A highlight from How To List Expired Sellers NOW! (Proven System!)
Welcome to Real Estate Coaching Radio, starring award -winning real estate coaches and number one international bestselling authors, Tim and Julie Harris. This is the number one daily radio show for realtors looking for a no BS, authentic, real time coaching experience. What's really working in today's market, how to generate more leads, make more money, and have more time for what you love in your life. And now your hosts, Tim and Julie Harris. Three, two, one, and we're back. I want to start out by thanking all of you who have given us five star reviews over on iTunes. Your comments that you guys are leaving actually go a long way to motivate Julie and I to know that we're on track. And we always are appreciating and looking for suggestions for podcasts. We definitely try to focus on other things that are going to help you guys be motivated, obviously educated and get you into action with regards to real estate sales. But if there's any other topics you want us to talk about, obviously we're always interested in being of service to you. The best way to suggest those show ideas is just to message me directly and you can just text me honestly. It's 512 -758 -0206, 512 -758 -0206. But I want to start out today's show by showing gratitude for all those who took the time and gave us great reviews over on iTunes. It was certainly... Yes, thank you everybody. We love seeing those. We get a nice little email every time someone leaves us a review. Between our book, our book now on Amazon is over 500 five -star reviews and I think the podcast is over 500 five -star reviews, it definitely is telling us that we're on track and doing a good job. So thank you for letting us know everybody. So Julie, this is a great topic. What we're talking about today, we're talking about essentially, I think we'll call it tips and secrets to hunting expireds. Now some of you are going to have a huge amount of information and background with hunting expireds because you've done it before, it's been one of your pivotal spokes on your lead generation wheel. While others of you, this information would be completely new and you've never been exposed to it. But what we've designed, and Julie just wrote this actually, is we wrote this with this market in mind, knowing that a lot of you have what you feel to be a lack of inventory, but what we're going to expose you to are the fact that even though, and we do know there's a lack of inventory out there, there are also a lot of expireds. They're just not the listings that expired yesterday or today. Some of these, and we're going to give you some secrets on how you can find these, are listings that expired maybe as much as two years ago, but a lot of those sellers don't know they're sitting on a mountain of equity and we're willing to relist. So take very, very good notes and pay attention to what we're sharing with you. And Julie's going to share with you guys some math that will certainly open all your minds to really paying attention. Yes, that's right. So as always, we start out with a little bit of a mindset message. So remember that your number one job in your real estate practice is to generate new business. Without a steady stream of new listings, nothing else matters. In fact, you could have the most polished listing presentation, be fantastic at pre -qualifying prospects and even be a great negotiator and closer, but without leads, none of that matters, does it? So working with sellers of listings that didn't sell for whatever reason can be a real goldmine. It can strap rocket boosters to your lead generation machine and end the feast and famine cycle forever once you get good at it, even if you get kind of good at it. Along with the listings come buyer leads. So concentrating on listings and the buyers will come. Crizzled veterans like to say you have to list to last and they are correct. So here's some math for you. Let me add something there. Sure. In real estate, listings give you leverage, but buyers, you're their leverage. In other words, when you have a listing, you're going to have hypothetically all the agents of your local MLS that are out there trying to sell the house for you. Whereas if you're working with a buyer, it's your job to go out there and look for a house. Exactly. That's what you see. So would you rather have five great listings or would you rather have 50 buyers? All of you will choose the listings because you know they're pretty much guaranteed paychecks. That's the reason that we focus all of you to put your best energies to become powerful listing agents because you then will have time leverage. You then will have essentially the essence of a great business, which is inventory to sell. Well, that's right. And some of you have heard about Expires. You've heard us talk about it. Maybe you know an agent that dabbles in them. And some of you have made this out to be this really huge deal in your mind that you've got to figure this out and get really great at it for it to really work. But here's the thing. Remember that listing, and of course selling, just one expired home per month is worth a minimum