expired listings, what is your best proven marketing plan?

Question

We are starting to market to expired listings. I have a pretty good plan, at least I think so, but I am sure some of you other seasoned folks out there can teach me a new trick or two.

I am sorry, I should tell you what I am doing with them. I am not an agent, I do not want to list their home. I am either offering to buy it cash,(at a discount) or I am offering to give them appraised value if they offer me terms.

Michael Quarles · Answer

Getting in the door on an expired requires a lot of timing. All of the Ferryites (Mike Ferry Organization) out there are cold calling them the day they hit the list so be prepared for some competition.

Even harder is finding their telephone number with so many people going to cell phones over landlines.

Then there is the issue of is it an equity based seller in the first place so cross check the prospect against your equity list.

As for how to contact them.. I like letters however naturally I would. I have had a ton of success cold callling. Here is the script I use.

Expired Script

Hi, Iâ€™m looking for _____ â€¦ Hi ______ â€¦ my name is _______ with I Buy Houses.

Iâ€™m sure youâ€™ve figured out that your house came up on our computer as no longer listed for sale using a real estate agentâ€¦

1.	I was wonderingâ€¦ did you take it off of the marketâ€¦. because the real estate agent couldnâ€™t sell it? (You Did) Terrific! / Really!

2.	When would you like this house Sold? (Now)Thatâ€™s exciting!

3.	Do you have your next home picked out already? (You do) Ouch!

4.	What do you think stopped your house from selling? (The agent) Really!

5.	Now you had it offered at _________ and it didnâ€™t sell, right? (No) Really!

6.	And your planning on lowering the price this time to get the house sold, arenâ€™t you?  (You are) terrific!

7.	I buy houses just like your all of the time, and I have found that if the seller is willingâ€¦ we can come up with a solution that works best for both of us, is that okay with you?  (Yes) outstanding

8.	Sometimes the only way we can buy the houses we look at is to take over the debt and pay you your equity, That means the loan will stay in your name until its sold, assumed or paid off.  Is that a problem?  â¯ Yes â¯ No

9.	Sometimes even buy the house under a lease optionâ€¦Is that a problem?  â¯ Yes â¯ No

10.	So if we can pay you your equity, guarantee and make your payments and be responsible for all repairs you will sell the home to us, right?  â¯ Yes â¯ No

11.	What time today would be better for you for me to come out and buy your house ___________ or ______________? (___) Terrific

12.	Before I come outâ€¦ there are just a few more questionsâ€¦ I need to ask about your house, is that okay? (It is) outstanding

13.	Is the home â¯ Vacant or â¯ Occupied? Occupant Name?

14.	 _____ Bedrooms   ______ Baths

15.	How many Square Feet? ________________

16.	Size of the Garage? ____________________

17.	How did you happen to own the home?

18.	What Kind of repairs does it need?

â¯ Carpet   â¯ Paint â¯ Roof â¯ Cabinets â¯ Electrical â¯ Plumbing â¯ Plaster â¯ Sheet Rock â¯ Cooler   â¯ Heater â¯ Air Conditioner  â¯Window â¯ Landscaping â¯ Clean-up â¯ ______

19.	What do you think the repair cost will be?____________

20.	What are you asking for the house? __________________

21.	Is that â¯ Fixedâ€“Up or  â¯ â€˜As Isâ€™

22.	How did you come up with that Price?

23.	How soon would you like to be sold? ____Days  _________Date

24.	Is there a Mortgage on the house?  â¯ Yes â¯  No

25.	What is/are the balance?  1st ________ 2nd ________3rd________

26.	Are you in Foreclosure?  â¯ Yes â¯ No   â¯ Notice of Default or      â¯ Trustee Sale...Sale Date _______ Arrearage Amount __________

One last thingâ€¦. When I come outâ€¦ it is importantâ€¦that all of the decision makers be thereâ€¦. so I can come to an agreement to buy your houseâ€¦ Will all of the decision makers be there for the appointment? (if all of them are not here donâ€™t go)

Well, ____________ I look forward in meeting you at __________â€¦

To obtain their number you may want to call the listing agent and offer a referral fee. Most expired listing owners are so pissed off at their agent that the two arent on good terms anyway.

The other is door knocking, And if door knocking dont forget to knock on the neighbors doors while there.

Will Barnard · Answer

Marketing to expired listings is certainly a viable plan, the key is to be able to get in the door, read people (figure out through questions what they want/need and what problems they have) then structure a deal that can solve their problem and get you a good deal.

Negotiating and structering are key elements to your success in this strategy.

Mat Lewczenko · Answer

its amazing what happens when you actually price it right = it sells! it's also the hardest part to communicate with the seller.

Matt Kearney · Answer

I've found that yellow letters work really well with expired listings. I go through the expireds in my area periodically and look for the ones that need work.... then I send them a yellow letter.

I get a real good response rate and have bought a couple deals this way.

Rob Gillespie · Answer

@ George, WOW! Get me a copy of her mail piece! LOL!

George P. · Answer

Realtors are also going after expireds. One very successful Realtor in my town gets ~40% of her business from expireds. And she sells 25-35 houses each year.

Will Barnard · Answer

I have found that for REO properties, the best deals for MLS are those that are not in financable condition and those that were in escrow and fall out. Being first to the list agent who has a listing falling out of escrow is a great resource to find a good deal.

expired listings, what is your best proven marketing plan?

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