Real Estate Agents Expired Listing Mastery

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Expired Listings:

1. There are more expired listing opportunities than they thought, but in order to find them, you have to expand your search geographically, back in time, and by classification.  Expired, Temporarily Off Market, and Withdrawn are all fair game if they’re not relisted or sold.  

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2. They are nicer to speak to and much more open to discussion than most agents think.  No seller ever thought their home wouldn’t sell, especially coming out of the very hot seller’s market in most areas.  A few will hang up, but most will talk to you and it’s your job to solve their problem if they still have to sell!

3.  Having lots of energy and enthusiasm helps keep them on the phone for the first couple of minutes.  When you do that, you can then use the script and have a real conversation where you find out what went wrong and if you’re the right agent to help them get it not just back on the market, but SOLD!

Top Complaints Expired Sellers have about their previous agents:

(These comments are all reported by our coaching clients who are actively taking expired listings)

1.  They took the listing and put it in the MLS but did virtually nothing else.

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2.  They didn’t hold any open houses.  They said open houses don’t work.

3.  The pictures were horrible.  Agent pictures in the mirror, open toilet lids, tiny iPhone photos, too dark, seasonal, or other picture mistakes.

4. The seller was away from the home and came back to roaches in the foyer.  No one was checking on a vacant home.  Other reports of green pools, weeds in the landscaping, or other neglect.  This is especially prevalent in second-home markets but could happen to any vacant listing.

5.  Zero communication from the listing agent.  The seller says they never knew what was happening, showing feedback, why showings were slow, etc.

6. The only communication was to ask for a price reduction.

Top Strategies to List Expired Homes:

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1.  Doorknock all of the listings that don’t have good phone numbers.

2.  Doorknock and call from most expensive to least expensive.  Less competition.

3.  Doorknock Expired and Withdrawn listings that meet the criteria of your buyers who can’t find the right home due to low inventory.

4.  Doorknock old and older Expired, Withdrawn, and Temporarily Off Market homes.  You’ll likely be the only one talking to them!

5.  Set a daily minimum standard of contacting (by phone or at the door) at least one Expired daily.  List the immediately motivated ones, follow up on the ones taking a break and soon you’ll have an unstoppable Expired pipeline that yields regular listings for you!

Fact:  Converting just 1 per month = At least $100k yearly in commissions, based on the average sale price and commission in the country currently.  

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