of, guess how much, $115 ,000 in income to you. Now that's based on an average of $400 ,000. I think the average sale price right now is even a little bit higher than that. A normal commission paying, let's say, 20 % to your broker netting you about $9 ,600 will equal at least $115 ,200 if you only list and sell one per month. You don't have to make this your life's work. You just have to learn how to do it and supplement the listings you're already getting. Some of you aren't getting any listings. This could be the one and only. But others of you are pretty good at it, and we can add on at least one a month. That's up to you. Our notes from today's podcast are available to you. All you have to do is scroll down, and they're sitting there. You'll see that Julie and I use notes for all of our podcasts. We take the time to write fresh content for you guys every day, and then we give the notes to you so you can use it as your own reference point. If you're on iTunes, just scroll down, obviously on YouTube or on our timandjulieharris .com website or any of the other dozens of different podcast platforms that we're on. When you're looking at the notes, or rather, anyway, make sure you join Premier Coaching. The link to join Premier Coaching is below, and all you've got to do is scroll down, click the link to join Premier Coaching, and it is free. You can join Premier Coaching 100 % for free, no obligation, and that does include a daily semi -private coaching call with a Harris certified coach. This podcast, no matter how hard we try, is training. This is not coaching. Coaching is the next level. For those of you, and it's all of you, who are ready for the next level, learning about Expires and all the other things we teach you guys how to do, make sure you scroll down, click the link, join Premier Coaching, and again, that does include a daily semi -private coaching call. Do that now. If you just would prefer to go to the website directly, you can. It's premiercoaching .com, but the easy button is just to scroll down and click the link to join. All right, Julie, let's go through here, and one of the things I've noticed with looking at your points, and I guess this is, I think, a theme with everything we teach agents to do, is it's really simple, right? It is. We don't like, as a rule, and you guys shouldn't either, anything that's overly complicated. Absolutely not. It is way more simple than most of you listening think. I know that it may be a different thought, and so, you know, naturally, you would have fear of the unknown because you maybe haven't done it, but that's why we try to clarify. So today, we're going to talk about the top eight secrets so that you can get really clear in your mind that this is something every single one of you listening can do. So secret number one, there are more expired listings than you think. Now, you may not pay attention to the expired listings unless you actually watch your MLS hot sheet, which you should be doing daily anyway, or execute specific searches yourself. So don't just look in your favorite area code, your favorite zip code, or price range. Start your search broad, and then narrow in. You'll be surprised by how many expired listings there actually are, and look every day, not just now and then. Sometimes you guys will do a little search, and you won't see a whole lot, and then you'll tell yourself, oh, there's no expireds, and you won't look the next day or the next day. And you won't find them because you're not taking just this secret seriously enough to find what you're after. So this is a scenario Julie and I almost always do when we're in front of live audiences. We'll ask them, you know, everyone thinks listings are hard to get. Everyone thinks listings are like scarce, and you have to pay a tremendous amount of money for the listing lead. They don't realize that listing opportunity is all around them. So what we'll do is we'll ask them ahead of time, we'll do homework. We'll find how many expireds there were in their particular area, and usually it's the entire MLS. And if you're in a big LA type area, there's going to be literally thousands of expireds. If you're in a small area, there's going to be obviously fewer. But what we'll do is ahead of time is we'll search to see how many expireds there were, get somebody's MLS access, search to see how many expireds there were. And then we'll ask everyone in the audience how much they would pay for an expired lead, or rather for a listing lead. And then we'll do like a little mock live auction. And I'll start out like, okay, who will pay $300? Who will pay $350? $350? $400? $400? $500? $500? $500? Right? And we'll keep going up. And what you'll be shocked at, listeners, is how many agents will go well over $10 ,000 for an expired lead. I keep saying expired because that's the punchline here. But for a listing lead. Agents will pay. And now, again, generally speaking, I'll set the mock auction up by explaining to them that this is a seller that is willing to hire an agent, is willing to pay a commission. It's in a decent price range. It's in a decent price range. They're motivated. So this looks, you know, I'm