Expired Marketing - Billion Dollar Agent Manifesto

This page is for Best Agent Businessvision of Expired Marketing and Billion Dollar Agent Manifesto.

Goals

  • Help top agents make $100,000+ GCI every year from Expired Marketing.
  • Provide ideas for top agents to improve Expired Marketing.
  • Explain how Best Agent Business can run your entire Expired Marketing effort.

Ideas and Resources

  • Watch 2 minute video below about dominating a City Market, such as Raleigh NC, for Expireds.
  • See Expired Marketing for overview of Best Agent Business services for Expired Marketing including Database Management, Mailing, and Calling.
  • Schedule a call with Steve Kantor, President of Best Agent Business, to brainstorm your situation: Schedule a call.

Your Goal is to get 20% Market Share of Expireds.

You want to list and sell 20% of all Expireds that list and sell within 1,000 days.

If you do not have the patience and focus to work business that is 1,000 days out then you are merely a Hyper Harry doing a fraction of GCI and profit compared to a Billion Dollar Agent.

A Hyper Harry can only work Now business and has no systems for Future business. A Billion Dollar Agent will do about 5x the net profit working fewer hours and less stress by working Now and Future business.

Here are some basic steps of how to be a Billion Dollar Agent with Expired Marketing.

Expired Marketing Analysis

  • You need to complete our Expired Marketing Analysis to calculate how much is it worth to get a Listing Appointment with an Expired.
  • Email Steve above for that spreadsheet.
  • Until you are 100% confident of that answer, you should stop/pause/do not start any Expired Marketing.
  • Once you know that number, and number of Expireds per month, you can calculate a budget of how much you should spend on Expired Marketing including Calling and Mailing.

Database Management

  • Leverage tools such as REDX and Landvoice to pull properly the Expireds for your market.
  • Define your target market by area and lowest price. Do not exclude too many areas or low price points. There are methods to work a broader area and methods to work lower price points profitably.
  • Never do this yourself. Have a top database person pull this information daily or weekly. The most critical aspect is monthly analysis of market share of what percent of Expireds are relisting and then selling with same agent versus different agent and which agents are working Expireds in your market at any level of competition.

Lead Management

  • You must have a solid database and Lead Management system to track all Seller Leads as Seller - New Lead, Seller-A, Seller-B, and Seller-C. Over time, some Seller-C leads will become SOI-C if they choose not to sell. You need to differentiate between regular and short sale situations, between homeowner and absentee owner, and sellers that rent their property but still desire to sell within 1,000 days.
  • For every 1 Expired who is Now business who will list within 30 days of Expiring, there is likely 5 Expireds who are future business who will list within 1,000 days of Expiring. Do you want to be the 9 of 10 agents that ONLY work Now business or the 1 in 10 who works Future business and becomes a Billion Dollar Agent?

Calling

  • How much is it worth for you to have a 10-minute conversation with an Expired? It is likely you have never considered this question or figured out the answer. Once you do, you will be open for Creative ideas to get the phone number of the Expired or have them call you.
  • If you are doing 1-2 hours per day of calling, get an auto-dialer system such as Storm Dialer via REDX or Mojo or Vulcan or Phoneburner or other services. This can increase your productivity by 2-5x but ONLY if you fully use it correctly. If you use it incorrectly, like most agents, you fail to properly work Future business.
  • As soon as you speak with or get email interaction with an Expired which makes it a live lead, you need to complete a Lead Sheet and give to your assistant or send to Best Agent Business to be entered properly as a Seller ABC lead in your main database such as Top Producer, Agent Office, eEdge, Infusionsoft, Salesforce or other products. If you leave it in REDX or Mojo/autodialer, you are not managing your efforts properly and we can prove that to you in a scheduled call. See above.
  • How much do you currently spend on your calling efforts for Expireds? My guess is many of you will say nothing because you are doing the calling.
  • How much is your time worth? Is it worth $50/hour, $100/hour, $200/hour? Let's say you think it is worth $100/hour and you call 2 hours per day. So, that is about $1,000 per week
  • 50 weeks is $50,000 per year.
  • Let me guess, you are spending $25,000-$50,000 on calling and nothing on mailing. Is that correct?
  • Oh, and my guess is that out of 100 Expireds, you are only talking to live about 20 per month and the other 80 do not even know you exist.

Mailing

  • Depending on your unique talents and current mix of your business, you should be Calling or Mailing or both.
  • Most agents do not work Expireds because they are not willing to call and they do not take rejection well and they are unorganized and could never put together a consistent mailing effort which will not pay off for 6 months.
  • Unless you have a minimum budget of $500/month for Expired Mailings and can invest and see nothing in return for 6 months, do not even consider starting.
  • On the other hand, a Billion Dollar Agent doing $1,000,000 GCI can easily be doing $250,000 from Expireds with half of that from calling and half from mailing.
  • If you are spending $50,000 on calling 20 of 100 Expireds, wouldn't it make sense to possibly invest a test of $10,000 to mail to 100 of the 100 Expireds?
  • We recommend a budget of $10 per Expired to send them a series of 10 mailings over 6 months.

Creative

  • We can do consumer research surveys to offer Expireds a gift card for $20 in return for 10 minutes to answer a few questions. This turns a cold call into a consumer research survey.
  • We can organize Expired Seminars, see below, where Expireds will come to your office for a consumer focus group and they receive a gift card of $50 or $100. The results will lead to getting listing appointments at a price which matches your starting budget criteria.

