How to Capitalize on Expired Listings and FSBO's

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Transcript:

I'll show you what's worked for me with both expired listings as well as FSBO properties. I should probably have separate slides for these, but I just kind of lumped them together here. 

We're about halfway through the year right now and I think we have about 25 sales from expired listings and FSBO's. Personally, I do not call expired listings and FSBO's. I'm not saying that's not a way to do it, but in my opinion, direct mail should be the brunt of the work. I've always used direct mail with these kinds of properties. If you're using an ISA for calls, you have to real careful about returns and you'll need to measure your returns very carefully. 

I've been using RedX for about five years or so, and I keep a live database. There are a bunch of ways to do this - you can do it in Vulcan 7 (which we use for outbound calling) - but with RedX you can basically get your expired listings for the day and categorize them in five different folders. As expired homes re-list, you can take them off of your mailers. It's a one-click mail merge and we use the 13 week Hoss Pratt letters and postcards.

If you haven't been to www.listingboss.com, I can show you what his letters look like. I do some things differently than Hoss does them, but I have a 151 step system and I added a one-day listing agreement, and those things are specific to me. I used about 95% of his letter, and I didn't change much of anything. The non-branded look of this letter is critically important, and I suggest not straying away from that. I think the whole system comes in around $497 or somewhere close to that.

Clients of mine have used these and not been as successful, but I still recommend them. I believe that direct mail really works, at least in the way that we do it. I add in the 29 days or I'll sell it for free guarantee, so these work pretty well. There's a series of five of them that I've tested and I'm also bulk mailing a postcard that Hoss used. It's pretty branded and we also put the 29 day guarantee in there.