Like the proverbial "better mousetrap" that will supposedly create a flood of eager buyers, new real estate listings seem like the best choice for getting clients and facilitating sales. However, the best mousetrap remains virtually unchanged from the original 1894 version. In the real estate industry, a similar result comes from the challenge of expired listings.
Every new invention, reimagined product, recent movie, or fresh property listing does not result in quick and easy profits. Sometimes, the product or listing languishes and fails to sell right off the bat.
In the real estate game, smart players choose expired listings as a way to boost their careers. They opt to market the same classic mousetrap… the one that still works consistently every time.
Why Choose Expired Listings?
A property that did not sell during its listing represents a failure somewhere along the way. Some agents blame it solely on the price, while others believe it comes down to poor marketing. In most cases, it is the agent that gets the blame or is accused of slacking off on the job.
Sellers are quick to place the blame. After all, the real estate agent they hired is supposed to make their house sell. If that does not happen, they cannot think of any other reason. They property owners become jaded and begin to distrust the whole industry that they believe let them down.
You can rework the expired listing's old failures and complete the sale for those frustrated clients.
Outshine the Competition in New Ways
Competing real estate agents have already tried to sell this listing and it did not work. You can outshine them by trying something new and different. One method for this is what our brokerage calls the "Expired Rocket." Here is how it works.
To encourage interest in an unsold property, turn to custom mailers or drop-off packages in the area. Instead of slick come-ons or a lot of marketing speech, stick with honest, glowing testimonials and reviews. Pile them on. Make people read them.
People want a quick sale at a level somewhere above asking price.
Show them that you have a track record of providing exactly that. Highlight past listings where you got more money than expected or ones that sold well before the expected date.
Make sure to include testimonials that showcase your fresh and different approach to the real estate market. Get permission and print the photos of former sellers and the properties you sold quickly and for more. People who desperately want to sell their expired listing homes will come to trust the reviews more than they would just another agent marketing message.
Get Ready to Follow Up
These testimonial-focused mailers get the phones ringing and the website contacts pouring in. Follow up with the ones who do not contact you with a quick call to make sure they got the package and took the time to look it over.
This is not the time for high-pressure sales tactics. Frustrated sellers who have negative views of their former real estate agent will not respond well to pushiness. With a proof-filled mailer and a friendly yet confident approach, those expired listings will be yours in no time.
