By Brandon Doyle
Many books and seasoned real estate experts will tell you to go after the expired listings. Your competition knows this – they may be going after your listing that just expired right now! While there is nothing we can do to stop them, what we can do is make sure to provide enough value and stand out from the competition.
I’ve had sellers tell me they received over 50 letters in the mail in the weeks following the time off the market. This can be overwhelming for some, and they may need time to re-evaluate their needs. It is very likely that they will receive offers to relist the property at a discount, some agents may even claim to have a buyer for them, or offer to buy the home themselves if it does not sell. There are many different tactics to go after expired listings, some are more aggressive than others.
I would recommend you do what you think is appropriate and most closely matches your style. I’m not a big advocate of looking up people’s phone numbers, or showing up at their door, but I will send them a letter or two, or maybe even three. The follow up is very important to me, like I mentioned earlier that seller may receive 50+ letters in the mail. Until the property is relisted, I view that as a potential listing lead, and I want to nurture it just like I would with a buyer lead.
My first letter introduces myself, and how we conduct business. After that I follow up by offering tips/suggestions that have helped other sellers in the past effectively sell their homes.
There are many different reasons why a home may not have sold including price, condition, staging, availability for showings, market timing, and the agent’s marketing. I’ve heard of agents sending a FedEx of their listing presentation, or using colored over-sized envelopes, but none of those add any additional value to the seller. If you’re consistent with your message over time, marketing to expired listings will pay off.
Brandon Doyle, ABR, e-PRO, is a second-generation real estate pro with Edina Realty in the Twin Cities. Learn more about Brandon at www.doylerealestateteam.com.