positioning it that everyone's going to want that listing lead. But what's shocking, not really to me, but will often be to the people in the audience is how much agents are willing to pay for an expired, good idea, for a listing lead. So how much they're willing to pay for a listing lead. And then I'll say, the punchline is, guess what? All of these listing leads that I have access to are free and you can have access to them as well. And would you be surprised, you know, audience, that in your MOS, in the last 12 months or even six months, there's been, pick a number, 5 ,000 expired listings and all of those listings you could have directly proactively reached out to, had a conversation with and potentially listed some of those as your own, right? And doing Julie's math, that could have meant hundreds of thousands of dollars for you. So I'll say it again, I'll say, so right now, in front of you, every single one of you have access to thousands of listing leads that are there for you to solicit, you know, call it what you will, proactively lead generate to, that cost you nothing. I want you to think about that. And yet, how many of you listening right now are willing to pay thousands of dollars for a listing lead, let alone buyer lead, right? How many of you? You know, a lot, right? And that's not even virtually guaranteed that you're going to take the listing, you could still be competing. It's just a lead. Now I'll go back to what I said before. Why is it that you want to make it more complicated than that? I don't understand it, honestly. And really it comes down to maybe a lack of information, or maybe you've been, like I said at the top of today's show, maybe you've never been exposed to this before. So the reality of it is you're constantly surrounded by sellers that are more than willing to hire you for the job of selling their home. You just have to have the skill set, and really the mindset, to make those listings your own. All right, Julie, point number two. Okay, point number two, or secret number two, which also could be called objection number two. You'll know it when you see it. If you can't find the phone number, how many of you like to complain, I can't find the phone number? If you can't find the phone number to contact that owner, nobody else can either. Be the one who knocks on their door, and offers not just to get it back on the market, but to get it sold this time. I'm going to put a link in the show description, because you don't have it there, so that they can use our discount link for RedEx. Good idea. So RedEx is a service that actually will go into your MOS for you every single morning. Like when Julie and I were working expireds, what we had is that the service would work while we were asleep, right? And then we would have all the fresh expireds were sent directly to us, and what RedEx will do is they'll get you the phone number, they'll get you any listing history, and actually multiple phone numbers usually, and the listing history, all the information that you possibly could ever want with regards to what's going on with that expired listing. And you'll also know whether it's been relisted or not, and so you don't call a seller that's obviously relisted, things like that. So that is something that you all should be subscribing to, and that's through RedEx. So if you scroll down in the notes today, you'll see there's a link, and I think it's a $150 discount. Just click on that link. They set that up for us last year for our podcast listeners. That's a great service. That is, you know, people often ask Julie and I, if you guys were to get back into real estate, what would you do to lead Generate? And the answer, number one, is centers of influence and past clients, and number two, 100%, it would be expired listings. Yes, and I don't know if you remember this or not, but an example from our real estate career in Ohio, okay? So I don't know if you remember this, but there used to be this sign that would pop up that we noticed, this platinum sign, okay? This was a broker who had moved from Florida to Columbus and had basically been flying under the radar, doing what we did on this previous point, searched the entire MLS, because I thought, where did this broker come from? There's listings in Hilliard, and there's listings over here. You know, she was using the broad search. Any one of you can do this. You don't have to be a super experienced agent. You could be fresh out of the license mill, right? Anybody can do it. Well, again, that is important too. You don't want to just be pigeonholing yourself to a tiny little micro market. You got to be looking market wide, so you see all the different opportunities that are out there. That was my point, is that she started super big, took a bunch of listings, lead generated off of those listings, and basically broke into her new market. That is a strategy. Expired listings, guys, truly are. Once you have the skill set, some of the simplest, easiest, outside of Centers of Influence past clients listings to get, and they don't come with referral fees. A lot of you who've only been in the world, real estate realms for like 15 years or less, you are so