Today I want to talk a little bit about soliciting expired listings.I LOVE expired and withdrawn listings. They are by far, my number one source of business, even though blogging is slowly catching up.
I have been soliciting expired listings, every day, for 13 years. It's one of the things I never stop doing and it's also something I have to do first thing every day or my whole day is thrown off track. I've made it a habit.
It's my opinion, as a listing Broker, that there is no better way to get listings. I mean think about it, these folks have already decided to sell and they have already decided to use a REALTOR®. How can it get any better than that? It can't.
If you want to be a listing agent, you really need to make this part of your marketing plan. Whether you are in a Seller's market or a Buyer's market the person with listings rules. Of course, this assumes they are priced right and ready for the market. I am not an advocate of taking every listing that comes your way. I strongly believe you should pick and choose and only list properties you can sell.
One of the advantages of having an expired listings program in place, is, if you are consistent with it, you will get enough real Sellers calling that you have the luxury of only taking good listings that you know you can sell.
First, I believe in simple. If it's too complicated you'll find reasons not to do it. So this is what I do and what works in my market. I mail one letter, to every expired or withdrawn listing in my market area, every day. That's it!!! I don't call them. I don't knock on their door and I don't follow up with them. One letter, one time, every listing, every day. Is that easy enough for you?
Here's the key. Just do it. That's it folks my big secret. Just do it. OK, so since you asked, I'll give you a little more information:
Don't try to pick and choose which listings you feel will list with you. Hit them all.
Have a standard letter and just personalize the envelope.
Mail to the address in the tax records.
Don't try to see if they have re-listed. What difference does it make? If their listing expired you are within your right to send them a letter. They may list with you the next time around.
Make it a one page letter with some color and enclose a business card.
Make sure your letter has your website and blog address.
Here's another add on advantage to working the expired listings market every day. It forces you to look at your MLS Hot sheet. Every morning I see what's new on the market, what sold, what was reduced, what went pending, what expired and what was withdrawn. Can you imagine how much market knowledge I have just by doing this one thing, every day, for 13 years? Well, I'll tell you, it's a lot!
Now folks, don't start this program and then start complaining because you haven't received a listing call from it in 4 months, "the program doesn't work". If it doesn't work it's because you quit. I don't care what kind of marketing you are doing, if you don't commit to at least a year, you are wasting your time and your money.
If you are in a difficult market, like I am right now, then there is no better time to start taking listings. It will give you increased visibility in your market. It will give you a better chance of getting some sales and it will help you improve on your communication skills. It's not easy keeping a Seller appeased for months on end. Now's the perfect time to learn this skill.
Trust me on this, when the market changes, the folks with a ton of good listings will dominate. If I were you, I would start loading up, while they are so easy to get. I hope this post helps you to get motivated. Don't put it on your "to do" list.....just do it!