Half a Million Dollars GCI from Expired and Withdrawn Listings in Real Estate | Tom Toole

there's a lot of people here Wow okay so a little bit of background about myself and expired listings and who me and my team are we work the Philadelphia market both the city and the suburban Philadelphia market we have the team of five salespeople two of which are brand new and this year we're going to close over 260 transactions which is over 80 million dollars in volume expired listings have been huge for us before I started working expired I only had one lead source it was my database that was it and the business was plateauing very clearly so when my coach encouraged me to do this we really committed and went very deep on the system and last year we generated over $300,000 in GCI this year we'll be over 400 just from this lead source alone so we know what the backstory is what are the tactics the resources and the secret so tactic number one is using the script so what I'm talking about here is not just reading through the questions like most people do I'm talking about standing up like I am right now being in command and focused and engaged in the conversation I'm talking about using body language like they teach you at sales edge so point to yourself when you say things like when do you plan on interviewing the right agent whoops for the job of selling your home karate-chop at the end of the sentence is to downswing and sound confident and not question yourself and most importantly internalize the script now what backwards and forwards because these conversations are gonna go all over the place you're gonna get objections they're gonna go sideways if you know the script that gets you one step closer to the appointment and that's the only goal here is to get the appointment that's all you're looking for is a face-to-face meeting so tactic number two is gonna be time blocking your morning routine to work expires every day no matter what the mistake I see a lot of agents make is they schedule appointments when they're supposed to be prospecting or they're negotiating an offer or they're dealing with a home inspection or doing something that is going to be there after you're done there is no time more important in the day than lead generation because that fills your pipeline so how do you protect that time one actually schedule it in your calendar so you don't book another appointment to put your phone on Do Not Disturb so you've probably seen that little moon thing the iPhone that's gonna shut up all the notifications so no texts no emails none of that nonsense and lastly on your computer screen you want to close down everything all that should be there is your dialer and the MLS that's it now email no social media none of the stuff that's gonna take you off the game plan of setting appointments that's all we're looking to do here so what's the third tactic and that's gonna be massive amounts of follow-up what I know is that less than 5% of the time do I actually schedule an appointment on the first call it's over 95% of the time that I scheduled it on call number six call number fifteen call number twenty-two whatever I'm calling them when no one else is because every agent they usually stop after two or three attempts I mean who's done that here I'm sure a lot of you have you give it a couple shots and that's it now the calling moves the needle the most but there's a couple ways you can supplement this system so when you followup like you should you can schedule the appointment they know who you are the first is going to be direct mail so I want you to think of social proof these postcards I'm talking about they're all over Tom's site I mean they're everywhere it's pretty simple this home was on the market over six six months with another agent they hired me we sold it in two weeks we got two offers it sold above the asking price what expired listing doesn't want that experience they were on the market their home didn't sell so show them you can deliver it and I'm not talking about one or two attempts here with this this is like nine to twelve pieces of mail over a two month period and lastly and I would rank this a far third is email email can be very effective when it comes to not being able to schedule the appointment on the first time you talk to them send them an email tell them what you're about send them into your Zillow reviews and then calling back when you say you will that's the biggest mistake people make is they don't follow up like they're supposed to so what are the resources to use to utilize with these tactics so resource number one is going to be a data system with a dialer embarrassingly I did not use a dialer early on my coach at the time great guy very experienced in this he almost dropped an f-bomb on me on the call when he found out I wasn't using the dialer he was disgusted because he can only call like twenty or thirty people an hour when you're manually dialing and leaving these long voicemails so instead you can pre record a voicemail so that's 30 to 45 seconds right away you're getting back it's dialing it for you and all the informations already looked up and found so you know what homes are coming off the market and what the phone numbers are so this boosts efficiency and effectiveness always leave the voicemail I am NOT a secret agent I want people to know how many times I call him because that's how much I want their business and what's gonna be resource number two I want you to think about video here so either a video text or a Bom Bom email so Bom Bom is a program that embeds the email or the video into the email so you're not sending some huge attachment no one ever can open anyway this is gonna get you face to face with those folks and when you followup with them like you're supposed to they're gonna feel like they already know you there's a lot of agents out there that are going after these but none of them are doing this combination and this aggressive follow-up that's happening so