Thursday, July 05, 2007

Expired Listings in California

I have been working with expired listings in California for some time as part of my own training and my relationship with RedX expired listing lead service, and it is becoming quite apparent that as the market has softened, clients are looking for and expecting much more from the REALTORS that they employ as agents. In my area of San Diego, California, listings are expiring at a rapid rate as houses spend much more time on the market. These expired listings in San Diego as well as the rest of California are presenting a great opportunity for enterprising REALTORS who have the skills necessary to close these listings and sell their properties.

Currently, I am seeing a lot of agents that are trying to use direct mail and introduction letters to prospect expired listings. My feeling toward this approach is that the prospects that are receiving the message are already disillusioned with real estate agents. Therefore, you need to be very careful about your value proposition and speak to the needs and expectations of your prospect in any form of communication. If you choose to use a letter of introduction to prospect expireds in any market, I would recommend that you use an approach that does not dismiss or diminish their current agent, but solicits them to think about, or learn new information that could help them overcome the difficulties that they may currently be experiencing. For this group, webcasts, podcasts, mailed reports, and learning programs work well to place you ahead of your competition. If you are up for the risk, a sell-by guarantee does wonders as well.

Personally, I would bypass the canned introduction letters for expired mls listings and make a personal introduction instead.

TAGS: expired listings, expireds, expired listings California, mls listings, letters of introduction expired listings, solicit, direct mail

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