EXPIRED LISTING SYSTEM - Chartwell Realty
EXPIRED LISTING SYSTEM
STEP #1 – MARKETING CHECKLIST
1. You should have 5-15 new Expireds going into the system each week.
2. There are two letters that must be mailed in one envelope to begin the campaign. Letter Two is written in the form of a ‘report’ and works best when mailed with Letter One.
3. You must make follow up calls after the letters arrive.
4. You must schedule your phone calls everyday. Call all your Expireds before
noon everyday.
5. 80-90% of our phone calls will be voice mail. Use the "Listing Qualification"
sheet to track messages left.
6. Send letters on white paper – not company letterhead. Use white envelopes and
hand write the addresses. Odd color or size envelopes work better.
7. Use to get leads daily using Redx.
8. If not using above resource – research your MLS system daily to get at least 10 per week.
9. Use a strong guarantee as your headline on both Expired letters. For example:
"I will sell your home in 39 days or I’ll sell it for FREE... GUARANTEED!”
10. Follow the marketing plan below:
Day 1 – mail letter #1 & letter #2 in same package
Day 3 - call
Day 7 – call
Day 10 – call
Day 14 – call
Day 17 – call
Day 21 – call
11. At the end of cycle – you must decide on a case-by-case basis if they are worth
more time and energy to pursue.
12. You will not see results in this system until the 21-day mark. Set your expectation levels accordingly.
13. The first time you get through to the Seller live, you must determine three things:
A. Are they re-listing with their current agent?
B. What is their time frame to relist? Then divide that # in half. For
example: if they are telling you they are planning on re-listing in
30 days – count on 2 weeks.
C. You must try to eliminate them. For example: Ask them if they
are going with another agent for sure – or are they interviewing?
14. Use the "Listing Qualification" sheet provided to keep track of important
answers to all your questions.
15. The letters do not need to be personalized. "Dear Homeowner" is fine.
16. Manual System – Create a file folder system with 31 folders (one for each day of
the month) give each Expired a "Listing Qualification" sheet. Send letter #1 and
#2 then file ahead to Day 3 for the first call. Every day when you come into the office grab the sheets for that day out of the appropriate folder.
17. Automated System – Use Top Producer, Agent 2000, Outlook or some other
Program to create an "Action Plan" using the marketing plan described in #10 as
your guide.
18. Keep a tight schedule of organization, letters to be sent and calls to be made with
this system – After 3 weeks you will have 30-50 Expireds in your pipeline
every week.
19. Calling Hints:
A. Don't try to sell the listing on the phone – just sell the appointment.
B. Call every day you work – not every other day or once in a while.
C. Ask more questions – they will tell you everything you need to
know. One of the best questions is “I see that your listing didn’t
sell, What happened?
D. Don't set appointments until they are ready to sign a listing
contract.
20. Stress to all your prospects that you have an “Easy-Exit” listing agreement where they can fire you at anytime – for any reason. Make your offer to them as “risk-free” as possible – the last thing they will respond to is another long term listing contract with an agent that they can’t hold accountable.
EXPIRED LISTING SYSTEM
STEP #2 – READ THE “MOST COMMON QUESTIONS” (AND ANSWERS) LIST
Below is a list of the “Most Common Questions” (and my answers to each) that agents ask me about the Expired Listing System:
Do I have to call? YES! You must call. You will get a few people to call you. In order to make this system worth its time; you MUST make the calls. You can leave messages when people are not home but you must call!
Do I have to print the headlines in red ink as you do? You can print in black ink but the headline MUST stand out in big bold letters.
Do I send any other marketing material with letters such as business cards, personal brochures, etc.? You do not need to. The letters and follow-up calls will be enough.
What about visiting these people face to face? This approach does not give you enough leverage to take up your time. Do not go visit these people until they are ready to list their home.
How do I stay on track? You need to schedule 1-2 hours per day to run this system correctly. Every day that you work you need to spend time on this. You MUST make the calls and send the letters at the same time everyday.
When do I call? It’s your choice when to call. I would suggest that you block out time in the morning to make your initial calls and use a half-hour in the evening to make the urgent calls (people who are close to making a listing decision).
