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The Untapped Potential of Expired Listings in Today's Market · Unstoppable Real Estate Agents

• 0:00
  SPEAKER_00: If you've never worked with expired listings, um, this will be a great way to create another form of income.
• 0:09
  SPEAKER_00: So in the last couple of years, the markets were so crazy that the houses couldn't even sit on the market long enough to put them in the MLS, which was great.
• 0:18
  SPEAKER_00: But now that the markets are shifting, houses are sitting longer, sellers are getting a little more frustrated, they don't quite understand what's been going on in the new world of real estate.
• 0:29
  SPEAKER_00: So this is where you're going to be able to tap into those sellers that had listed their properties and it terminated for whatever reason.
• 0:41
  SPEAKER_00: Welcome to the Unstoppable Real Estate Agents Podcast.
• 0:45
  SPEAKER_00: I'm your host and real estate productivity expert, Kim Hughes.
• 0:50
  SPEAKER_00: Join me as we focus on real strategies and implement real solutions designed for you to achieve major success in your business and life while getting you organized.
• 1:03
  SPEAKER_00: So some of the things that I will recommend to you is first of all, you've got to get organized because when you are looking at expired listings, you're going to be looking at a lot of different information and you're going to have to keep up with a lot of different information.
• 1:20
  SPEAKER_00: So when you're doing that, you probably want to do like a little checklist of what you want to do.
• 1:26
  SPEAKER_00: With that said, we do have a program, and I'll talk more about that at the end of the podcast so that you can see if this is something you would, you know, be interested in.
• 1:36
  SPEAKER_00: So when you're looking at these expired, you're looking at the type of home it is.
• 1:41
  SPEAKER_00: Um, how many bedrooms, how many baths, how long has it been expired?
• 1:45
  SPEAKER_00: Um, can you kind of do some research to determine why it expired?
• 1:49
  SPEAKER_00: Was it because it was priced too high, agent didn't do their job, um, agent got frustrated, whatever, you know.
• 1:56
  SPEAKER_00: So if you could find that out, and then look at what was the price of their home at the time that it expired, and then run a CMA on it, on what it would be today.
• 2:07
  SPEAKER_00: Because when you run that report, that CMA, then um, I'm gonna show you how to use that and and touch face with them.
• 2:14
  SPEAKER_00: So, first thing you're gonna do is go into your MLS, look at your past, you know, I would say go back maybe a year and start with those.
• 2:24
  SPEAKER_00: If you go backwards, you're not in competition as much as you are with properties that are expiring in real time.
• 2:32
  SPEAKER_00: And, you know, most agents don't go backwards to look at stuff, they go forward, they're always looking for the next, you know, the next deal, the next lead.
• 2:40
  SPEAKER_00: And instead of nurturing that relationship that they've already created, sometimes they get distracted because they're chasing the next dollar.
• 2:47
  SPEAKER_00: So, and I don't mean that with any disrespect whatsoever.
• 2:50
  SPEAKER_00: That's how most people live.
• 2:52
  SPEAKER_00: But what I'm wanting you to do is build relationships.
• 2:57
  SPEAKER_00: And by talking to expired listings, you're nurturing them, you're you're going to give them information and you're going to earn their trust so that when you uh do list their property, you can tell them this is what I'm gonna do, and I'm gonna do it.
• 3:13
  SPEAKER_00: And they can watch you do that, right?
• 3:16
  SPEAKER_00: So, first thing, you've got to decide where is your expired listings?
• 3:21
  SPEAKER_00: Are you gonna work in a particular market, a particular niche?
• 3:25
  SPEAKER_00: Um, do you work just with luxury homes?
• 3:28
  SPEAKER_00: Do you work with just ocean front?
• 3:30
  SPEAKER_00: Do you work with starter homes?
• 3:33
  SPEAKER_00: Um, you know, it could be anything.
• 3:35
  SPEAKER_00: Um, that's a whole nother podcast right there.
• 3:38
  SPEAKER_00: But um, you need to decide who is your perfect client, okay?
• 3:43
  SPEAKER_00: And then you go backwards into the into the MLS, pull your expireds, that fit that criteria.
• 3:50
  SPEAKER_00: And then what you're gonna do, I do not recommend that you call them.