These are previous articles and ideas.

Mike Ferry

Mike Ferry, and his organization, is a top coaching company for Expireds. We work closely with over 10 coaching companies.

See http://www.mikeferry.com/main/. Mike's Selling Magazine at http://www.mikeferry.com/main/mike-ferry-selling-magazine is one of the best values in the industry at $20 for the year. I strongly suggest you buy all previous issues for the past few years and subscribe.

Tom Ferry

Tom Ferry also has a great coaching program with solid expertise in Expired and FSBO sales skills. See http://tomferry.com/. Tom has some great half-day events around the country. See http://tomferry.com/see-tom-live.

Expired Marketing - Think Bigger - 20% Market Share

On our group call yesterday, we discussed the concept of Expired Marketing market share. What percent of market share are you getting of expireds that relist and sell with a different agent within one year of your target market? Until your number is 20%, the job is not done. Let's walk through the numbers. You know I like numbers, don't you?

  • In your market, there are 500 Expireds per month which fit your area and price criteria. For example, you only pursue Expireds above $150,000.
  • Of those 500, through research, we conclude that about 100 per month are relisting and selling with a different agent within one year. That is your true competition. We do not care if they relist and do not sell, only if they sell. We do not care, yet, whether they relist and sell with same agent.
  • Of those 100 selling per month, you are getting 3 deals. Wow, that is pretty darn good! It sounds good. 3 deals per month, 36 per year, average sales price of $250,000 is about $200,000-$300,000 GCI. That sounds really good!
  • Yes, that is good, but it is a tiny 3% market share. You could possibly be doing $500,000-$1,000,000 GCI in Expired Marketing alone in your market area if you focus, focus, focus and unleash the fury of Best Agent Business.
  • If you are spending $20,000-$40,000 per year for far less profitable buyer web generation which goes to buyer's agents, why aren't you spending that on Expired Marketing which is a far more profitable business for you and will generate more buyer sides with more valuable sign calls rather than buyer web leads?
  • Why are you only doing 3 deals? Who is doing the other 97 deals? How much would you pay to get a 10-minute phone call with an Expired? How much would you pay for an Expired Listing Appointment? No one in the industry thinks about these most basic facts. The problem is the Expired business is filled with hunter salespeople and very few businesspeople. Call me. Email me. Let's talk.
  • Ranting done for now…

Hoss Pratt - The Listing Boss - Expired and FSBO Marketing Have you ever heard of Hoss Pratt? Hoss Pratt is a wizard of Expired and FSBO Marketing. See http://www.hosspratt.com/ for some recorded Expired/FSBO calls and see his new Listing Boss product at http://www.thelistingboss.com. We did some work with Hoss Pratt in the past and Hoss recently hired us to help with some aspects of his business. We wanted to share some of his knowledge resources with our clients. If you have attended any of his webinars or purchased his Listing Boss product, please reply to me so we can help you fully implement the systems.

Expired Seminar We will do calling of Expireds to invite them to seminar and mailings. The Expired Seminar will be a market research focus group and you will give attendees a $50 gift card to Walmart, Barnes & Noble, Home Depot, or other major retailers. Your fellow agents will not believe you that you had an Expired come to your office and that you had multiple Expireds come at the same time for a seminar. It is worth $100-$500 for you to meet with an Expired.

Seller - Expired Leads - Make $2,000/hour I had a good call with a client this week and we figured out that based on $350,000 sales price, he makes about $2,000/hour knocking on doors of Expireds. Would you like to make $2,000/hour?

Numbers: Assume Best Agent Business manages your Expired campaign using data services like REDX or Landvoice and helps route your door knocking. Based on 4 doors per hour, that would be 20 doors per week for 1 hour a day or 5 hours per week. Assume you list and sale 1 in 20. One sale is $10,000 commission / 5 hours of door knocking is $2,000 per hour. Now, calling is also very good. But some salespeople are better at face-to-face sales than calling and enjoy face-to-face more. But, only 1 in 100 real estate agents have the guts, sales skills, and drive to door knock Expireds. Hey, that is why they get paid the big bucks of $2,000/hour! Do you want us to get you started?

Expired Marketing We are building out unique systems for our top clients to dominate Expireds in their marketplace with a goal of 20% market share of all Expireds that end up relisting with a different agent and selling within one year of date listing expired. This is what is needed:

  • Agent: Strong, successful listing salesperson who loves to win and has a track record for selling listings which is better than current market conditions.
  • Market: Current market conditions of 20% or more of listings expiring. The more the better. Foreclosure/short sale rate of less than 50% of all listings.
  • Target Market: We define with you a target market based on price ranges, geography, and perhaps exclusion of Expireds from certain brokerages or specific agents.
  • Research: We use services such as www.theredx.com and https://www.landvoicedata.com/ to do research to select and target Expireds. This is a daily pull of data.
  • Mailings: We create a mailing series of 5-10 pieces over a period of 2-6 months.
  • Creative: We have some top secret creative ideas in our bag of tricks.
  • Calling: Agent spends about 2 hours per day calling Expired leads.
  • bda/expired_marketing_-_billion_dollar_agent_manifesto.txt
  • Last modified: 2018/07/16 16:10
  • by crystalbatignani