Expired Listings Marketing
Expired listings marketing provide new opportunities for real estate professionals. By locating expired realty listings, investors and real estate agents can tap into a group of homeowners who are ready and willing to sell their property. However, attaining a successful outcome requires a solid marketing plan with carefully thought-out strategies.
The first element of expired listings marketing involves getting inside the mindset of prospective clients. Many homeowners are filled with angst if their property has been on the market for months or years and not yet sold.
Although the housing market is still in a slump, homeowners needing to sell their property want results, not excuses. It is important to craft expired listings marketing materials which address concerns of the seller and offer solid strategies for selling their real estate.
Once a property listing expires, chances are high the seller will be bombarded with expired listing letters from realtors and investors. Since you will be competing with a dozen or more competitors, your expired listings marketing materials must stand out from the crowd.
One of the biggest sins marketers make is to focus marketing materials on their self. While it is important to highlight previous successes, the focus needs to be on the seller. Understanding and addressing their needs, wants and fears will help you connect with homeowner's on an emotional level. While they might be impressed that you sold a million dollar property, they want to know how you plan to sell their real estate.
In today's market it is becoming more difficult for homeowner's to sell their property at its appraised value. This stems from the abundance of foreclosure, bank owned and short sale real estate clogging up the market. These discounted properties are making it nearly impossible for sellers to obtain their asking price.
In most cases, properties do not sell during the contract period because they are priced higher than distressed properties in the area. Real estate agents and investors should become familiar with creative financing techniques that could attract a different breed of buyers. These might include: seller carry back financing, 1031 exchanges, and subject to.
Sellers do not want to hear that their property is priced too high. Many homeowners have already witnessed their property values drop by 20- to 30-percent. Telling them to reduce the cost of their property only adds insult to injury. By implementing creative financing options, sellers can improve their chance of selling by attracting buyers who cannot otherwise afford to buy a house.
Real estate investors and agents should create multiple expired listings marketing materials. Each should convey a similar message and build upon the last. For example, realtors would send an initial contact letter to introduce their company and discuss available options for selling their property. A few days later, they would send an expired listings postcard encouraging the seller to contact them for a complementary evaluation. The following week, realtors would send a marketing brochure or contact the seller by phone and use an expired listings marketing script which has been crafted to address the seller's situation.
If you aren't gifted in the area of marketing, hire a copywriter and graphic designer or retain the services of a marketing agency. Another option is to purchase expired listings marketing kits which include premade templates.
Investors and realtors who engage in expired listings marketing must be able to deliver on the promises they make. Taking time to become educated in this niche can help real estate professionals' open doors for distressed buyers and place money in their own pocket.
We invite you to explore our real estate library to learn more about expired listings marketing, investing in distressed properties, and creative finance options. We also invite you to subscribe to our mailing list to receive instant notification when new articles are published.
Published on April 01, 2010 at 03:16 AM