used to just having to pay for all of your leads constantly. I have news for you guys, and this will surprise none of you, so Julie and I get solicited constantly for people to advertise on our podcast, and 99 % of them are people that are trying to sell you guys leads, and we won't let them advertise on our podcast, because we know that you can lead generate yourself, and we don't want to be part of the problem. We want to be part of the solution. That's what we're hoping to get across to all of you with focusing on expireds. All right, Julie, and again, the Red X link is going to be below, so just scroll down and click that link, and that's going to be the first step if you're serious about moving forward to becoming a specialist of listing previously listed homes. Let me clarify that. Red X is not selling you leads. No. Red X is a tool to find phone numbers on the leads you already have via your MLS. That's right. Okay. Just so that we're clear on that. Yeah, they're basically like a ... It's a tool. It's a virtual assistant. Absolutely. In essence, what it is. All right, point number three. Point number three. I love this point. Homeowners of expired listings will do things to get the home sold that they wouldn't do for the first agent. They will remedy the negative feedback. They will reposition the price if necessary and loosen showing restrictions. It is not uncommon for a homeowner of an expired to say to their new listing agent, just tell me what to do. I got to get this thing sold. You guys got to remember, sometimes when a listing expired, the seller had on the horizon that they needed to sell the house, but they may not have been very cooperative with obviously showings or even condition, basically cleaning the house up, right? Or sometimes they're even were at the home when the buyer's agent showed up to show the house to their potential buyer, right? All kinds of bad seller behavior. Well, they weren't motivated because they knew they had a year to sell it or 18 months to sell it or 24 months to sell it, whatever, right? Now they're motivated because the house should have sold last month and now they're making two house payments. That means they'll do things for you that they wouldn't have done for the previous agent. When you use our script, when you're contacting these guys, whether by door or phone, you're going to discover that when you ask the questions as we've written them in our script and you discover that they are what their motivation is and Mr. Seller had this home sold, where would you go next? And you are going to hear some of the best, most exciting answers ever because they're all going to be saying, we should have been, we wish we would have, there is, we already have two house payments. You're going to discover that the expireds are the gateway to the most motivated sellers you're going to find. That's right. And their motivation changes. The ones that actually have to sell their motivation is so much more extreme after they expire. And you know, let's be honest, no homeowner ever thinks that their house is going to expire. They didn't even know what that was. We should talk a little bit by why listings do expire. I just talked on one point, uncooperative sellers, but, and you did mention sometimes it's a location issue. But sometimes it's just market timing. They could have been overpriced in the market when they were for sale. Aspirational pricing. They could have had, yeah, there you go. Aspirational pricing 24 months ago or 12 months ago, but now because of inflation, they're priced perfectly. It could be. It depends on, you know, do your new CMA. I'll give you another one, okay, is too many showing restrictions. If you can't get in to show it, you're not going to have an easy time selling it. If you can only see it on a Friday, if the baby's not asleep and if the sun is shining and you can park around the corner, then it's going to be difficult, right? Price is probably up there as well. So we'll talk more about that. But the next one, speaking of price, number four, contact the more expensive expireds first. Seems counterintuitive, right? But fewer agents call on them and they're just as motivated. Same work for you and a bigger payoff at closing. More expireds first. That is an absolute rule or more expensive. Yes. It is a fact that most agents, even experienced agents, start to come unglued, freak out, get uncomfortable in certain price ranges, right? Usually something over the last most expensive thing they ever sold. And many times if it's anything more expensive than what they personally live in, they start to get uncomfortable. That's right. Because they think owners of more expensive homes somehow speak foreign languages. Intimidating. Right, exactly. So you guys have psychologically installed a glass ceiling over your potentiality in real estate because you think more expensive listings are going to be only what agents of a certain caliber will ever get. It's just not true. And here's the other benefit of being an expired hunter, as Julie and I refer to agents that with probably a center of influence past client agent, in other words, they listed their house with their