by Lanard Perry
(Real Estate Marketing Talk)
Expired Listing Leads
Expired Listing Leads are some of the best leads an agent can have because owners are typically Realtor friendly, likely to list with an agent again (or renew with the agent they have) and are amenable to relisting their homes at a competitive price with attractive terms and conditions.
However, to convert them to new listings you have to do something about them. Socrates, one of the greatest "thinkers" of all time said "Action equals knowledge." Action, not thinking, is how we achieve results." Here’s how that applies to converting Expired Listing Leads to new listings!
Stop Thinking About it - Do Something!
You can think about farming expired listings all you want, but until you take charge and do something about it, you’ll never get any of them. Good news is that you can source expired listing leads in a number ways, like:
- writing and mailing expired listing letters
- knocking on doors
- cold calling and /or making follow up calls
- sending email messages
- mailing flyers or postcards
- text messaging
The point here is to encourage you to exand the possibilities in which you farm expired listings, and to understand that your approach can be broader than just sending letters! And, of course the more you farm expired listings, no matter how you do it, the more proficient you will get at it and the more success you can expect to achieve!
Rule of Engagement for Maximum Results – A Systematic Approach Works Best!
The number one rule for effectively marketing expired real estate listings is to establish a process, one whereby you systematically pursue the relisting of them on a regular and ongoing basis. For example, mailing letters just one day of the week will be mostly ineffective, while mailing letters daily will get your phone ringing from owners interested in listing their properties with you.
Still, you need to know and be okay with the understanding that farming expired listings is not an instant gratification event, but rather a process that can easily take weeks to months before you start receiving results. Think of it as your being the tortoise running and winning the race. Slow and steady can be good and sustained. So, be prepared for the mid to long term outlook and all of the success that comes with it.
Do You Need to Cold Call Expired Listings to Be Successful Farming Them?
I didn’t, mainly because my timing was always off! It seems I always managed to call the homeowners at the wrong times – which irritated some of them considerably! I called too early or too late, interrupted their dinner, woke them up when they were sleeping in late and so forth and so on. I hated cold calling and wasn’t very good at it.
However, I excelled at mailing letters every day and converting the calls to listings when owners called me! Plus, my letters had the unique advantage of being in the owners homes months after cold calls were quickly forgotten!
There’s Unlimited Potential Farming Expired Listings
When it's all said and done, sourcing Expired Listing Leads is a great marketing strategy, no matter how long you’ve been a licensed agent. New agents can benefit by doing what others have done, specifically by buying a system, or letters that have worked for others. On the other hand, experienced agents who aren’t currently farming expired leads can cultivate yet another source of leads and income by farming them. The more streams of leads and income you have the more money you'll make.
Summarily the most successful real estate agents have lots of listings, and although getting them is easier said than done, it's relatively easy to do - at least with a good system! One system that works to near perfection is the Farming Expired Listings System, with letters.
Click here to read more about it!
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