Expired Listings? An Opportunity or a Distraction?

By
Education & Training with Advantage Solutions Group

 As market inventory has increased in most areas, more listings are not selling and show up as expired. Conventional wisdom is this is one of the best places to prospect if you want to increase your business. Sometimes this is true, but sometimes not. Should you be spending some time in this niche?

My question for my coaching clients is to ask themselves each day "what is the highest and best use of my time?" My companion question to ask yourself, "What 3 actions could I take today that would make the most difference?" Hint: these are not usually the squeakiest to-do items, but rather the things that could have a major impact on your short and long term goals.

Often, one of the actions that could make the biggest difference is prospecting. While I am in alignment with the concept that you'll be able to build business faster and more effortlessly with the people who know, like and respect you, I also believe most agents need to be looking outside these people if they really want more than they have now.

Expired listings offer an opportunity with a group of people that we know have an interest in selling. Now, you'll notice I didn't say they were motivated to sell, because, quite frankly, many of them are not. This is one of the reasons this niche takes some forethought and a great system to work. When I say some are not motivated, what I mean is they are not realistic about what they think their house should sell for. When this is coupled with a lack of need to sell (being transferred or bought another house), it might just be a total waste of time.

In the coming few weeks, I will be sharing some success strategies for working with Expireds.

 Today, let's start with these two concepts:

1. IT IS A NUMBERS GAME. I've been saying for years that it is a RELATIONSHIP GAME rather than a numbers game, and I still believe that most of the business we get is about building relationships. Expireds, however, may be in a hurry to get their house get back on the market and get sold quickly. You don't have the luxury of wooing them and building relationship over time. You must get their attention immediately and do it with credibility and differentiation so that they believe you are DIFFERENT than their previous agent. You don't want every one of these listings (Remember what I have said about life being too short to work with high maintenance people who don't respect you.... AKA jerks!). You have to be ready to get "no's", to not take it personally or let it mean anything about your worth, and to move on. You just say ,"NEXT"!!!

2. KNOW WHEN TO SAY NO. If you sense these people are either not a good fit for you personality-wise or they are not going to list where they need to, walk away. You must have standards to build a good business. Time, energy and money spent on people who aren't willing to do their part is wasted and lost forever. It is not much different than a doctor telling someone they need to stop smoking and the person not listening and then developing lung cancer. If the client won't do what it will take to get the home sold, it isn't your fault it doesn't sell. However, shame on you if you let them talk you into "trying" it when you KNOW it won't work. Set your standards and stick to them.
A Good question to ask yourself is: "Would you rather be liked or respected?"
Walk away with your integrity in tact (and they probably will call you when it expires again!)

Posted by

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tree to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Tags:
expired
say no
numbers game

Comments 39 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the woman to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
296,403
Ryan Hukill - Edmond
Realtor
ShowMeOKC Team of Paradigm AdvantEdge

Wayne, I have a system in place that's generating good solid leads and I can share that with you if you're interested. Feel free to email me.

September 20, 2007 01:31 PM
Anonymous #36
Anonymous
Anonymous
Thank you Ryan, I've just sent you an email. 
September 22, 2007 12:34 PM
Rainer
14,567
PJ Belle
ABR, GRI, SFR
Long and Foster

Thanks for the post can you please email me the series you had after that ?  I am also trying to locate a form letter I can use.  Thanks so very much PJ :)

March 01, 2009 09:45 PM
Rainmaker
45,598
April Stephens
Broker/Realtor - Johnston & Wake County
RE/MAX One Realty

I am getting ready to kick my listings into gear as well, thanks for all the tips.

 

March 05, 2009 10:35 PM
Rainmaker
271,056
Joeann Fossland
Master Certified Coach to Motivated Agents
Advantage Solutions Group

Hi PJ The follow up articles can be found here

http://activerain.com/blogs/joeann/archives/2007/04

April You GO GIRL!

March 06, 2009 11:02 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the eye to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
271,056

Joeann Fossland

Master Certified Coach to Motivated Agents
Ready to Excel in Real Estate?
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lock to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Relax and Excel! Stay on top of your game with a coach.