Hey, gang this is Mike with My Real Estate DOJO and today’s lesson is about why you should work the expired MLS list as a real estate investor. Let’s dive in and get started gang. Alright, today’s lesson is about why you should as a real estate investor or a realtor why you should work the expired MLS listing.
I’m going to give you a couple of reasons and how I use it for my business. Number 1 reason why you should use the expired MLS listing is that these individuals have been identified. For example, if you watch my video on lead processing, you know that you have to go and advertise to the darkness, which could be an infinitive amount and then you are going to get some leads that identify themselves: “Hey, I am interested in your product”, so you have to advertise to all this amount and you are going to get this much leads.
Out of this amount of leads that identified themselves as interested, you got to work them and then you are going to get potential etc. The good news is the time and advertisement costs to go out there and work it to that mass amount of people, the infinite is what I call it, it costs a lot of money and it costs a lot of time and energy.
So that process has already been eliminated and now its up to the sellers, which have expired, that’s why I love the expired MLS. You now go spend your time and energy targeting motivated people, people that have raised their hand and said “Hey I want to sell my house”, because it's a lot easier to fish in a bucket where fishes don’t have that many ways to go and you can identify the fishes that it is in deep sea water, where they can go anywhere and you can’t even see the sea bottom from the pit, per say.
So once again, please pay attention: when you market to expired MLS these sellers have already identified themselves as “Hey, I want to sell my home”, so you are eliminating the time and energy of putting the information up into the masses, which is a great advantage.
So advertising to sellers on an expired list is going to produce you a better yield than advertising to an infinite number, we don’t know who they are, trying to send them information through media and marketing flyers etc., email call blasts etc. just allow them to call back and say “Hey, I am interested in your services”. So that’s a great reason why I love the expired MLS list is that these sellers have already identified themselves.
Now just because they have identified themselves, doesn’t mean your job is going to get a lot easier. Your job is still as hard, but you’ve already came so much of the way. For example, like if in a test you get 100, with the expired list you already came the 50-40%, because somebody else did the hard work, usually a realtor. They went in and advertised their home, the seller wanted too much or the realtor wasn’t too good, or a combination of that or whatever the reason.
Now the seller wants to sell it. So the second reason why I love expired listing is because the emotional state mind the seller is going through may tilt them to be a motivated seller. Notice I say may tilt them, because its not always guaranteed. Why? Because a motivated expired seller tried to list their home or interested to list it with a realtor, they waited an x-amount of days, maybe 6 months maybe less, maybe more and they haven’t sole their home. Now they are emotionally down.
They were like: “ Damn, now I wanted to move into the next chapter of my life, that couldn’t happen”, so they might be in a situation where they may consider different options, where they wouldn’t when they initially started their journeys selling their home with a realtor. They may experiment with terms, owner financing. They may experiment with selling the property at a deeper discount, they may experiment with renting the property or with things of that nature. So targeting motivated sellers at this stage, when they’ve recently expired is really good, because they are checking their emotions, like “Hey, I expected to go to the next chapter of my life, that didn’t happen, I got punched in the face. Let me re-evaluate the situation”.
Not always, but it is a really good time to come in and be a hero and create a win-win situation, letting them know how they can solve their problem. Even if they have low equity, no equity or even if they have their house fleer and clear, because you are a problem solver.
Another great reason to market to motivated sellers or expired sellers, besides them being on the verge of being motivated, you have all their information there, for example you pull up their phone number, you can put their name into Facebook and you can put them up individually on Facebook, so there’s a lot you can do, because all the information is there. If you’re a go-getter, you’ve got everything here – like a gym and you just have to come and show results. It’s a lot harder to build your own facility, come up with your own exercise equipment and build that than go to the gym. In this case you already have the gym, all you have to do is show up, do hard work and you are going to get some deals. I ‘ve used the expired list in many different ways, but I will give you a couple of examples.
What you can do is get the expired list, hire a data entry person, get them to pull up the phone numbers for these sellers or you can buy the data from a data seller. You just type into Google: data broker or information broker and there’s a lot of them. They will sell you that information.
When you get their phone number you’ve got to call them, you’ve got to call blast them, you’ve got to text message them and then you also have their address, so you can also send them mails. Now if you really need to follow up with my video calls, it’s 66 for success and basically in a nutshell it says that we need to hit the cell at least 6 times in 6 different medias to get them. That’s why I said you want to call them, you want to text message them, you want to write them letters and now they see in different medias, getting the information 6 different times.
This will show them that you do go the extra mile and that you are in the front of their mind more than other people. One thing I forgot to mention why this is a good time for the investors to hit up the expired listings, it’s because now this seller has a bad taste with the realtor or they may have a bad taste the realtor, so they may not want to go that route. That’s another good reason to hit up the expired list.
Coming back to the list, make sure you broadcast them. If you get an expired list of let’s say 2000 people it may not be worth sitting there for two weeks calling a hundred people a day, you may just want to run them in to a running broadcast machine and hit all these people in a matter of 5 minutes or one hour. Depends how you want the blast to go through. All you got to do now is be on the phone, answer the calls and scan for a motivated seller, for which you can actually hire a virtual assistant to do that for you if you don’t want to. If you don’t have the money, you can do it yourself, okay?
Simply put, expired MLS is like a gold mine where people tell you “This is where the mine is- it’s guaranteed gold”. Now you’ve got to dig it. It’s kind of like a gym. You know if you are going to go there and do it, you are going to get results. The expired list is there- if you are willing to put the sweat equity in, if you are willing to knock on those guys’ doors, willing to send them a text message, willing to call them, willing to write them letters- you are going to get deals very simple guys.
These people are trying to sell their home; they want to sell their home it just has to work. You can’t get it any easier than that. Now if you don’t know what to say download my seller’s script. It shows you how to negotiate with the seller, how to do terms, how to do owner financing, how to give a cash offer etc. If you like these videos-please like, please share. If you really love these videos and you feel like I am giving you trade secrets come on board, join my DOJO club.
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But if you are the type of person that wants to sell you, if you want a magic pill then, guys, I don’t have that shit, I don’t sell that shit and I am the wrong camp for you.