Expired listings marketing is a strategy that all real estate investors should implement. Expired listings occur when contracts between sellers and real estate agents expire. By reviewing expired real estate listing lists, investors can quickly find homeowners eager to sell their property. In order to fully capitalize on the list, investors must first develop a strategic marketing plan.
The first step of developing expired listings marketing is to understand the psychology of home sellers. Expired real estate listings occur when real estate agents are unable to attract qualified buyers during the contract term. Sellers are usually stressed out and anxious when their property has been listed for months on end without attracting a buyer.
Most people are aware that selling a house in today’s recessed market is challenging at best. However, when homeowners need to sell their real estate to prevent foreclosure or relocate to another state they need results, not excuses. Investors must be able to develop marketing strategies which will place a „Sold“ sign in front of the seller’s property.
One consideration for investors is realtors frequently check the multiple listing (MLS) database to locate expired listings. When agents locate a hot property they quickly send out an expired listing letter or contact the seller by phone in an effort to obtain a new realty contract. Investors often end up competing against multiple realtors. Therefore, it is crucial to develop marketing materials that stand above those presented by competitors.
Homeowners need assurance your company will provide results. Many investors make the mistake of focusing marketing materials on past successes and tend to toot their own horn. While it is important to highlight success stories, marketing materials should primarily focus on addressing sellers‘ needs. By addressing concerns and fears, real estate investors can connect with potential clients on a personal level.
Sellers need to know that your company understands their angst and offers solutions to solve their home selling problem. While it can be impressive that your organization has sold dozens of expired listing homes, distraught sellers want to know exactly how you plan to sell their home when their realtor was unable to accomplish the job.
Expired listings marketing materials should also address how you plan to compete in a buyer’s market. Presently, sellers are in competition with a multitude of reduced priced foreclosure, bank owned and short sale homes. Buyers can easily purchase real estate below market value and rarely offer the full asking price for houses even if they are in pristine condition.
Real estate listings often expire because sellers refuse to lower the asking price. Investors should address creative finance options in expired listings marketing brochures and outline how these strategies can help sellers obtain top price for their property. Creative financing options can include lease-to-own, seller carry back financing, 1031 exchanges, and subject to transactions.
When developing expired listings marketing campaigns it is important to create a variety of pieces that build upon the last. For example, investors would create an initial contact letter that introduces their company and summarizes available services. A few days later, an expired listing postcard would be sent which offers a complementary consultation. The next follow-up marketing piece might be a brochure that addresses common problems of selling in a buyer’s market. The campaign might wrap-up with a phone call utilizing an expired listings marketing script.
Investors who are not savvy at developing marketing campaigns should enlist the help of a marketing company that specializes in real estate. Another option is to invest in realty marketing kits that include premade scripts and templates.
Before entering into the expired listings arena, investors must develop plans to ensure they can deliver on promises outlined in marketing materials. Take time to become educated about the process and develop a network of real estate professionals who can help close the deal. Expired real estate listings can be a profitable investment niche for those who take time to learn available options and develop strong marketing materials and follow-up plans.Immobilienmakler Heidelberg Makler Heidelberg