I still do contact expired listings and I do it by creating a very nice presentation on how I will market their home differently and what sets me apart from my competition and then I call them ahead of time to set an appointment (sometimes, it depends). I will show up with a nice presentation, a gift card for their time and spend 15 minutes plus with them.
You need to be welcoming and approachable because afterall, they may have a tight connection with their prior Agent or they may have a bad taste from them. Go in prepared to take a beating, but also be prepared to sign a listing agreement.
when i worked expired's more diligently i made it a point to GO TO THE HOME on the day it showed expired and drop a well composed package and inviting a call.
interesting factoid...using the client phone number in the expired listing is an MLS violation in some associations and can be a Do Not Call List violation as well
The best place to start is determine whether the home was overpriced.
It doesn't hurt to be familiar with the home before pursuing the homeowner. If this home was on the market in your territory, you should be well familiar with it and the agent should have previewed it at one point or another while it was listed. I always preview all listings in my area, either through showings with my buyers or through Open Houses. I could usually determine if there is something wrong with the listing at that time.
Do not wait long after the listing expires. If you want to have the best shot at getting it then go after it first.
I hope this helps you out and Good Luck
YOU: Tom, I hear you saying that you want to wait a bit before deciding one way or another if you're going to try to sell the home again or just wait a bit. Would it be likely, though, that there will come a time (even if it's 5 years from now) that you WILL sell your home again?
TOM: [Yes] Well here's what I'm going to do for you. On a regular basis I'm going to send you a market snapshot of what's going on in your immediate area. Home that have come on the market, homes that have sold, home that are being reduced in price - that type of thing. This will allow you to keep your 'finger on the pulse of the market' so that when the time DOES come for you to sell again, you'll know more about what's beeing going on in the market than most agents do. Do you think that having your finger on the pulse of the market will help you make a more informed decision when putting the home up for sale in the future?
YOU: GREAT! Do you want me to email it to both you and your wife or do you want me to send it to just you?
TOM: [Here's mine and here's my wife's email address. Send it to both and one of us will review it.]
YOU: I will Tom. Oh, and what's the best number to reach you at?
YOU: I'm not going to war dial you or anything Tom. I just like to touch base with people I've spoken with in the past for a quick 1-minute phone call to see how they are doing and ask whether they have had any real estate-related questions rolling around in the back of their minds.
From here you can send them custom snap-shots of whatever is going on from the MLS and then follow up the next day with a phone call asking if they had a chance to review it and ask if they have any questions about the info. Do it on whatever rotation you want. I wouldn't do it weekly. Biweekly or monthly. As long as you consistent and don't become a pest.
As for success, this can take a while. I listed a home in March. The owners had their home on the market in 2011/2012 and it expired in 2012. Touches here and there kept them interested but they didn't call until August of 2013, we didn't meet until September 2013, and we didn't put the home on the market until March 2014. Appraisal just came back good and we're planning on closing just after Memorial Day weekend. When it closes, it will be 19 months since it first expired.
I believe that the secret to success in Expired AND FSBO success is consitent, long-term follow-up.
I believe the character is defined in the delivery and approach, as too aggressive is unattractive. Remember that any homeowner has the opportunity to shop around for another agent, so why should they consider the first agent that aggressively appears out of the blue? It's a process of elimination, and I think that someone who contacts by phone are eliminated willfully by their own efforts. Phone is the least attractive and most intrusive way to contact homeowners. An immediate contact after my listing expires, would not sit well either.
Once the listing expires, immediately drop off a small professionally prepared package about yourself and your business. Make sure not to give too much away with the first contact. Follow up with a phone call or another visit a few days later.
Whatever you choose to do, be professional and consistent in your efforts. Remember, you will need to stand out from other agents who are after the same thing.
Best of luck to you!
You have identified a market segment that would be illuminating with just a little research.
Of course you know I'm located in FL, not CA. However, I think you would benefit from the same activity.
Very often real estate professionals rely on what marketers tell us and believe what they say to be true. We too often make assumptions that have little relevance to truth. It would be worth your while to do a little research, even outside your geographic area. This applies to Expireds and FSBO's alike.
Are agents REALLY following up on these opportunities?
When you realize in your area of Santa Monica CA that only two agents ACTUALLY act on expired listings, would you not be energized? What if your research revealed 31 agents contacted the owner with in 3 days of the expiration?
Look at the 'relist' pattern in your community as shown in the MLS. Are they repopping in 5 days or 45 days? Don't make an assumption, get the data.
Finally choose carefully the words you use to open the conversation. No one wants to go through the relisting process with a real estate agent. Choose your words carefully.
In closing, keep your finding secret.
Best of success.