From Newbie to Expert: Succeeding with Expired Listing Leads
Expired Listing Leads are not run-of-the-mill, ordinary leads; they are some of the most profitable ones agents can get and are prime prospects for new and veteran agents. The most attractive aspect of them is that they're abundant. It's hard to imagine a day in any given community where listings don't expire, making them a constant, renewable source of leads. This abundance ensures a steady flow of opportunities for your business, providing a secure foundation for growth that will excite and motivate you.
If you're keen on expanding your business by dominating listings and sales, Farming Expired Listings is a niche you can easily tap into! Despite being highly coveted, they offer a path to success that's within reach. You don't need to be a seasoned agent with loads of experience to excel at getting them -it's a straightforward process that anyone can master. However, it's important to note that working with expired listings can also present challenges such as dealing with disappointed homeowners or negotiating with motivated buyers. But with the right strategies and mindset, these challenges can be overcome, making it accessible and empowering to all.
Expired Listing Domination: A Personal Journey Of a 'Lazy' Marketer - Like Me!
That's right—I'm a lazy marketer, even though I've always been a high-energy guy, high-octane and pedal-to-the-metal, who signed up two plus listings a week in my prime! However, I experienced a significant shift in mindset, transitioning into working smarter, not harder, being single-minded about purpose and focused on succeeding versus working willy-nilly without a clear purpose or a well-thought-out action plan.
Expired Listing Marketing Done the Right Way
Are you looking to secure an Expired Listing this week? With the right system (an Expired Listing Script, Letters, Flyers, or Postcards), it's not just possible—it's within reach!
All these tools are practical and affordable. You can purchase and download them in the morning and be ready for your first campaign by noon, ensuring you can secure listings without breaking the bank.
Consider these unique expired listing letters. What sets them apart is that the property owners you send them to will call you, not vice versa. And when they do, they'll be ready to list their properties with you. Think about it: why else would they be calling?
Stop Begging For Business! Instead, ask for it confidently and move on to the next opportunity!
LOL! I can almost hear you laughingly asking yourself, " What in the heck is this guy talking about? People calling me and offering listings versus me calling them and begging for their business? And not accepting listings if they're offered?!"
Yes, that's precisely what I'm saying. Once you set up your routine and mail 5-10 letters daily, the numbers favor you getting two or more listings weekly. This gives you the power to decline listings when owners want to overprice their properties or insist on other unreasonable expectations, terms, and conditions. It's not about begging for business; it's about being selective and controlling the listings you accept, ultimately empowering you.
Indeed, you have the freedom to turn down listings that don't align with your preferences. Life is too short to work with people you don't like. Remember, you're your boss, and you don't have to do business with anyone who doesn't respect you. That's the beauty of being in control of your own business. You can shape your career, work with clients who appreciate your value, and create a professional life that truly reflects your aspirations.
New Agents: Remember This Simple Truth In Marketing
More listings lead to more sales, which means higher commissions, and this connection should give you confidence in your career path. Expired Listings can be a valuable go-to source for some - they're free, abundant, and sustainable. However, it's important to remember that persistence is vital when tapping into them. By mastering this niche and staying committed, you can distinguish yourself as a top-performing real estate professional.
Where to Find Expired Listing Leads
Finding expireds is easy - just run an MLS Report! Run an Expired Listing Report through your Multiple Listing System (MLS) for any desired period. It's that simple!
The report is a treasure trove of information, providing everything you need to know about the property and the homeowner. It's all there, from the homeowner's name, address, and phone number to the type of home, current asking price, and any price reductions. Armed with this knowledge, you'll be well-prepared to work effectively with expired listings.
However, should you prefer to outsource this task, there are many services that can provide it. Companies like REDX, LandVoice & ArchAgent are readily available. While I can't provide personal experience with these services, as I sourced my information for free, they are there for you to consider.
Now, If You're Ready, Consider This Two-Step Plan for Expired Listing Success!
Step One: Starting today, mail at least ten letters a day, five to six days a week, to owners of expired listings. This consistent effort can lead to promising results. The more you mail, the sooner you'll start seeing favorable outcomes, filling you with hope and optimism.
Step Two: On days when fewer than ten listings expire, which will be often, simply mail letters to old expireds, FSBOs, and absentee property owners to make up the difference. It's a straightforward process that you can easily manage. That's it. Have fun!
Getting Started Marketing To Expired Listing Leads
Inexplicably, some agents never act on the potential of farming expired listings. But those who do and sustain their efforts can find a rewarding opportunity. This path may have less competition than you might expect, offering a promising chance for success and inspiring hope for future listings.
When you embark on your Letter Campaign, consider pursuing most, if not all, expireds. This approach can yield multiple benefits. You'll start converting some to new listings quicker, and the more you pursue, the more you'll list, boosting your confidence and reassurance in your strategy.
However, once you have a few listings, you can enhance your strategy by selectively pursuing and accepting the most promising ones. I call this cherry-picking! This approach allows you to focus your efforts on properties with the highest potential, maximizing your chances of success.
Cherry-picking is where you sort through all of the expireds and select the best of the best to target. You'll then begin a thorough evaluation process using your generated MLS Reports that provide a comprehensive view of the listings, including the owner's names, addresses, and other contact information, as well as detailed descriptions of their homes, problems, upgrades, price changes, amenities, pictures, etc. This process will give you the confidence to make informed decisions, ensuring you are well-informed about your choices.
End Game
Here's a point worth repeating: "Never accept an overpriced listing—ever!" If you do, the quality of your work life will deteriorate rapidly, causing unnecessary stress and strain. Specifically, you'll be contractually bound to owners who you'll never be satisfied with what you do. They won't like you, and you, them, and yourself less for having accepted the opportunity to list an overpriced property with the attendant unreasonable expectations. Eventually, an unreasonable owner's expectations and demands will chaff you to irritability, an emotion you cannot afford to have with any of your clients!
Final Word
Farming expired listings is a proven effective strategy for real estate agents to generate leads and potentially secure new clients. By targeting previously listed properties that didn't sell, agents can reach out to the homeowners and offer their services to help sell the property. This strategy requires persistence and a personalized approach to effectively engage with potential sellers. Click here to learn about farming expired listings with an expired listing letter set that I used to convert two plus listings a week!
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