Expired Listings

[BMP(MI)]

Has anyone had any success mailing postcards to expired listings?
I am finding this to be a huge waste of time.
THe only responses I ever get are from those who oibviously didn't sell during the listing period because there demands were unreasonable.
I am about to dump this endeavor and focus time and money spent on postcards to other areas....any suggestions?
Thanks!
BMP

[Admin]

Brian,
I've never done expireds consistently so take this lightly.  My opinion is that expireds would be a great tool during a strong buyer's market and of course, the few times I tried it was during a strong seller's market.

So, naturally, my responses were similar to yours.  My experience was that it would be a good tool for low equity keepers if you're into that.  I no longer am.

It might be worthwhile to tweak your plan to only hit folks who have been listed over X number of days.  Perhaps just send postcards since they're cheaper and only every other month.  If one hits even during an entire year, it will probably more than pay off.

I've slowed my marketing way down, in fact, I've almost turned it off, but I found that having 4 or 5 tactics going at once usually paid off.  I never got to the point where I could control my numbers.  In other words it was never obvious to me which method would bring a deal when.  To me that's a terrible approach and I think it's important to know and track that X number of marketing dollars equals 1 house.

During the early stages I adamantly disagreed with the cookie cutter approach since I wanted to do one of everything.  I now think it's a good idea to learn and master all aspects of one technique before implementing 17 others,  :hammer

Anyway, I got off track and I'm rambling, but I think my point is to not necessarily discard something because the results were not as expected, but rather find a way to lessen its focus and still be able to monitor it.

HTH

[Las Vegas Real Estate]

Maybe its your approach. Have you tried to reason with the people that are to demanding. Might try sitting them in form of the MLS and showing them what fair market value is.  Telling what its worth poduces doubt, showing provides reinforcment.

[San Diego Real Est]

Great Suggestions Las Vegas!

[RavenWolf]

Don't give up.   I have tried sending nice letters out, and never getting any replies except once.
Now, i call the people if they are NOT on the Do not call list.  And alot of times, they listen. Many times i have brought potential buyers over, and established a repore with the owner......

I do think Expired's and FSBOS work...its just time consuming.....

[San Diego Real Est]

Thats great advice! Thanks!

[RavenWolf]

Your welcome.....I've been on this board an hour and already have learned alot....

[kbrandau]

The best thing to do when contacting expireds is contact them directly by phone, after scubbing them against the DO NOT CALL List.  And attempt to gather as much information from them, to determine why their home didn't sell.  If it's because they're not being resonable, you can attempt to persude them to reduce their price.  

You can attempt to determine their motiviation to sell, if it's relocation, divorce, avoiding foreclosure, you may be able to provide the solutions they're seeking.  If it's to down size, cash out, retire to FL?  They maybe waiting for the best time to sell for the best return.

We have people in our office who are very successful with Expireds and FSBOs, just by providing them with the logical approach to why the listing expired.

Good Luck!

Kirk

[ghestate]

From my experience, I feel that trying to convey the image of lowering their price is simply not worth the frustration.

[kbrandau]

Personally, I don't work expireds or FSBO's, but I know of an agent who does that 100%, and is very very successful on obtaining the listing, and selling their homes.  He's only been doing it 4 months now, and has sold 12 of his 24 listings, that he got from the Expired Listings.

That's one success story out of many stories of agents failing because they don't either know what to do, or don't want to do what it takes to be successful.

Good Luck!

Kirk