The Secret to Making a Living Off of Expireds
Tell me if you see yourself in this scenario: you’re scanning the MLS for expired listings. You find more than 20. It’s a good day.
You then grab the phone and start dialling.
Expireds Can Be Time Wasters
This is not an uncommon scene played out in real estate offices around the country. Unfortunately, chasing expireds this way is a huge time waster.
Nothing against expireds.
In fact, expireds are a great source of leads. I highly recommend agents pursue them. These are people who are motivated. They’ve demonstrated they want to sell and move.
And actually, I believe you can make a pretty good living off of expireds when you approach them the right way.
But the problem is timing.
Real estate agents often approach expireds too soon. Like the moment the expired is out of his old contract.
That’s the wrong time because hundreds of agents are knocking down that poor guy’s door. And did you know that an expired listing gets anywhere from 15 to 25 calls a day?
In that kind of environment you’re liable to get trampled, frustrated and ultimately lost in the crowd.
Expireds Probably Hate You for the Moment
And don’t forget about the feelings of the expired.
Most likely real estate agents ARE NOT one of their favorite people. In fact, they more than likely have a sour taste in their mouth towards you. These people are upset because they did not get what they wanted: a sold home.
It’s a time when emotions run high. What you need to do is back off and wait. Let the homeowner re-group and consider his next moves.
How long should you wait? About a month.
Expireds Will Wait for You
I hear you screaming foul right now. You’re afraid the expired will be gone after waiting so long.
Homes tend to stay off the market for months. And trust me: expired home owners shun and shut out agents every day. In my experience, I’ve learned that expireds are not going to fall right back into a new contract.
Besides, you won’t look like a desperate agent if you wait a month. Desperate agents are dangerous. And nobody wants to hire them.
Give it time. Let the fruit on that tree ripen. And when it’s ready, it should fall into your lap.
This does mean that you’ll need to create a database of these expired listings and engage software that reminds you when the month is up and it’s time to give them a visit. Any contact management software will do.
So tell me, what’s been your experience when it comes to working with expireds? Have you had luck contacting them the day their listing expires? Is 30 days too long to wait? Should agents wait longer? Let me know what you think. I look forward to your thoughts.
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