Q: “Denise, I am starting to see expired listings in my area that are not relisting right away. Of course, the reason these sellers have expired is due to their unrealistic price expectations although there are a few examples of marketing that could definitely be improved. I was thinking about doing some lead generation by targeting these folks. What do you think and how should I get started?”
A: I often compare working with expired listings to picking nice juicy ripe grapes off a vine – they are there for the picking, and the picking is easy! The benefits of implementing a lead generation campaign around expired listings are many:
- These are sellers who are highly motivated to sell, especially the second time around.
- They are easy to find.
- The system can be easily adjusted for each agent’s strengths and weaknesses.
- This is a great system to implement if your goal is to increase your average sales price.
- This is a great system to implement if your goal is to target more listings.
- It is an easy faucet to turn on and off. When you need business, turn it on. When you have too much, turn it off.
- Expired listings can be targeted anywhere from immediately after the listing expires to a couple of years after the listing expires.
Those agents who can clearly show the seller why the experience this time around will be different stand to get the listing, or at least a listing appointment. However, it may not be the next day or even the next week. Sometimes, the seller is not ready to go down that road again for a while. In this case, the agent must make sure he or she continues to provide good timely real estate information until the seller is ready to move forward again.
The key for handling your program is to determine how you want your program to operate. One method I worked as an agent was to develop small databases of 20-40 sellers and market to each via a mail and call program that continued for up to nine months at which point they went on my sphere database and I touched base with them each month. You can start to develop your database by researching the MLS and determining which expired listing you want to add to your list.
There are many different approaches for farming an expired listing and you should capitalize on your strengths. A campaign can be created which solely focuses on mail, the phone, in person, or a combination of any of these. The great thing about expired listings is there are many ways to generate leads, and all the different personality types can find success in this lead generation method.
Interested in learning more about creating an Expired Listing program? Get started here!