Post-NAR settlement, it’s never been more critical to generate listings. That’s why highlight these winning strategies.
With all the talk about buyer agency in this post-National Association of Realtors settlement world, it’s easy to forget the timeless truth that if you control the listings, you control the market. In this article Jimmy Mackin, CEO of Curaytor and co-founder of Listing Leads shares five effective strategies to generate listings right now.
1. Expired listings with a twist
When looking for opportunities, it’s vitally important to identify trends. Mackin said that the number of expired listings has doubled in the past 12 months.
“I think we got away from some of the blocking and tackling strategies, like working expired listings, because in 2021, expired listings really weren’t a big percentage of the market. In real estate, we are such creatures of habit that when we stop doing something, chances are we are not going to immediately pick back up doing that activity when the opportunity first presents itself again,” he said.
First, you should realize that even if expired listings are a small portion of the opportunity in your market today, Mackin believes that opportunity will grow and create a “blue ocean of opportunity.” He doesn’t believe that expireds are part of the average agent’s seller attraction blueprint.
“But everyone needs to realize there is a right and a wrong way to market to expired listings, and if done correctly, it can attract everything from average sales price homes to ultra-luxury listings. The reason the specific letter below is so effective is that it utilizes a copywriting framework called PAS,” Mackin said.
The P stands for pain. What pain points does the prospect have? The more specific you can get, the easier it will be to connect with them on a deeper level. The A is for agitate, which involves identifying the secondary effects of the pain. This is where you drive home your understanding of their pain and frustrations. The S is for solution, and this is where you share your solution to their problem.
Utilizing that framework, this is the expired letter Mackin has used to get tremendous results with expired listings.
Now that your home didn’t sell, you’ve had a wave of agents promising you “they can get the deal done.”
You’ve heard this story before.
You’re not buying it.
At this point, you’re frustrated, you’re disappointed, and likely pretty annoyed because your phone hasn’t stopped ringing for the last two weeks.
If a home doesn’t sell, it is for three reasons:
1. It was priced incorrectly
2. It didn’t get enough exposure
3. It wasn’t presented properly
Now, if you believe the reason your home didn’t sell is No. 1 …
You don’t need another agent; you just need a lower price.
But if you believe the reason the home didn’t sell is because of reason No. 2 or No. 3, this is where we can help.
To sell for top dollar, there are 10 essential marketing tactics.
I’ve reviewed your home on the MLS, and you are missing six of them.
I’m confident that if we fix them, we could sell your home for $865,000.
Even if you’re not planning on relist your home, I’d love the opportunity to share with you my insight on what to do to ensure you don’t have to experience this again.
My personal cell is (XXX) XXX-XXXX.
I look forward to hearing from you.
(Your Name)
2. Direct mail reimagined
As we shifted our conversation to the second strategy, Mackin said, “Oftentimes in marketing, we get attracted to the shiniest new object. Meanwhile, behind the scenes, the tried-and-true strategy of direct mail is generating $39 billion dollars worth of revenue. There is such an opportunity right now to reimagine how we do direct mail.”
Below is an example of what Mackin calls the ZVA (Zillow Versus Agent) strategy. To utilize this strategy, tell the story of a home you recently sold above the Zestimate published on Zillow.
“Most people don’t realize this, but if you go on Zillow and you click the link below a home’s Zestimate titled “Zestimate History,” it will provide you the Zestimate history of the home,” Mackin said.
Start by taking a screenshot of the Zestimate before the home was sold and one of the Zestimate after the home sale. Put these two screenshots on a postcard to showcase the difference between the sale price and the original Zestimate. Next to the two photos, list what the Zestimate said the home was worth versus what you sold it for.
“This difference creates a curiosity gap in the mind of the consumer, and if you can get the prospect to question what they believe, then it will lead to conversations. In this case, most consumers assume the Sestimate of their home is generally correct,” Mackin said. “What this strategy does is avoid doing what every other agent does, which is “just sold” cards that say sold above asking price with multiple offers in just a few days. Instead, this creates a curiosity gap that leads to more listings.”
3. Seller activation emails
Many agents have databases filled with homeowners, but most agents aren’t sure how to create opportunities for meaningful conversations.
“The seller activation emails we send begin with a technique known as qualify through copy. What that means is that if somebody opens the email we send with a specific subject line, that tells me there is a level of interest and a minimum, they should be on my call list for that week,” Mackin said.
The following is an example of the exact text many of his clients have used to generate listing opportunities and the background for each line.
The subject line began with a qualify through copy line: Would you sell if … ?
In this example, he opens the message with a statistic from a study Bankrate did discussing the increased cost of maintaining a home:
I just read that the annual cost of maintaining a home is 26 percent higher than four years ago.
The next line is used to turn on the herd mentality, meaning people tend to be drawn toward or act based on what others do.
This is why many sellers are cashing in on the equity they’ve gained recently.
The last line is what Mackin calls an irresistible hook.
I know this is probably a crazy question — but if you got a great offer, would you consider selling?
If you’re looking for a way to engage with the homeowners in your database who may be considering selling, this email can make it happen.
4. Appointment sales letters
Our conversation then moved to his fourth strategy for generating listings. “The appointment sales letter may be the best new strategy that people have never heard of. The reason this is so effective is that most people believe when they take a listing is the time when they should start promoting to that neighborhood, and I believe the best time to turn the marketing machine on is when you book an appointment instead of waiting,” Mackin continued.
“Although this example is a mail piece, this strategy could be done via a phone call as well. It could also be modified to use for a listing appointment, open house, or showing a home in any neighborhood.”
“Think of it like the promotion of a movie. You promote it before it goes live, right before it goes live, once it is live, and after it has gone live. Every opportunity you have to create a buzz around your business, you have to take advantage of it, and this is a powerful way to turn every appointment into two or three more,” Mackin said.
5. Circle dialing scripts that convert
“If you don’t have a high budget and you’re looking for high intent, ready to move opportunities, circle dialing is one of the most effective strategies. The process of circle dialing is calling around a recent marketable moment like a new listing, open house or recent sale to make the neighbors aware of the activity,” Mackin explained.
The following is an example of the script Mackin gave for a recent sale:
Agent: This is (agent name) with (agent’s company). I know that you’re not expecting my call. The reason I’m calling is the home at (address) near your home recently sold. Has anyone called to give you the details?
Homeowner: No.
Agent: Well, I’ve got a few minutes before my next call. Let me share a few details you should know about this sale.
If the subject of their home doesn’t come up, ask the following question:
Agent: Before we hang up, I’d be a terrible real estate agent if I didn’t at least ask, is there a price where you might consider selling?
With all the focus on buyer agency, now is the time to sharpen your listing generation skills and to try new strategies. Lean into these five, and the results will follow.
By Jimmy Burgess
Source: https://www.inman.com/
Image: https://www.freepik.com/
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