friend or their buddy or their previous agent, and that agent failed to sell the house. So your biggest competitor of most listing situations is going to be that center of influence past client relationship agent. Now that they're no longer a consideration, you basically, provided you follow a professional approach which we teach you in premier coaching, those listings are going to be easier to get than you can possibly imagine. Because remember, let's think about what an expired is. They know what the price isn't, most likely, I mean frankly the price might not be an issue. They are willing to pay a commission, they are willing to list, so right there you've pretty much got green lights to that being a great potential seller. And they have feedback. There's things to work on, there's things to correct. It could be obvious. Sometimes you guys all know this, I think there's some website that's called like biggest real estate listing fails, which has a lot of these examples, terrible little iPhone pictures, not much description or no description at all, sometimes it's a really obvious problem that you can solve. I'll give you another example, Lance Kenmore took one recently that had been, actually never listed, it wasn't, I don't know, I think an agent had it for a little bit, kind of like a 30 day expired. It was a builder house, the builder had taken a break, it was a previous parade home that Lance was very familiar with, popped it in the MLS, sold it immediately. We had that experience when we sold real estate. All the time, right? I asked him, Lance, what did you do that the previous agent didn't do? You know what he said? I put it in the MLS with good pictures and a good description, sold it right away with multiple offers. Well, I mean, it also, it's really stupid things too. So oftentimes inexperienced agents will have it in their minds or they've gotten advice from inexperienced agents that an expired listing is somehow like, oh my gosh, the market's rejected, it's never going to sell. There's something wrong with it. They'll say, why would I want it if somebody else couldn't sell it? You hear all kinds of silly things like that. Or another thing I hear sometimes is I don't want to list another agent's expired because I don't want that agent to, you know, all kinds of craziness. Guys, your job is to be of service to other people in a particular case of an expired listing, it's to be of service to that seller. Don't worry about that seller being cranky or any of those other types of, don't look for reasons not to do the work. If you're right now, as you're hearing Julie and I present this information to you and you're reading the notes because you're scrolled down and you're thinking and you're looking for reasons why it won't work for you, well then it won't work for you if you're looking for reasons why it won't work for you because you're not going to work. You're just looking for reasons not to essentially learn something new, not to put yourself in a position where you can be helping other people. And that's the reason so many of you are attracted to buying leads because you think there's going to be less conflict there. This all comes back down to skill set, mindset, and then frankly your willingness to be of service to other people. The true professionals that are listening right now, you know exactly what I'm talking about. Those of you who are, you know, we have a wobbling somewhere in between and you haven't yet decided to truly commit to your real estate market or your real estate business and the opportunities that are ahead of you, this market's not going to suffer any fools. You guys are going to get eaten alive. You got to move forward and realize that the last market was probably a lot based on who you knew and who knows you. Now it's based on those things of course, but really it comes back down to skill. Next point Julie. Next point is number five, relisted expireds almost always sell right away. We were just talking about this, so watch your hot sheet in your MLS for proof of this. You'll notice that a listing will be on the market for 90 days, expire, then relist, often at a better price with improved pictures and description, and then sell in two weeks or less, sometimes in two minutes or less. Well you know what, you just triggered something, a memory for me, a coaching client actually. So you can go out and list an expired and there was great condition, great location, great price, everything was kick ass. But they took a contract, the previous listing agent took a contract from a buyer and that buyer essentially didn't get their financing. Or there was some other problem that caused the listing to, basically caused it to look like the days on the market was extended, but really all they were doing, especially on upper end stuff, you guys are going to find this to be true. Perfect house, perfect price, perfect condition, everything's great, but the previous listing agent essentially tried to make a round, you know, a square peg working a round hole. They allowed some buyer and the buyer's agent to string them out. There was a series of financing problems, boom, the listing expires.