• 3:54
  SPEAKER_00: People do not like getting phone calls, they do not like getting a text message from somebody they do not know.
• 4:00
  SPEAKER_00: If you do, if I do not know that phone number, most likely I'm not gonna answer it.
• 4:04
  SPEAKER_00: And I'm gonna let it go to voicemail, and then I'll check my voicemail.
• 4:08
  SPEAKER_00: And if it's not spam or somebody I don't want to talk to, I don't answer it.
• 4:13
  SPEAKER_00: But if it's somebody I do, then I'm gonna pick up the phone and call them.
• 4:15
  SPEAKER_00: I'm gonna put them in my address book, and that way the next time they call me, I know who's calling and I will pick up.
• 4:22
  SPEAKER_00: This is most people, so just keep that in mind.
• 4:26
  SPEAKER_00: Um, but here's what you can do: you're not invading their privacy, but you are going to send them a package.
• 4:34
  SPEAKER_00: The first thing you're gonna do is send them a package of information of who you are, what you're gonna do for them, um, your past experience, your testimonials, there's a CMA, you know, maybe not a full CMA, but a little quick CMA and a cover letter and a couple of business cards.
• 4:52
  SPEAKER_00: And you're gonna send that to that homeowner.
• 4:55
  SPEAKER_00: And um then what what that is doing, it's prompting them.
• 4:59
  SPEAKER_00: So what you're wanting to do in that little cover letter is invite them to your website for something.
• 5:04
  SPEAKER_00: Maybe you give them a download of five tips to sell your home, or you know, how you know, how to do the landscaping, how to clean your pool, whatever that is that would appeal to that homeowner, then go put it on your website as a PDF and give it a um a form that they have to fill out in order to get that information.
• 5:25
  SPEAKER_00: And now you captured their phone number and their email, at least their email.
• 5:29
  SPEAKER_00: You may not, they may not give you a phone number.
• 5:33
  SPEAKER_00: So then the next thing that you're gonna send them is a postcard.
• 5:38
  SPEAKER_00: So you're first sending them a package, and then you're gonna send like, I don't know, eight to ten postcards once a week, every two weeks.
• 5:47
  SPEAKER_00: Um, I don't recommend going after two weeks.
• 5:50
  SPEAKER_00: I'm like, get in there, get it done.
• 5:52
  SPEAKER_00: And then once they call you, you schedule the appointment, you send them your pre-listing package so that they're prepared for the appointment.
• 6:01
  SPEAKER_00: And then when you get to the appointment, you're ready to go.
• 6:03
  SPEAKER_00: You've got their CMA fully laid out for them.
• 6:08
  SPEAKER_00: You have information about that community they live in or that neighborhood.
• 6:13
  SPEAKER_00: You have all the answers to their questions.
• 6:16
  SPEAKER_00: And then as you're talking to them and doing your presentation and everything, and ask them to give you a tour of the home, the tour of the backyard.
• 6:26
  SPEAKER_00: Ask them about the neighborhood they live in.
• 6:28
  SPEAKER_00: Ask them all those questions and go a little bit deeper.
• 6:31
  SPEAKER_00: Why do you think that home, your home didn't sell?
• 6:34
  SPEAKER_00: Um, you know, what do you think your home should get today?
• 6:38
  SPEAKER_00: Because you're gonna have to have that reality talk right now with those sellers.
• 6:42
  SPEAKER_00: So you have to give them that realistic, down-to-earth talk.
• 6:45
  SPEAKER_00: And it's a talk they may not want to hear, but at least you're up front and you're honest with them.
• 6:51
  SPEAKER_00: Because if they're still, if they're looking at selling their house and putting it back on the market, they may be talking to another agent.
• 7:00
  SPEAKER_00: So you want to be as upfront and realistic with them as you possibly can so that you earn their trust.
• 7:08
  SPEAKER_00: They can trust you with the information you're providing them.
• 7:10
  SPEAKER_00: And so, you know, because you don't want to be that age, oh yes, I can get that for your home.
• 7:15
  SPEAKER_00: And then a month after it's been on the market, you're going in for a price reduction.
• 7:19
  SPEAKER_00: You don't want to do that.
• 7:20
  SPEAKER_00: You want to price that home in a realistic way that gets it sold immediately.
