Succesfully Capturing Expired Real Estate Listings
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Transcript of Succesfully Capturing Expired Real Estate Listings
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Expired ListingsA Wealth of Opportunity
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Two Type of Leads
Possible Probable
Owners of Expired Listings
Demonstrated the desire and need
A problem you can solve exists and has
been identified
Internet Inquiries
Ad Calls
Sign Calls
Cold Calls
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Understanding Human Behavior
Displacement
Reaction FormationRationalization
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Rationalization
“He/she wasn’t right for me!”
“I didn’t really like it anyway.”
“I wasn’t 100% sure I wanted to sell.” or “The market is bad now.”
Break-up in a relationship
A buyer’s offer is rejected
A seller whose house didn’t sell
Normal human behavior pattern that helps people avoid depression
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Reaction FormationWhen a person feels a particular emotion but they act in a different way than society would expect. They are hiding true feelings.
Cracking jokes and telling funny stories
A seller doesn’t sell home within listing period
Hearing of a death or illness
Being aloof and shrugging it off, saying, “oh well it didn’t sell.”
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DisplacementWhen someone is mad or upset at one person but takes their frustration out on someone else
Kids, spouse, the dog
Seller’s home has not sold
Bad day at work… who do you take it out on?
You!!!
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Being aware of these 3 human behavior patterns will help you navigate through
the following options sellers have.
Displacement
Reaction FormationRationalization
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Seller OptionsWhen listings expire all sellers have 4 options.
Re-list with their current real estate agent1
Take the house off the market2
List the house FSBO3
Contract with YOU!4
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They are giving the agent a second chance. If that is their decision, per the Code of Ethics, you need to wish them good luck and go on your way.
Re-list with their current real estate agent1
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Rationalization
“We really didn’t want to sell the house anyway.”
“Making a move now doesn’t make sense.”
Take the house off the market2
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“What made you originally want to sell your home?” The seller deserves to attain their goal!
Rekindle Their Dreams
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List the house FSBO3
When you try to talk them out of it you will experience… DisplacementYou will take the wrath that the original agent who listed the house should be taking.Or they turn on the ENTIRE real estate profession. We are all worthless.
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There is Good and Bad in Every Profession“Allow me the opportunity to show you the difference
between the previous real estate agent and me!”
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The most confusing of all the options. We are prepared for rejection.
Contract with YOU!4
Why me?
Be ready to meet with the sellers.
Have all the paperwork ready.
Whynot me?!
However…be prepared for acceptance!
The sellers want their home sold and they want to use an agent.
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Success Requires…
Approach
Salesmanship
Attitude
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AttitudeA strong, positive agent with a good disposition and a plan on how to get it sold can always turn the negative feelings around.
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ApproachDo not come off as too pushy, over bearing or blameful.
Use and ask questions. Offer items of value. Find out about the previous activity and why the sellers feel things did not
work out. Have a solid plan to solve their problem.
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SalesmanshipEmpathize with them, and steer them in the right direction. Be
prepared to address their objections. Some objections are timing, price changes, making changes to the home. Acknowledge and
recognize their objections, then provide a way to solve the problem.
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A Proven ProcessFollow these steps and you WILL prosper
Follow-Up Call
Go to the Door
HandwrittenNote
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Handwritten Note
Dear Seller, I recently noticed that your home sale has expired in the Multiple
Listing Service. I am sure you are being bombarded with agent calls and form letters. Well I do things a bit differently. If your goal is to sell your home, I would like the opportunity to share with you my unique and powerful marketing plan. I have a few ideas why your home hasn’t sold, and it’s not the price. I would love to meet to share with you my thoughts and ideas. I will call to follow up in a few days, but in the meantime should you have any questions please give me a call.
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Follow-Up Call
Keep your promise and call them. If you speak with them do NOT go in to huge detail about what your thoughts are…Close with an appointment.
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Go to the Door
• Bring an item of value – brochure showing how you do things differently.
• Try and get invited in. • Leave your material behind.• Follow up with a second call.
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From Now Until March 10th
Get an Expired Listing
and get a $100 AMEX gift card