Jeff’s team has achieved remarkable success in securing 10 to 15 expired listings per month, even in a market with limited available listings. Despite having a relatively small team, the agency has consistently outperformed expectations, closing around 1,000 deals annually. Their results are not due to a large workforce, but rather the effective expired listing strategies employed day in and day out. The number of listings pursued may vary depending on the market's population size, and in Jeff’s case, being based in Detroit with a metro area of approximately 4 million people, they have adjusted accordingly. Below are 7 expired, FSBO and hybrid farming tactics Jeff’s team currently employs to win more business.
Top seven tactics for winning expired listings:
1. Geofencing for expired listings
Geofencing is a marketing technique that utilizes location-based targeting to serve ads to individuals who have entered a specific geographical area. It works by identifying the presence of a person's mobile device within a designated "fenced" area, such as a store or a specific neighborhood. The concept is similar to when you visit a store and start receiving ads related to that store on your phone for a certain period afterward.
In the context of expired listings, geofencing can be applied as an effective strategy. By providing a list of addresses of recently expired homes to an advertising agency, they can set up geofencing for those properties. This means that for the next 30 days, the owners of those expired listings will be served targeted ads when they use their mobile devices. This approach aims to stay in front of potential sellers and increase the chances of re-listing their homes within a short timeframe.
A significant portion of expired listings (one out of every three, according to Jeff’s team’s experience) tend to re-list their homes within a relatively short period, typically within seven to 10 days. By consistently displaying relevant ads during this critical timeframe, real estate professionals can maintain visibility and potentially attract these sellers. It's important to note that even if sellers don't re-list immediately, the ads serve as a reminder and keep the real estate professional top of mind for future listing opportunities.
2. Social media
Social media can be effectively used to market to expired listings and for sale by owners. Rather than simply running Facebook and Instagram ads, try using social media platforms to find and track down potential leads. Services like RedX or Vulcan 7 provide valuable information such as first names, last names, phone numbers, and email addresses. By taking the email address and searching it on platforms like Google, you can uncover the person's associated social media handles, including Instagram, Facebook, and Twitter.
With this information at hand, you have the opportunity to engage with them through direct messaging on platforms like Instagram and Facebook. While it's true that some messages may end up in filtered or hidden message folders, the speaker emphasizes having a script or approach that entices recipients to open and read the message. Many people do check their filtered messages or at least catch a glimpse of the first line without revealing that they have read it. By optimizing your messaging strategy, you can increase the chances of achieving higher open rates and initiating meaningful conversations with potential clients.
The script sounds like this. This is an Instagram, Facebook direct message.
You: “I was wondering if you're still accepting offers on your home on blank street.”
Property Owner: “Do you have a buyer?”
You: “I don't know. Haven't seen your house yet. And I'm going to be in your neighborhood later today and tomorrow.”
It's important that you say I'm going to be in your neighborhood later today and tomorrow because they don't think that they're putting you out, they're not inconveniencing you. They're more likely to say yes when you say that.
You: “I'd love to come by to have a look.”
If they start pressuring you…
Property Owner: “Well, what do you charge? How long have you been doing this? You're going to respond?”
You: “I can call you right now. What's your number?”
Don't get into answering questions back and forth through social media. It's a quick way to lose an opportunity.
3. Direct mail
When targeting expired listings, it is recommended to send a direct mail piece, specifically a trifold brochure. Note: We share some of Jeff’s team’s marketing materials, such as tri-folds, in Systems of Real Estate and Team Building. The purpose of sending this brochure to every expired listing is to complement the subsequent outreach efforts, which include phone calls, text messages, emails, and social media interactions. By having a physical piece of marketing material in their mailbox before reaching out, it increases the likelihood of receiving a positive response when initiating contact with the expired listings. The speaker emphasizes the importance of utilizing a multi-channel approach to maximize the chances of success in converting expired listings into new clients.
To ensure that your direct mail reaches the intended recipients quickly, it's important to understand the local post office's schedule. By visiting your local post office and inquiring about the earliest time to have your mail delivered for next-day local arrival, you can plan your mailing accordingly. For example, if the post office informs you that mail should be received by 10:30 AM for next-day delivery in your area, you can make sure to submit your mail before that time. This allows your direct mail to go through processing and be included in the batch that is sent out in the afternoon. By being one of the first pieces of mail they receive the next day, you increase the chances of making a strong impact with your direct mail campaign.
4. Visit at their door - a.k.a. “Door Knocking”
In 2023, door knocking became increasingly effective in the real estate industry, surpassing its historical effectiveness. Despite personal aversions to door knocking, it has proven to be a powerful strategy, even in the age of advanced technology and artificial intelligence. The impact of door knocking on generating results and acquiring leads is greater than ever before.
Why are door visits effective for real estate agents today?
More people are at home because of hybrid and remote work
More people are answering their doors because of daily deliveries from sites like Amazon, Instacart, Door Dash and so forth
What are the best days for door knocking in real estate?
The most effective time for door knocking is on Tuesdays, Wednesdays, and Thursdays from 3:30 PM to 5:30 PM. This time slot has proven successful based on extensive experience in listing and selling expireds and for sale by owners.
Email has become diluted in effectiveness due to its widespread use and accessibility. Since it is free and legally acceptable, many people rely on it for communication. However, the issue arises when everyone's emails start looking identical and generic. They often follow a standard template, such as "Hey, home didn't sell? Here are 17 ways I can assist you." So, the challenge lies in improving open rates and making your emails stand out from the crowd.
Subject line: Are you…
Body of the email: …still accepting offers on your home on blank Street?
Construct your emails to look like they're sent from a cell phone.
Note: Make sure you're adjusting your pre-header, the first line of the email that they can see from their mobile phone.
6. Text messaging expired homeowners
Text messages can be words or videos. The texting approach becomes more effective by sending a video via text to your target property owner with an expired listing that requires attention. Record it in selfie mode. Take note of the sample script below:
“Hi. I was wondering if you're still accepting offers on your home on (street name)? This is realtor Jeff Glover by the way, if you're accepting offers, could you give me a call back? Thanks. Bye.”
Hit Share, type in their phone number and send.
The number one response you're going to get is, “Do you have a buyer?” You would then reply back “I don't know. I haven't seen your house yet. I'm going to be in your area tomorrow.” or, “I'm going to be in here later today. I'd love to come by and have a look.”
7. Phone call
The classic phone call is still to this day, the number one method of getting results with expired listings. To start setting more appointments and winning with phone calls, download our scripts for free to use on your own, or get SalesRocket Virtual for a complete A to Z system for increasing your transactions.
Top 7 tactics for winning expired listings
Below is a summary of the different methods of communication for expired listings and for sale by owners, ranked in order of effectiveness: