10 Fair Trades That Open The Expired Listing Door
When you wake up January 1st and start thinking about the 365 days and 52 weeks and 12 months and four quarters in front of you – Wait! Stop right there and take a deep breath. Go through your regular morning routine before you get to work.
You are going to bring in a saleable listing a week this year for every week you follow this plan, starting today. Day One. January 1st. This plan has been working for hundreds of our students, and I guarantee it will work for you, if you follow it consistently.
First, compile a list of all the expired listings from as far back as you can find the data. Don't be afraid to go back 10 years or more. Some of those people didn't have the equity to sell back then, but they do now! Upload them into your CRM and auto-dialer. Then, install your Mail – Call – See marketing plan.
Let's start with MAIL. Some of our graduates' expired marketing campaigns begin and end with mail. They just keep mailing until they are told to stop sending stuff, or to come over and list my house. It almost (notice I said "almost") doesn't matter what you send them as long as you send consistently, and don't give up until you hear back from them. Each piece you send MUST contain a Call To Action.
A 'Call To Action' is a reason for them to call you. Floyd calls it a Fair Trade – something you can do for them, or information you can give to them, that is worth more than their time and attention, followed by instructions. What to do next. How to get in touch with you.
Mailing alone, if done consistently, will get you great results. Scrub your list every week and send, send, send. Mail means USPS mail, letters, postcards, newsletters, etc. but it also includes email and text and instant message and social media. Vary your method if you get frustrated with a lack of response.
Following up your mailings with a call or a drop-by visit, will enhance your results exponentially. That means double and triple the results. Calling lets you leave a voice message, and dropping by gives you the chance to leave a promo piece behind.
Here are 10 Fair TradesThat Open The Expired Listing Door
1. Send a copy of their listing with items circled in red and the message, "This is why your home didn't sell. Call me."
2. Offer a Marketability Checklist. "Did your previous broker hold it open? Did they advertise? Did they do a Marketability Checklist? I think we have found the problem. This will pinpoint exactly why your home didn't sell so you don't make the same mistake twice."
3. Offer a Marketing Services Comparison Chart (aka Comparison Shopping Analysis) that includes your company and their previous company.
4. Offer a Guaranteed Sale. "If I can't sell your house in 87 days, I will sell it for free." "If I can't sell your house in the normal listing period, I will buy it."
5. Offer a Trends Analysis. This shows 5 Factors that help you determine if selling again, and selling now, is in your best interest. It compares today's market to a year ago, in five categories: listing inventory (absorption rate), interest rates, average sale prices, price reductions and number of homes sold. "If the trends continue, now might be the right time for you to consider selling again."
6. Offer a Flexible Fee Schedule. "Mr. and Mrs. Expired, if maximizing your net from the sale is important to you, I offer a flexible fee schedule. All commissions are negotiable, and I am willing to work for whatever commission you and I can agree on. That is usually determined by how much you want for your home, and how long you can give me to get you that much."
7. Offer a Hassle-Free Opt-Out Clause. "If you ever feel that I am not providing the service I promised, you can opt out of the listing agreement with an unconditional release, no questions asked." Offer a Take-A-Break Clause. "If your plans change, or you just need a break from being 'on the market,' I also offer a Cessation of Marketing clause that allows you to take a breather if you need it."
8. Offer a 'Commitment To World Class Service' that lays out your values, philosophies and communication promises.
9. Write your own letter, or use one of the other Fair Trade items, and wad it up before mailing so that it comes 'pre-crumpled.' "This letter comes to you pre-crumpled for easy disposal." Sometimes humor is the best approach.
10. Send them an updated HPA (Highest Price Analysis) "Just thought you might be interested in seeing how much equity you have built since your time on the market expired."
Examples of the Marketability Checklist, Comparison Shopping Analysis and Commitment To World Class Service >>
Enjoy the Holidays and get ready to put your Expired Listing Campaign together for 2019!
The Floyd Wickman Team blog by Mike Pallin