• 7:26
  SPEAKER_00: Period.
• 7:27
  SPEAKER_00: Now, it's it can be an overnight success.
• 7:30
  SPEAKER_00: It could take 30 days, but you have to be realistic with your client on what their expectations should be, right?
• 7:38
  SPEAKER_00: And what you're gonna do for them.
• 7:40
  SPEAKER_00: And you're gonna show them what you're going to do.
• 7:42
  SPEAKER_00: You're going to send them a weekly report on the activity of the home, all the information, the phone calls, the leads, and the questions and the social media and all the things that come with that.
• 7:55
  SPEAKER_00: But you still have to have a system.
• 7:57
  SPEAKER_00: So if you're systemized and you're organized with how you run your expired listing system, you will be successful with this.
• 8:06
  SPEAKER_00: So think about how that can impact your business.
• 8:09
  SPEAKER_00: That's one more listing, one more closing.
• 8:12
  SPEAKER_00: Um, most likely if they're selling that home, they're buying a home.
• 8:16
  SPEAKER_00: So now you're going to get both ends of the deal.
• 8:19
  SPEAKER_00: So think about how that works because when you're talking to whether it's a seller or an expired listing, you should always ask them, and I hope you're doing this.
• 8:29
  SPEAKER_00: Is that what are your goals once you sell this house?
• 8:32
  SPEAKER_00: Are you moving to a retirement community?
• 8:36
  SPEAKER_00: Are you moving across the country to be with your children?
• 8:39
  SPEAKER_00: Are you downsizing?
• 8:41
  SPEAKER_00: What's going on?
• 8:42
  SPEAKER_00: You know, why are you moving?
• 8:44
  SPEAKER_00: And that way you can get them to buy or at least refer them to another agent to help them buy.
• 8:51
  SPEAKER_00: Okay.
• 8:52
  SPEAKER_00: So always think about all the things that could come about in that conversation, right?
• 8:57
  SPEAKER_00: Okay.
• 8:58
  SPEAKER_00: So with that said, most agents know expired listings is a win-win if you do it the right way.
• 9:06
  SPEAKER_00: You have to market, you have to be consistent, and you have to be available.
• 9:10
  SPEAKER_00: So one of the things that we found a couple of years, a few years ago with agents is that they want to approach those expired listings, but they didn't really have the tools to do that.
• 9:22
  SPEAKER_00: So we developed the ultimate expired listing system.
• 9:26
  SPEAKER_00: And this system gives you everything you need to work expired listings.
• 9:32
  SPEAKER_00: And what we look at it is it is a second income, it is a side income because mostly you're not focusing as a primary of your business.
• 9:42
  SPEAKER_00: So just remember that just putting this in place and running it and get you one listing, that will take care of the year and leave money in your pocket.
• 9:51
  SPEAKER_00: And if you got two or three or four and more, that's just more money that you're making on top of doing the traditional sales.
• 9:59
  SPEAKER_00: With that said, you know, if you take a look at the expired listing system, um, you can get to it two ways.
• 10:05
  SPEAKER_00: You can go to kimhughes.com, go to courses in my menu, or you can go to the ultimate expired listing system.com.
• 10:13
  SPEAKER_00: This is a system that my entire team sat down and we put together.
• 10:18
  SPEAKER_00: And so again, you know, you have a team of real estate virtual assistants who have been in the business for multiple years and have dealt with expired listings with their clients in one capacity or another.
• 10:32
  SPEAKER_00: So I'm going to tell you a little bit about the program.
• 10:35
  SPEAKER_00: And if you have never done expired listings, we're going to teach you how to do that.
• 10:40
  SPEAKER_00: We have seven videos.
• 10:42
  SPEAKER_00: We have the postcard campaign, which gives you 10.
• 10:44
  SPEAKER_00: All you have to do is um, you know, customize them with your branding.
• 10:49
  SPEAKER_00: That's it.
• 10:50
  SPEAKER_00: We give you the drip, the 10 drip campaigns.
• 10:53
  SPEAKER_00: We have the 10 letters that you can mail out.
• 10:56
  SPEAKER_00: Um, we have the scripts, we have the spreadsheets, we have the introductory package, we have the um all the videos to help you through this.
