If you think there’s no good way to increase your listings and sales you need to think again. The best real estate marketing idea going may be farming expired listings. Here’s why!
Expired Listings Are Hardly A Secret, But…
Expired listings are probably expiring from your Multiple Listing Service even as you read this article. It’s a common occurrence that happens daily, from coast to coast. Many agents know about them, yet choose to do absolutely nothing about it!
Many agents assume other agents will be farming them, which is exactly why farming expired listings can be so lucrative. If a majority of real estate agents assume other agents are pursuing them there’s no limit to how many you can covert to new listings!
So, although expired listings are hardly a secret, they are hardly over worked!
Expired Listings Are Plentiful
Just how plentiful are expired listings in your area. Let’s take a moment and find out.
1. Log into your listing system
2. Do a search for expired listings for all of last month
3. Now divide that number by the number of days in the month to get a sense of the average number of listings that expired daily.
No matter what the number is it represents an opportunity for an entrepreneurial type agent to create business where they had none before. Unlike what you might think, owners of expired listings are usually eager to get on with the business of re-listing and selling their properties.
Many are willing to make the kinds of concessions needed to get their homes sell during a new listing period. For example, they may be willing to paint the exterior of the house and do other things that create curb appeal, or reduce the price on their properties to make them more competitive during a new listing period.
Owners of expired listings can be some of the nicest people you’ll meet, and they make great clients. They’re usually Realtor friendly, knowledgeable about the listing and selling process and have a better appreciation of what it will take to get their properties sold during a new listing period.
Expired Listing Systems
When farming expired listings I recommend that you go with a proven real estate marketing script. Essentially, the system will contain step by step instructions on how to effectively convert expired listings to new ones. The better ones contain all of the letters, tools and information you’ll need to succeed!
Some expired listings can be pretty costly, but don’t get caught up in the mistaken belief the more expensive a product is the more effective it will be. On the contrary, simple and inexpensive can be deadly effective!
There are many good reasons why farming expired listings is a good real estate marketing idea, but it basically comes down to this! When you have listings you double your chances of making money, whereas no listings could amount to a short career in real estate sales.