Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? https://whylibertas.com/harris or text Tim directly 512-758-0206
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Your number one job in your real estate practice is to generate new business. Without a steady stream of new listings, nothing else matters. You could have the most polished listing presentation, be fantastic at pre-qualifying prospects, and even be a great negotiator and closer, but without leads, none of that matters.
Working with sellers of listings that didn’t sell can be a goldmine; it can strap rocket boosters to your lead generation machine and end the feast and famine cycle forever once you get good at it. Along with listings come buyer leads, so concentrate on listings and the buyers will come. Grizzled veterans like to say, “You have to list to last!”, and they are correct.
Remember: Listing (and selling) just one Expired home per month is worth a minimum of $115,000 to you based on a $400,000 average sale price, a normal commission paying 20% to your broker, etc. $9600 net x 12 = $115,200.
The following are not all of the secrets but are some of the top secrets you may be surprised by when prospecting Expired Listings:
1 There are more expired listings than you think. You may not pay attention to the Expired Listings unless you watch your MLS ‘HotSheet’, or execute specific searches yourself. Don’t just look in your favorite area code, zip code, or price range. Start your search broad and then narrow in. You’ll be surprised by how many Expired listings there actually are. Look every day, not just now and then!
2 If YOU can’t find a phone number to contact that owner, then no one else can either. Be the one who knocks on their door and offers to not just get it back on the market, but get it sold this time.
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3 Homeowners of expired listings will do things to get the home sold that they wouldn’t do for the first agent. They will remedy the negative feedback, reposition the price, and loosen showing restrictions.
4 Contact the more expensive Expireds first. Fewer agents call on them and they are just as motivated. Same work for you with a bigger payoff at closing.
5 Re-listed Expireds almost always sell right away. Watch your hotsheet for proof of this. A listing will be on the market for 90 days, expire, then re-list, often at a better price with improved pictures and sell in 2 weeks or less.
6 Virtually no one contacts the older Expireds and withdrawn sellers. Many of these homes can achieve the price they were trying a year or two ago. Be the one who calls them and you’ll be the one who takes those listings!
7 You can choose your listing inventory when you pursue Expired Listings. By targeting certain price ranges and neighborhoods, and selecting the Expired listings you pursue, you can curate your inventory.
8 ExpiredPalooza happens when the months turn over. Lots of listings expire on the first or last day of each month.
Set a goal of speaking to at least one Expired Listing every work day. Do this for 30 days straight and see how many listings you have! Then lather, rinse, and repeat! You’re welcome!!!
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