• 11:05
  SPEAKER_00: So and it and not only are we giving you everything that you need to do, you don't have to recreate it.
• 11:12
  SPEAKER_00: You use what we have, plug and play, done.
• 11:14
  SPEAKER_00: Um, if you start working the expired listing system and you like the the way that it's working, but you don't really have the time or the energy, or you just don't want to do it, then we can run that system for you based on information you give us.
• 11:31
  SPEAKER_00: We do this all day long with some of our clients.
• 11:34
  SPEAKER_00: And I will tell you, this is a system that does work.
• 11:38
  SPEAKER_00: We have had clients, um, I'll give you one example.
• 11:41
  SPEAKER_00: This is kind of an over-the-top example, but it just shows you you just never know where that's going to come from.
• 11:48
  SPEAKER_00: But we have a client that lives kind of in a uh rural community.
• 11:53
  SPEAKER_00: She has been trying to get these uh ranches and she could never figure out how to get in front of them.
• 11:59
  SPEAKER_00: They would never return her phone call, her emails, or anything.
• 12:03
  SPEAKER_00: So she said, let's put this in place.
• 12:05
  SPEAKER_00: She hired us to run the program for her.
• 12:08
  SPEAKER_00: And within, I think the first 30 days, she got a call and it was an over a million dollar listing.
• 12:14
  SPEAKER_00: Um, and it was somebody that she had been trying to reach out to but could not get her foot in the door.
• 12:19
  SPEAKER_00: And when he saw the postcards, well, first he saw the package and then he saw the first postcard, and then he picked it up and he called her and said, This is exactly what I need help with.
• 12:30
  SPEAKER_00: And she not only got the listing, but then turned around around and sold it, I think, within like 30 days.
• 12:36
  SPEAKER_00: So it just shows you that it does work.
• 12:39
  SPEAKER_00: I mean, we have clients that um every client that has used this program has picked up expired listings.
• 12:46
  SPEAKER_00: I will say that.
• 12:48
  SPEAKER_00: And then we have had clients that have purchased the system and they use it themselves, or they have a maybe they have their own assistant and they are running that for them.
• 12:58
  SPEAKER_00: And that is working.
• 13:00
  SPEAKER_00: So it's a win-win situation and it's a small investment, but it has a huge return of investment.
• 13:06
  SPEAKER_00: If this appeals to you and you're looking for an additional income, this is one way to do it.
• 13:12
  SPEAKER_00: And it's a win-win situation.
• 13:14
  SPEAKER_00: So, like I said, go over to the website, look at our testimonials from all of the people that we have currently on the website that has this information that can give us a testimony on how the program worked.
• 13:28
  SPEAKER_00: Um, it's not all of them, but it's enough to show you that it does work.
• 13:31
  SPEAKER_00: And so you have two options.
• 13:33
  SPEAKER_00: You can purchase the course yourself, or you can have us work the program for you.
• 13:38
  SPEAKER_00: It's either way.
• 13:39
  SPEAKER_00: We we we're not particular on it.
• 13:41
  SPEAKER_00: We just want to see you not miss that opportunity and leave money on the table.
• 13:47
  SPEAKER_00: Okay.
• 13:48
  SPEAKER_00: So, um, any questions about expired listings, you let us know.
• 13:52
  SPEAKER_00: We are the experts on how to help you achieve that goal and to help you generate another side of your income.
• 14:01
  SPEAKER_00: So, if you would like to schedule a call, we always offer a 20-minute complimentary um consultation.
• 14:07
  SPEAKER_00: Just go over to the link and click on it, schedule your call, and we'll jump on that and give you as much information as we possibly can.
• 14:16
  SPEAKER_00: Thanks so much, and we'll see you next time.
• 14:18
  SPEAKER_00: Bye.
• 14:18
  SPEAKER_00: Thank you so much for tuning in.
• 14:20
  SPEAKER_00: And if you know someone, and I bet you do, who would appreciate this podcast, please share it with them.
• 14:26
  SPEAKER_00: As a reminder, this podcast can be delivered directly to your favorite device by using the subscribe links you can find in the show notes below or over at Unstoppable RealestateAgents.com.
• 14:41
  SPEAKER_00: Remember, it takes as much energy to wish as it does to plant.
• 14:46
  SPEAKER_00: Have a great day.