Expired listings can be a tricky source of new business. When another agent couldn’t get a property sold, should you step in and try to take the listing yourself? That’s a question posted in a recent article on expired listings by Mary Beth Klatt on Realtor.com.
It’s a practice that some look down on because it’s often construed as stealing the original agent’s business. But if you do it the right and ethical way, it could be a great avenue for new agents to build their client base.
Don’t ever solicit other agents’ listings, obviously. BUT… Once the contract is over, it’s GAME ON! The seller hired the agent for one thing and one thing only: to get the house sold! If the agent didn’t get the job done, he/she deserves to be fired.
That’s where you step in. New agent, new marketing, new perspective, new possibility for the seller.
Kelli Shanks, associate broker at Exit Realty Bend in Bend, Ore., learned those benefits when she mined her MLS for expired listings in early 2012, eventually landing one worth more than $500,000 that had expired with a top-producing agent.
Often, going after OLD expireds is even more effective. Think about it…
The seller had some time to get over the initial disappointment so they will be more pleasant to deal with.
There is almost NO competition since majority of other real estate agents have moved on.
Even the previous agent is usually out of the picture. Time to get that listing. Here is how:
That morning, Shanks drove to the city’s prestigious Awbrey Butte neighborhood and knocked on the door of a two-story, four-bedroom home. The owner, as it turned out, wasn’t immediately ready to try his hand at selling again because he was still disappointed that his home didn’t sell the first time around.
How did the agent list the expired?
1. She visited the seller in PERSON
2. She kept in touch
That’s the secret. Meet the expired listing face to face… And keep in touch.
Shanks was able to secure the listing nearly nine weeks after her presentation, close on the property, and convert a very disappointed home owner into a lifelong client who recommends her to others and points out how her professionalism may also help them.
Tenacity is paramount when pursuing expired listings.
That’s a $500,000 sale and a nice commission if you ask me! Here is how you can do the same thing:
- Check your MLS for old expireds
- Make sure they have not sold or re-listed
- Map them out and visit them in person
- Have a conversation to establish trust and connection
- Keep in touch
Rinse. Repeat. Now go out there and get some expireds! And if you want to speed things up check out the new DOUBLE YOUR LISTINGS Bootcamp.
You can read the entire article “Mine the Gap – Look for expired listings you believe can still sell, but make sure you know how to approach the owners” here.