Expired Listings Marketing Plan
Converting Expired listings is one of the fastest and most efficient ways to increase your listing inventory. Since the seller has declared their motivation to sell and their willingness to work with a full-service agent, many agents target expireds.
Along with FSBOs, new agents target expireds because they are so easily identifiable. Typically, your MLS will send you email notification when a property expires or allow you to perform a targeted geographic query. Because expireds are so coveted, they are also very competitive. To win these listings you will have to:
· Understand and appreciate the seller’s mindset
· Know how to communicate to that mindset
· Offer a comprehensive marketing plan that showcases your unique services to separate yourself from competition
· Be willing to demonstrate the patience and persistence to repeatedly present those unique and compelling values to the expired
The Seller’s Mindset
In most cases, the seller expected to sell their home in a few weeks; now, after six months their home is still on the market. The seller is angry and frustrated. The seller is not of the mindset to accept unsubstantiated claims from competitive agents. The primary challenge you will have to overcome is the distrust of the seller.
Almost all listings expire for one reason; it was overpriced and the listing agent was unsuccessful in negotiating a price reduction. With few exceptions, a home in any market will sell itself if priced correctly.
However, you will not earn the trust of the seller by stating that fact. You must appreciate their mindset; the fact that their previous agent likely told them they could sell their home at the listing price, and now that it hasn’t happened they feel deceived.
You could show comparables to the seller that would substantiate that the reason their listing did not sell was price, but winning expired listings is not about evidence, it’s about presentation.
Effective Communication Is About Listening First and Directing Second
Consider this: if the seller had to sell, if they were relocating, building, under financial duress, or selling due to personal issues, they would have been sufficiently motivated to have lowered their price and they would have sold their property.
If we agree that listings primarily expire because the property was overpriced, you can conclude that the seller is simply unwilling to lower their price and will only sell if a certain price target is met. This is an emotional barrier, one that can be removed but you will have to earn their trust first and address the price barrier second.
Ironically, over 50% of expired listings re-list with the same agent they used the first time. Why is this? It’s because the seller has no comprehension or confidence that there is any substantial difference between agents, and no competitive agent was successful in changing the seller’s belief. To win the expired listing, you are going to have to change this belief.
Listing Expireds>>>
We have prepared a full marketing plan for approaching Expireds. Inside you will find:
How to create a Unique Selling Proposition to show the seller how you will market their home
Create a preemptive price reduction strategy to ensure that improper pricing is addressed
A proven script to contact recent expired listings and begin to build rapport
Please fill out this form and we will be happy to email you this report for free:
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