Expired Listing Letter and Real Estate Marketing Tips

The expired listing letter is a valuable asset for real estate marketing plans. Expired realty listings refer to contracts that have expired between homeowners and their agent. Realtor contracts generally last between six and twelve months. If the listed property is not sold during the contract period, sellers can enter into a new listing agreement with their current realtor, hire a new agent, list the property as for sale by owner, or take the home off the market.

Investors use the expired listing letter to solicit business from the seller by offering to buy their home or help them sell it. In order to find expired property listings, investors must subscribe to the Multiple Listing Service (MLS) database; a service that provides lists of nationwide properties for sale to realtors.

Investors who have never used expired listing letters can easily locate sample templates online. Investors will need to adapt marketing letters to suit sellers’ circumstances. A good place to learn and share expired listing marketing ideas is by participating in real estate forums or networking groups.

In addition to using expired listing letters, investors will need to develop a marketing plan and follow-up strategies. Most investors incorporate multiple marketing tools such as postcard marketing, direct mail, referral marketing, realtor flyers or brochures, and cold calling.

The expired listing letter is generally used to solicit sellers, but some investors use these letters to solicit realtors. Working directly with real estate agents can be a profitable niche for investors willing to develop close working relationships. Realtors do the majority of legwork while investors earn profit by closing the deal.

Investors who are unfamiliar with marketing strategies should consider hiring a marketing specialist and copywriter to create expired listing letters and brochures. Real estate investors often use a variety of prospecting tools.

They might start with an introduction letter, followed by a postcard and a phone call. Or they might start with a phone call and send a folder filled with a marketing letter, client testimonials, and a list of successful real estate closings. Regardless of the marketing strategy, the primary goal is to locate motivated sellers, purchase properties below market value, and earn profit on each expired listing transaction.

In today’s competitive market investors must stay on top of changing trends and create marketing campaigns that make them stand out from the crowd. Sellers often receive dozens of expired listing letters once their real estate contract expires. This is where creating unique marketing strategies can really pay off.

Private investors who dedicate their time to locating expired real estate listings often work with sellers that are frustrated their home did not sell during the listing period. The last thing these people want to hear is empty promises. They want to sell their property. Investors who focus on solving this problem can earn the seller’s business by focusing on their needs and explaining how they can help sellers accomplish their goals.

Real estate investing is a competitive industry. In order to become successful in this arena, investors must be committed to finding solutions for sellers. This can be accomplished by building a strong network of realty experts, developing a strong marketing plan, and utilizing strategies that will attract motivated buyers and quickly close real estate deals.

Real Estate Marketing Idea; Farming Expired Listings

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!

Conclusion

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.