Expired Listing Lead Aging

[Michael King]

Hi Everyone. I am planning on cold calling expired listing leads to try and find some motivated sellers. For once I think I have a fairly simple question. I have heard that when calling leads you should age them a bit. For example, FSBO leads should be aged 1-3 months, and For Rent leads should be aged 1-3 weeks. How long should I age expired listing leads? I believe that I read somewhere that you should age them for about 2 weeks to make sure they haven't been re-listed or anything like that, but now I can't find the article where I read that.

    Thanks,

                  Mike

[Brian Gibbons]

Happy New Year @Mark Brogan 

  How are you buddy!

@Michael King 

Aging Leads

For rent by owner's aging, I would age them to three weeks and then call them.  I would walk through the house and ask them,

"Mr Landlord, I like the house and the rent is ok with me, but I need to ask you one simple question,"

"What if I could give you 24 payments of rent of $1100 (the rent that was requested) and then at the end of the 24 months, I would buy the property from you at a price that we could both live with, would that be something we could talk about or maybe not?"

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For sale by owner, I wouldn't age them at all, I'd go see them, I would bond with them, I would dress informally, not flip-flops in shorts but slacks and a button-down shirt, I would talk to them about marketing and finding cash buyers, and then I would bring up rent to own; for sale by owners need to feel "not threatened", they want to get the deal sold fast or at least under wraps fast (lease to own), and they can have a "done for you" solution.

A lot of the gurus say do it all of the phone, I strongly, very strongly disagree.

Expired listings are the strongest leads for terms deals. 

Many people don't realize this but real estate brokers take their new real estate agents, and have them call expired's. The brokers give them a script to get them to make an appointment to see them. They send fancy letters and promotional packages.

So what you do as a real estate investor looking for terms deals? Well, if you're too busy, hire a college intern, go down to the community college and asked for the business department, or the communication department

Say to the head of the department, (and be in a business suit please), 

"I am wondering if you can help me, I understand you teach business or communications students, I am offering a paid internship for a short time, I'm looking for a marketing person, good with people, attractive, face-to-face work."

And have a nice letter in a nice envelope, and basically have the letter say the following, this is not word for word, but you get the idea....