How much time should this take? If you have 30-50 prospects in your pipeline – you should spend an hour or 2 everyday to run this system.
What should I expect to get from this system? You will get a 10% conversion rate. This means if you get 50 prospects a month, you will obtain 5 new listings per month. If you are very good on the phone, you will get a 20% conversion rate; meaning 50 prospects per month gets you 10 new listings per month.
Am I going to take a lot of commissions at a lower rate? Give your EXPIRED prospects 3 choices (a menu of commission rates). The obvious choice is the middle choice 6%. If you provide a great guarantee (i.e. 39 days or I will sell for free) they will not be concerned with the commission rate.
After 3 weeks what happens? Most EXPIREDs will convert within a 3-week period. If they don’t, I suggest that you take them out of your system, or make one final call to get them to convert.
Can I have my assistant make the calls? Yes, however your assistant needs to understand the questions on the qualification sheet, your marketing message, your menu of services option, and probably needs to be licensed to do all of this.
What is a 39-day guarantee? The 39-day is an average time in a decent market. Here is the explanation…a client would qualify for the guarantee if they agreed to do the following:
1. Price their home at what I thought it was worth.
2. Pay a higher listing commission.
3. Sign a 6-month listing contract.
4. Pass inspection up-front.
If they did all of these things, they get the guarantee.
Important note: This is a very powerful headline and forces you to price your properties correctly. If you are going to offer a guarantee, you need to know the average time a home remains on the market for your area and you need to set your own rules to follow. Use this guarantee to get your foot in the door with many sellers. You must be smart about it
How long do I keep a prospect in my system? Try your best to eliminate them as you go along. If you cannot eliminate them, go through 3-weeks of calling them and then eliminate them.
EXPIRED LISTING SYSTEM
STEP #3– RECORD YOURSELF MAKING EXPIRED LISTING CALLS
Record yourself making your prospecting calls to Expired Listings (record one prospecting session per week).
These recordings should be at least one hour in length and be listened to every other day during the first three weeks.
The key to your success in converting prospects into appointments is to have your scripts, questions and voicemails memorized.
EXPIRED LISTING SYSTEM
STEP #4– REWRITE TWO LETTERS WITH YOUR CONTACT INFO
We have sent you (on the enclosed cd) all the marketing materials for this system. All of these documents are in Microsoft Word. After you open and download each file, you should have 2 letters and a Listing Qualification Sheet.
Both of the letters needs to be personalized with your information (name, company name, phone numbers). Do that now.
If you are using an automated system approach (i.e. Top Producer, Agent 2000, etc…) you will need to “cut and paste” all the letters into documents inside those programs.
If you are using a manual system approach (31 file folders for each day of the month) you will need to save your “updated” letters and simply print letters as needed daily.
Note: We strongly recommend that you use the headline as written “I will sell your home in 39 days or I will sell it for FREE… Guaranteed!” – With the only adjustments being made to the number of days in the offer.
For example, if you are in a market that takes 60 days to sell a listing – you may want to change your number from 39 to 59. However, don’t go higher than 89 days. Our extensive testing shows that guarantees higher than 89 days do not pull effectively.
EXPIRED LISTING SYSTEM
STEP #5– REVIEW THE LISTING QUALIFICATION SHEET
We have sent you a Listing Qualification Sheet (included in the “Marketing Materials” email) to use when prospecting your Expired Listings. We want you to take a moment and review the entire form in detail.
Notice the questions and the voicemail messages that are on the form. Try to follow these scripts as closely as you can – they have been tested and proven to work over and over again. The questions can be asked in any order that comes naturally in your conversations. The voicemail messages should be left in the order that they are on the form.
We would advise you to use this form whether you are running an “automated” or “manual” system. Track your calls carefully – take detailed notes on the back of the form for quick reference on future calls. Every Expired Listing should have its own Listing Qualification Sheet.
EXPIRED LISTING SYSTEM
STEP #6– SEND BOTH LETTERS & REVIEW ALL STEPS & CHECKLIST
If you have completed the first steps successfully – you are now ready to send out both letters to your first set of Expired Listing prospects.
Before you do that – go back through all steps carefully. Review the “Marketing Checklist” to make sure you know exactly how to proceed with this system.
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