No matter how good your local market is, there will always be listings around that just don’t sell. And there are numerous potential reasons for this.The most common is that the relationship between the vendor and their agent breaks down. After a certain period of time, many agents have a tendency to give up on listings they don’t think they can sell..This creates an opportunity for your business.The Expired Listing SystemTM that we use with clients inside ‘Elite Agency Success System’ will help you to do just that. And in doing so, it will also help you with many of the stock-related problems you might be having in your own real estate business right now.

The Problems

When it comes to your businesses’ listings levels, there are two key problems that you must confront.The first is that you may not have a system for maintaining consistency of listings in your business. And because you don’t have a system, you struggle to maintain consistency as a whole.This creates a sense of desperation inside your business. You don’t have enough stock, which means every opportunity that comes your way becomes vital. Vendors can sense that desperation whenever you talk to them, and this can make them less likely to work with you.Eventually, this constant desperation can even sap your energy to the point where you give up.The other problem is simply not having enough listings available to achieve your targets.Think about all of the goals you’ve set for your real estate business this year. The longer you have listing problems, the harder it becomes for you to achieve those goals. As a result, the growth of your business slows down, and you don’t achieve what you’re capable of.

The Opportunities

The Expired Listing System gives you the chance to address these core problems. Upon implementation you’re going to create further opportunities within your real estate business for growth and scale.The first opportunity is that you give yourself the second chance at the prize.I like to think about the legendary Nelson Mandela when I discuss this opportunity.Mandela went to prison for 27 years as a result of his fight against the South African apartheid system. When that system collapsed, Mandela was released and immediately became South Africa’s new president.In other words, he took the opportunity that presented itself when the previous government messed up.That’s what you’re going to achieve with this system. You’re going to position yourself so that you can take your competitors’ opportunities when they fail to take advantage of them. You get to have the second bite at the cherry when your competition gives up. They’ve already gone through that process with another real estate business. That means they understand what to expect, and are much more open to listening to what you have to say.Ultimately, that allows for a more streamlined route to the sale.

But to attract these vendors, you need to understand the five key principles of the Expired Listing System.

• Principle #1 – Create a New Department 
  The simple point here is that you need to take creating this process very seriously.That means creating a department within your business to focus on expired listings.And the people inside that department need to have a clear and defined process to follow. They need to have established activities that they’re doing, day in and day out, to get hold of these expired listings.
• Principle #2 – Understand the Vendor’s Mindset
  It’s important to understand that the vendor has been on an emotional journey with their previous real estate business.They’ve gone through all of the emotions a new vendor goes through.There’s the excitement at the beginning of the process… Which starts to fade as it drags on. And the longer they have to wait, the more their excitement gives way to frustration and disappointment.That’s the sort of mindset the vendors you attract with this system will have. They’ve been through the ups and downs already, which could make them wary.You need to understand this mindset and tailor your plans to accommodate it.
• Principle #3 – Layer in the Value
  This is a process that takes place over time.As you work with the vendor, you’re going to layer in value at different stages of the process.By layering in the value at each stage, you build the sense of trust that the vendor needs to have.
• Principle #4 – Warm Them Up to You
  Building on the previous principle, you need to help the vendor to warm up to you.Think about it like going on a first date. You’re not going to ask somebody to marry you as soon as you meet them, right?You’re going to get to know them first. This means you’re going to ask questions and get to know them. You’ll probably go on several dates and start a relationship. Maybe you’ll even move in together.The point is, there are several stages to go through before you propose.You need to apply that type of thinking when working with these vendors.
• Principle #5 – Systemise and Automate
  You’ve gone through understanding the vendor’s emotions and layering the value of your service.At this stage, it’s all about putting the information you’ve gathered into your business. You’re going to systemise the process so that you can automate it. Soon, you’ll be able to set it and forget it because there won’t be any manual labour involved.

Expired Listings Create Opportunities

There are a lot of vendors out there who aren’t happy with the real estate businesses that they’re working with right now. Maybe they haven’t managed to sell their properties, or they’re unhappy with the service they’re receiving, among other reasons.Remember, this happens even in good markets.

With the ‘Expired Listing System, you have the opportunity to get the second chance just like Nelson Mandela..

Jess Densley
Process & Structure Coach
For Real Estate Professionals

PLUS… Whenever you’re ready… here are 4 ways I can help you grow your real estate business in 2020:

1. Grab a copy of our new 2020 ebook – ‘Sales Activation™’
   Get a simple plan to take control of your sales business in 2020. Download it here. 
2. Join the ‘Agent Hub’ group and connect with real estate people who are scaling too
   It’s our new Facebook community where 2000 other smart real estate people hang out and share ideas. – Click Here. 
3. Join our Implementation Program and be a Case Study
   I’m putting together a new coaching case study group this month… stay tuned for details. If you’d like to work with me on your listing and sales process… just send me a message with the words “Case Study”.
4. Join me this FRIDAY @10am AEST for our online master class on growing market share inside your business.
   Learn the key steps to growing market share inside your business with our stock structure training. We have limited places join here