Why Expireds Aren’t Selling

Have you ever heard the saying, “Build a better mousetrap and the world will beat a path to your door?” Even though the saying might appear to be correct – at least on the surface – it’s false. Over 4,400 people have invented what they thought was a better mousetrap. At least that is how many patents have been filed with the U.S. Patent Office.

But despite all of the new mousetrap inventions, the classic mousetrap (first patented in 1894) is still the best selling design. I’m sure each one of those inventors are frustrated. “Why won’t anyone buy my mousetrap? It’s genius!” they say to themselves. They’re frustrated, no doubt.

Expired Listings can relate to their frustration. One cannot throw a great product out on the street and expect people to gobble it up. This rule applies to inventions, homes, and even movies. Yes, even great movies need to be sold. Here is an example of a great movie that didn’t do well when it was first released.

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Why I Take Expireds

The price isn’t always the reason the home didn’t sell.

Why did I just say that the reason homes don’t sell is because of bad marketing? Because that is what most sellers think. Most sellers think the agent messed up. Or, the agent didn’t “stay on top of things.”

The seller’s perception is reality to them. In their mind, the story they tell themselves is 100% the unadulterated truth. They don’t want to come to reality about their price. And, since price isn’t always the problem, then I’m glad to discuss the problems.

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Stand Out From Competition

They’ve already “been there, done that”, you’ve got to do something different to stand out!

One of the most obvious niches of real estate, yet also one of the most despised.

Why?

Simply put, expired listings represent failure.

The reasons are many, but blame typically falls on the listing agent. So naturally, expired owners tend to have a jaded view of real estate agents in general.

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Expired Rocket

In our brokerage, we call it the “Expired Rocket”.  Here’s how it works:

At the heart of this special mailer/drop off package is page after page of testimonials.

The more you have, the better.

Remember what’s important to most expired owners: time and price. Highlight examples where you brought about a quick sale. Note any listings that sold above asking price.

Use testimonials that speak to the point of difference you bring to sellers, and how that enabled a home sale.

Pull together photographs of the homes. Use pictures of the owners you worked with. Let them do the selling for you!

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Following Up

They will be calling you. For the ones who don’t, give them time to get your package, and then give them a ring. Remember, you’re not cold calling. You’ve sent them a package, so give them a follow up call to make sure they got it.

Keep it low pressure. Just let them know you sent them an important package, and you wanted to be sure they had a chance to look it over. You’ll often find expired owners who’ve had a chance to look at your testimonial package are already sold.

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Meeting the Owner

This is right when you meet them in person for the first time, or even just talk to them on the phone. Use these questions to cut right to the chase and not waste any time asking them about unnecessary topics. This will prepare to directly address the biggest concerns and problems when you give the listing presentation.

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Listing Presentations or Scripts to Talk to the Owners

Once the homeowners receive your letter and call you, here is the script you can follow to get the listing appointment set after you know what’s been holding up the sale.

Most people are going to ask one question.

That question is, “How does your home selling program work and does my home qualify for it?”

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Overpriced Listings and Price Reduction Strategies

In order for a seller to reduce their price, they have to be told a number of times. Business to business salespeople often say that it takes seven sales calls to get a customer, and twenty-nine calls to get a customer to trust the salesperson.

I don’t know if those numbers are correct. But, I do know that people get so emotionally involved when selling their home.

Normal, nice, rational, smart people get all emotional and can’t understand how their home isn’t worth what they think it should be. And if you can’t sell their home for what they think it is worth, it’s your fault.

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Bonus: Ways to get Expireds without Prospecting

I hate prospecting. Yep, that’s right. I’ve done my fair share of it. In fact, I’ve been pretty good at it. I’ve even made a lot of money from it. At one point most of my income came from prospecting.

But, I still hated it. It’s true. Which is why today I know that one of the biggest mistakes I ever made was…thinking that prospecting was the ONLY way to be successful in real estate.

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Standing Out (AGAIN)

Agents who achieve the best results do so because they take action and implement.
The best plans or intentions are useless unless you take action and do something with them. Using them and this guide to show your point of difference from other agents should be the most important thing you take away from this guide.

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Sellers That Aren’t Worth Listing With

Use these four simple questions to eliminate the unmotivated sellers before you waste time listing their home. There is nothing crazier than seeing another real estate agent list a house for $450,000 that comps out at $250,000.

Agents get so desperate for business that they’ll take anything they can get. The key to success in real estate is just like anything else. You have to select the good customers and get rid of the rest. Banks do this when they reject the bad borrowers and only lend to the ones most likely to pay. Agents get so ‘’busy’’ chasing down unmotivated prospects and working with unmotivated seller listings and unmotivated buyers

Go to Chapter 11
Chapter 1