RE: Expired Marketing Tips: Frequently Asked Questions and an Important Question

I get a lot of questions about my system sometimes. Questions such as, "Is this the “Magic Pill” that is going to instantly change my real estate business and life for the better?" Below I answer some of those questions.

But, before I go into those, I wanted to ask you a question. What is your biggest challenge in the real estate business? I am writing these e-mail every day and I want to make sure that what I am talking about is relevant. Real Estate is not the easiest business in the world. So, what’s your biggest headache right now. Maybe that crazy, stubborn seller that won’t reduce their price. Yes, I do know what that’s like. Sometimes it can drive you nuts. So, just e-mail me back and let me know just what it is that is bugging you right now about the real estate business.

Below are Frequently Asked Questions about my Expired System that I often get.

1. Is this the “Magic Pill” that is going to instantly change my real estate business and life for the better?"

2. Ben, I have heard a lot about listings expireds, and that is what you are supposed to do in this business. Does this actually work?

3. Do you have to make cold calls for this to work?

4. I don’t believe you can list an expired without calling them. Ben, how do you really get people to call you off of a letter?

5. Do you do short sales?

6. Do you also mail Withdrawns?

7. Do I need to have a team to use this system?

8. No listings are selling at even 1/3 of the fair market value. How can I find saleable listings in my market?

Is this the “Magic Pill” that is going to instantly change my real estate business and life for the better?

No. But, if you use this and maybe also start working with foreclosures and other motivated sellers, you will see resurgence in your income in 60-90 days. By simply adapting to the market and working to get more saleable listings, your business will turn around.

Ben, I have heard a lot about listings expireds, and that is what you are supposed to do in this business. Does this actually work?

Yes, it does. This is because you are dealing with people at the “business” stage of their sale versus the “lovey dovey” stage. Here is what I mean. When someone is first listing their home, they don’t really know what to look for and will list with just anyone. This includes the nicest agent, their friend that sells 3 homes a year, or the agent who promises them the highest price. After failing once they are going to look at the qualifications of the agent.

Do you have to make cold calls for this to work?

? No. I have cold called in the past to list expireds. Since the beginning of 2008 until April 20th, using this letter we have not been calling the expireds. In that time we have taken 8 listings and turned down 6 because of price. This is from 8-12 good expireds per week in a small town. We are going to expand into a bigger market in the next 30 days with 8-15 good expireds a day. Our expired business will increase dramatically based on our current results. ???

I don’t believe you can list an expired without calling them. Ben, how do you really get people to call you off of a letter?

Simple. I call it “salesmanship in print.” I think of what the person on the other end of the letter is thinking, how they feel, and what is causing them pain at the moment. Selling in print is just making your sales pitch on paper versus in person. Let me tell you what I’ve sold in print so you can see if I am qualified to write a letter to send to expireds to list them.

1. These expired letters which have worked very well for us.

2. The foreclosure letters which brought in, for example, a call from a lady selling her house worth $160,000 to $165,000 (in its current condition) wanting to sell it for $100,000.

3. A letter to motivated property owners. I got calls from 3 sellers whose properties I bought with a partner, and resold for over $270,000 profit after interest, real estate commissions, and closing costs.

Do you do short sales?

No I don’t, and here’s why. I attempted a short sale once, and actually got the second one thru (I should have known better that second time.) Now, I don’t know if you yourself have worked on a short sale. Let me tell you about my experiences. The first time around, I got all of the paperwork submitted to the bank (luckily I already had all the documents), and it took a week to get a person to call me back. Meanwhile the seller is complaining about the time.

Then, it took a little while longer to get an answer from the bank on whether or not they would short. In the meantime, the buyer’s agent has started calling my broker complaining about how long it was taking. The second one I actually got thru, but it took three months to get to closing. And finally, the bank wants to reduce your commission at closing. I am sure there are people who know about short sales and how to do them profitably. But for me, I would rather put more time into finding more sellers with equity (there are plenty of them out there) than getting involved in something I don’t know about. I don’t have the time, energy, or most important, patience, to work a short sale.

When I mail expireds I look up when they bought the house and avoid them based on that.

Do you also mail Withdrawns?

Yes, definitely. Withdrawns tend to not be as motivated as expireds, but we still mail them. If you have enough expireds, mail the expireds and not the withdrawns.

Do I need to have a team to use this system?

No. Most of the buyers of the system don’t have a team.

No listings are selling at even 1/3 of the fair market value. How can I find saleable listings in my market?

I say this because some guy e-mailed me back and said my system wouldn’t work because in his market, homes priced at even a third of FMV aren’t selling. I don’t think I can help him because he is just too negative. Now, I’m not one of those “think positive” people, but this guy is beyond hope. I don’t care where you are, there are motivated sellers with enough equity to sell their homes. It takes a little more work to find them, but they are out there.

For example, over the weekend we listed a house with a motivated seller. The husband has gotten a new job three hours away and is living out of town during the week. He leaves Monday morning at 4:30 AM and gets home Friday at 7:30PM. He only sees his wife two days a week. The pain just isn’t worth an extra $20,000 or $30,000 they think they should be able to get from a sale.

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Ben & Chris Curry The Short Sale Agent's Advocate