longer and they often need to move quickly. Secondly, they may be frustrated, discouraged or yes, even angry that they didn’t get the results they were looking for the first time around. That doesn’t make them mean – it makes them human beings. It’s YOUR job to earn their trust, treat them with respect, develop a relationship and make them raving fans.
How do you help develop that relationship? Consistent communication, professional presentation tools and a can-do attitude. Try the “7” series of our 3-7-27 Expired Postcard templates – they’re perfect for getting your foot in the door and raising those questions (and answering them) in the minds of the sellers that get them to then call you for help. Don’t forget to use promo code: EXPIRED15 to get 15% off your order.
2. All Expired Listings Were Overpriced. Don’t you just love sweeping generalities? In truth, (again) – probably better than half or more were overpriced, no doubt. But there is a wide spectrum of reasons that houses don’t sell – some of which lie in the agent that had it before, some because of price, some market area, some home condition, some lack of marketing, etc. Once again – it’s your job to figure out WHY it didn’t sell and what can be done differently to ensure success the next time around. Meet that challenge and you’ll be a hero to those sellers!
Try our free Merchandising Review. If you’ve never used it, give it a whirl – you’ll make it a part of your listing tool chest from now on! It’s a great way to strategically walk sellers through ALL the components of salable listing and even helps to answer some questions (price at the top!) before they’re even raised. Download your copy for free and start using it today. By the way – here’s a little Merchandising Review dialogue you can use when contacting expireds:
As soon as a property comes up on the MLS expired list, you should contact them by telephone and attempt to use the Merchandising Review as a reason for them to set an appointment to talk with you.
“Hello, Mr./Mrs./Ms/Miss ____________, my name is _______, and I’m with ______. The reason I’m calling is to see whether or not you still want to sell your home. Do you?
“O.K., well, I know you must be disappointed that it didn’t sell the first time, and I think I have something that will ensure that situation won’t ever happen to you again. It’s called a Merchandising Review Form…have you heard of it before?
“Basically it is a special tool I use to make a comprehensive analysis of why your home didn’t sell, and what needs to be done differently to guarantee that it will sell if you do decide to put it back on the market.
“What I’d like to do is set a time when we could sit down together and go over the Merchandising Review. It takes about 20-25 minutes, and there’s absolutely no cost for this service.
“Would Wednesday at 6:15 be good, or Thursday around 8:30 be better for you?”
Walk them through each item and negotiate the issues that were keeping the property from selling. Correct these issues, and then show them your marketing plan.
3. All Expired Listings are Unsellable. I love this one. Truth is almost anything is sellable for the right price, terms and promotion. I’ve seen agent after agent take what others deemed “unsellable” and turn it around to get it sold in some cases just DAYS. Keep it in perspective, do the work on the front end, price it right, communicate with the sellers and go ahead – sell the “unsellable” – you’ll be the new office real estate rock star!
4. They Always Re-List With the Same Agent. This one is SO not true. While depending on market, on average 40+% may re-list with the same agent, consider the other sometimes 60% that don’t. They’re disappointed usually with that first agent; they’re ready for a change, fresh start – and results. Be the agent that can present them with a professional and proven plan to help them ultimately get their home sold in the shortest amount of time for the most amount of money with the least amount of headaches – and you’ll walk away with the listing.
Expireds really are the “low hanging fruit” for many agents – why? Because they’re easily found (right there in your MLS) and they’re usually still motivated to sell! But the keys to success are that you have to consistent (can’t show up just ONCE – remember MOST deals are sealed after the FIFTH contact), timely (most successful expired experts make reaching out to expireds a DAILY business practice – no half-stepping it!), know your business and your market (practice, drill and rehearse your presentation, S
So go ahead – time to CRUSH IT and start listing those expireds and ot maneuvering, out-selling and out-smarting the competition in your market place! And remember -we’re here if you need us!