obviously the idea here is follow up in appointments so what's that what's the secret here's what I know about expired listings there is a limiting belief or what Tom would call a story that these people are overpriced they're not motivated they don't want to sell they're not going to listen or they're just simply and that might be the case in some somes instances but look at their actions they interviewed agents they signed a listing contract with somebody then they took their home to the market had all these people come through they wanted to sell they just picked the wrong agent so once you understand what their mindset is and that it's a bunch of nonsense what the preconceived notion about expires is the secret is there's only three objections the first is we're gonna read lists with the same agent the second is we're going to sell it on our own and the third is that we're not going to move and if you can handle those objections you'll get more appointments you're gonna schedule get more listings and make a lot more money than $100,000 work in this system because it's pretty obvious so who wants to hear the objections how to handle them anybody okay can you help me out glad you brought that up you guys got your recorders on taught me how many expired listings will you list this year this year we've done 40 already I'm budgeting for another 25 between now and the end of the year okay so sixty-five listings and there's only three objections you got it handled only three objections you guys got him you guys ready so tom we hear you're saying but look you know we're gonna list with our same agent you know we've known her forever she spent but we appreciate you following up like this sure well I get you have some loyalty to that agent because you've been working with them for a while can I tell you why it makes me nervous you're gonna just read list with them blindly nervous it makes me very nervous because what I know was your home was on the market over six months the average time on the market right now is between 47 and 62 days really absolutely so your agent should have sold the home three times and she didn't sell it once so what do you thinks gonna happen differently this time around that's pretty good yes let me go a different direction you know Tom I look at all you agents and I go online and I see all these sites I think we're just gonna try and sell it on our own I mean we know we need to market it more but ultimately everyone's told us we need to drop the price so we're just gonna drop the price and sell it on our own short can I share a concern that I have with that about your mindset there a concern absolutely I got a concern I'm trying to help you here and that's why I called so what I know is that of all the homes that sold this year in our market place over 98% involved both a listing agent and a buyer's agent meaning less than 2% only had a buyer agent or no agent at all and those homes sold anywhere from 9 to 17 percent less than what they could have gotten had they had a professional agent like me marketing the property do you really want to leave that amount of money on the table guys okay how many of you would say soft or strong strong 9 to 17% really there's a site called keeping current matters I'll send you the slide and all the data ooh big shout-out to keeping care of matters you know what actually Tom I gotta tell you everything you're saying sounds great and you're fantastic but I think at this point my wife and I are just frustrated we're just not moving we're done we're done with this whole thing you know I'd be frustrated too of my home didn't sell now now what I know tom is that your home was on the market active last week right yeah so you get an acceptable offer last week you're taken and moving right I mean yeah yeah so what's the new plan now that you've decided you're just frustrated and don't want to move what are you doing we just think we need to wait out whatever's going on in the economy you know the wrong person got voted in and I'm just pissed and I just I don't know man I don't know like I said I'd be pissed too if my home didn't sell I hear where you're coming from so would it be that ridiculous just to set up a quick meeting to show you how we can get your plant a back on track and wait things out and get you to where you really want it to be in the first place 15 minutes 15 minutes you can throw me out afterwards I'll bring a timer guys give him a big round of applause it's easy so Tommy closing thoughts there's all they all should be doing it maybe you don't want them to closing tops I'm glad for people to do it because they can come to me in my market I got no problem with that but this is such an obvious thing I mean when I got turned on to this my coach at the time he said look they believe in the reorder concept they hired an agent why wouldn't you call them it's not like a for sale by owner so it's a lot different and it's you're not spending a ton of money here it's focused marketing on specific properties that we're out there so this changed my business and I know it can change yours I wouldn't be up here today if I wasn't talking about this and like I said it's three to four hundred thousand dollars over the past two years that's a lot of money it is a lot of money hey it's coach tom ferry have you been considering hiring a coach if so click the link below and check out what we do [Music]

Channel: Tom Ferry

Views: 37,385

Rating: 4.9506173 out of 5

Keywords: tom ferry, real estate, real estate coaching, real estate training, real estate school, business, entrepreneur, expired listings real estate, expired listings, real estate agent, realtor, withdrawn listings, expired listing scripts, real estate scripts, tom toole, real estate prospecting, objection handling, how to get listings, real estate tips, follow up, expired listing calls, lead generation, tom toole realtor, real estate leads

Id: FpMDHGdzYKk

Length: 10min 2sec (602 seconds)

Published: Thu Jun 21 2018