Okay, I promise this is the last I’ll write about expireds for now…but it’s a huge topic and I promise to revisit down the road.
What percent of market share are you getting of expireds that relist and sell with a different agent within one year? Until your number is 20 percent, the job is not done. Let's walk through the numbers.
· 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 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 whether they relist and sell with the same agent.
· Of those 100 selling per month, you are getting three deals. It sounds good. Three deals per month, 36 per year, at an average sales price of $250,000 is about $200,000 to $300,000 in GCI. That sounds really good!
· That is good, but it is a tiny three percent market share. You could be doing $500,000 to $1,000,000 in GCI in expired marketing alone if you focus, focus, and focus.
· If you are spending $20,000 to $40,000 per year for less profitable buyer web generation, why aren't you spending that on expired marketing which is far more profitable and will generate more buyer sides with valuable sign calls?
· Why are you only doing three deals? Who is doing the other 97 deals? How much would you pay to get a ten minute phone call with an expired? How much would you pay for an expired listing appointment? No one in the industry thinks about these basic questions. The problem is the expired business is filled with aggressive sales people and very few business people.
Best Agent Business – Expired Marketing Services
Expired marketing is a huge opportunity for a select group of agents. We are gathering 1,000 agents over the coming years to dominate 50 percent of the expireds market share in the top 300 market areas. Best Agent Business will run the entire system including database, mailing, calling, and masterminds to share ideas. The target profit goal is 20 percent marketing costs for mailing/calling services. Thus, for every $20,000 spent on mailing/calling/assistant services, the goal is to generate $100,000 in GCI.
For every $10,000 invested in expired marketing, you can generate$50,000 in GCI. If you think you are killing it with expireds – you are wrong. Most agents doing $50,000 in expireds should be able to do $100,000 to $300,000 in expireds.
Does this sound familiar? Do you need help with expired marketing? Call me, email me, reply to this blog. We can help.
Like this blog? Do us a favor and “like” us on Facebook. Would you like help identifying ways you can improve your Expired Marketing Strategy? Reply to this blog and we can get started. For more information on how Best Agent Business can help you streamline your marketing, time management and many other aspects of your Real Estate Business, subscribe to our videos, visit us at www.bestagentbusiness.com, call (202) 297-2393, or e-mail us at: firstname.lastname@example.org.
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