This one comes from day seven of our month long aged expired listings live series. By week two, people were replying, giving me numbers, and asking for offers. So this whole session is about the part most training skips: what do you do when it starts to work?
I walk through three real situations. A seller who replied to an email with the number he wants. An expired seller who asked one of our Founders Club members for a cash offer. And the motivated seller who just said yes to my 1 page listing proposal. I've left out names and addresses here, but the steps are all the same ones you'll see on the screen.
When a seller replies with a number
Overnight, one of the aged expireds I had emailed on Monday wrote back. He was interested in selling for no less than a certain number, and that number was higher than the price the home expired at.
Here's what I did, in this order:
- Pulled him up in LeadDeck and hit the get cash offers button for preliminary offer options.
- Checked the property details and fixed what was wrong. The record had the wrong bath count, and that changes the numbers.
- Requested verified offers from two of the institutional buyers.
- Sent a short reply with a script straight from one of our playbooks.
The preliminary offers came back a little short of his number. That's fine. As I said on the stream, "when he objects to the proposal that I start with, that is an opportunity, not an obstacle."
My reply was simple. The best preliminary offer came back a little short, it was based on public tax record data, I took a closer look at the property and think we could likely get him a better offer, and would he be open to a quick 5 to 10 minute chat so I can verify some details. All I'm trying to do is move him a little farther along.
The continuum: moving people one step at a time
I call this the continuum. We choose who we reach out to (here, aged expired listings), collect the data from the MLS, scrub it down to the best ones, get the contact info, and reach out so people respond. Yes, no, maybe, what's the offer, here's my number. Whatever they say, the goal is the next step, until we find out if there's a contract opportunity.
Every reply is a chance to connect a little deeper. You're not trying to win the whole thing in one message.
When an expired seller asks for a cash offer
One of our Founders Club members texted me after our mastermind. She had an appointment the next day with an expired seller. It was newer construction, it had expired twice with two different agents, and the sellers had specifically asked for a cash offer.
She'd already started building her marketing plan to relist it. I told her to hold on. They asked for a cash offer, and we don't want this to feel like a bait and switch.
So the plan was:
- Get verified preliminary offers first, and present those options before anything else.
- Let them decide. Maybe they take one.
- If none of the cash options work, then pivot: "I totally understand that these options don't work for you. Here is my plan for you if or whenever you're ready to explore this alternate option."
Best case, they accept a cash offer. Worst case, she's positioned as the agent of choice when they relist, because they need to sell.
This is the big idea from the session: "sometimes we have to give potential clients, in this case an expired listing, sometimes we have to give them what they want in order for them to be open to us providing what they actually need."
Closing the loop: he said yes to the 1 page proposal
On Monday I shared an email from a motivated seller who reached out on a Sunday night. He was talking with a few local agents and asked me four questions. I answered with a Loom video, comparable sales, and a 1 page proposal.
The next morning I followed up with one thing I'd missed in the proposal (marketing to owner occupant buyers too), and I asked if he got the video and PDFs. When I go to those lengths, I want to make sure they actually see what I sent.
His reply: "Josh, I appreciate the hustle. The video and comps were genuinely helpful. I'd like to move forward with you on the listing." I sent disclosures, and we planned to have it on the market the next week.
Verified offers vs. unverified offers
Someone in the chat asked about the difference, and it matters.
- Unverified (quick) offers come from a computer. They're based on AVM values, and the platform pulls four of them: realtor.com, Redfin, Zillow, and another real estate data source.
- Verified offers mean a person at the buyer actually looks at the property and the comps and adjusts. It's still up for negotiation, since there will be an appraisal and a home inspection.
Once someone is getting serious, I want the verified offer. I'd much rather start a little low and figure out why than tell a seller "we can get you more" and then come back lower after verification. That leaves a bad taste.
When the number is a smoke screen
At the end of the previous day's session I talked with another expired seller. At first it was "not really," and then she gave me her number.
Here's what I know: the number isn't always the number. Sometimes it really is. But sometimes "the number they're throwing out is a smoke screen. And if you're the one that can work your way through the smoke, you can uncover the real opportunity."
Interested, but not right now: my 4 part follow up
When someone is interested but not ready, here's what I do:
- A personalized follow up. More often than not it includes a Loom video.
- An automated market report in my CRM, set by zip code when the city has a lot of different zip codes, or by city when it's just one. The more relevant it is to them and their property, the more likely they are to engage.
- A monthly home value update campaign: an email, a text, and an email.
- A market update postcard in the mail, personalized to their property.
All of that is my insurance policy, so when her timing and motivation pick back up, she at least considers me.
My follow up email was short. Thanks for your time yesterday, I'm working on some preliminary offer options so whenever you're ready you'll have more information and potentially more options than last time, and I'll send them over as soon as I have them. Then I ended with "Does that make sense?"
That last line is a little thing. "It's a little thing, but it's a big deal." I do whatever I can to get them to reply, even if it's just "yes, that makes sense." Every reply moves them along the continuum.
Key takeaways
- When a seller gives you a number, show them real offer options and use any gap as a reason for a quick call.
- If they asked for a cash offer, lead with cash offer options. Then share your plan to sell.
- Get verified offers before you get specific. Start low and figure out why, rather than overpromise.
- The number isn't always the number. Get curious.
- For people who aren't ready yet, set up a personalized follow up, a market report, a home value update, and a postcard.
- End your messages with a question that's easy to answer, so they keep replying.
Chapters
- 00:00 Week two of the aged expired live series
- 03:00 A seller replies with his number
- 07:00 The continuum, from first contact to contract
- 08:00 How I present preliminary offer options
- 12:30 When an expired seller asks for a cash offer
- 18:30 Closing the loop on the 1 page proposal
- 20:30 Verified vs. unverified offers
- 24:00 When the number is a smoke screen
- 27:30 My 4 part follow up for people who aren't ready
- 35:30 Little things, big deals
- 36:30 What's next