If you’re not going over expired real estate listings, you are missing out on one of the strongest real property marketing schemes going…and a big source of revenue. Why? Well, there are a lot of reasons, but I have distilled it down to 4 top ones for brevity’s sake.
Perhaps they are going to convince you finally about how an old real estate listing script is one of the greatest schemes for selling realty.
1. Farming old real estate listings is simple to accomplish. It is as simple as logging into your Multiple Listing Service (MLS) and making a search of old property listings for any time frame you need. Go ahead – try it now. It’s uncomplicated, easy and near effortless!
2. Expired listings are among the strongest leads you’re going to ever get – every last one is an identified and motivated real estate seller! When a real estate listing runs out it’s usually not a good thing.
Some homeowners have to sell their house because they’re moving to another city and state in order to begin a new line of work. Other people may have to sell their house because they became a casualty of down sizing Nevertheless, some people wish to sell their home because they are transitioning into retirement and are attempting to lower their monthly living expenses.
In numerous instances, no matter the reasons, they are more prompted to sell than they were before!
3. Property sellers of expired listings are frequently more realistic about price and conditions the second time around! Good brokers can leverage expired listings to better prices, terms and conditions. Clever real estate sellers are fast to understand that they may need to give a little on their asking price, or sweeten their listing by providing other financial bonuses in order to sell their houses.
The more the home seller is happy to "give", and he is going to be, the more desired their new property listing with you will be, and the more likely you are to get it sold!
When sellers assert themselves in overpricing their listings you may courteously refuse them (which is going to shock them like you wouldn’t believe) realizing that more chances are simply a few mailings away! Often the home sellers are so astonished when you turn down their offer to list with you that they’re going to begin back pedaling while trying to give you what you wish to list with you. After all, how many times have you in reality rejected a listing?
4. Numerous real estate agents don’t farm expired listings – they assume that another person has already shifted them to new real estate listings. But they’re wrong. Sometimes no one is chasing after them!
I am forever astounded at how many agents who know that expired listings are worth their weight in gold, but never take advantage of them.
Go ahead and try it out yourself. Go around your office and figure out if any of your fellow agents are farming expired listings! But do it quietly! You do not want to give them any ideas if they don’t already have any!
What you are going to see is that few, if any, are using expired listings. Rather than marketing real estate in this relatively stress free style, they’re hung up on convoluted real property marketing strategies that cost a whole lot of money and present little return on their investment.
It’s the most incredible thing I have ever experienced. Even old real estate agents, who should be aware of how valuable expired listings can be, do not farm them. In the long run, their failure to act is to your advantage.
Therefore, if you are not farming expired listings, you should gravely consider it. Do not continue to be like those brokers who believe another agent has already secured the listing. Better yet, be the real estate agent who in reality converts the expired listings into new listings!