The Nature of Calling an Expired Listing Lead
By: AC Ronquillo
In Real Estate the challenges of selling a home has been difficult for some of the agents. Not everyone is skilled in selling a home, it really intrigues me the reason why a home has not been sold by an agent. Usually it bolls down to 5 reasons- Price, Location, Condition, Marketing and worst of all the Agent’s Behavior. The moment the home goes off the market, the sellers gets a ton of calls first thing in the morning.
For someone who is new in real estate “expired listing” does not mean that it’s an old listing, but the term “expired” means that the listing contract expired with that agent whom the seller signed for. The seller has an option to either renew that contract to have the same agent be in charge of selling the home or simply look for another agent.
Although an expired listing is really the King of all lead sources because you can call them today and list them the same day! however based on experience as an Inside Sales Associate, this can be challenging for some. You really need to understand how an expired seller thinks.
Understanding a little bit about human psychology is key to your success with expired listings. So let’s begin by identifying the 3 different human behavior patterns you may notice when interacting with a seller whose listing has expired.
We have 3 Behaviors observed
1. Rationalization
2. Reaction Formation
3. Displacement
Rationalization
When people don’t get what they want or attain a goal they’ve set, rationalization often sets it. This is a normal human behaviour pattern that helps people avoid depression.
For example, when a couple experiences a breakup in their relationship, each may rationalize it by saying, “He/she wasn’t right for me anyway. Same thing when selling a home- “Well I could really sell at a different time maybe next month”
Reaction Formation
When a person feels a certain way (perhaps sad) but acts in different way (cracks jokes), that person is displaying a reaction formation. People do this to hide their real feelings so they don’t appear vulnerable. Here’s a classic example of a reaction formation in action.
For Example: When a seller’s home does not sell by the listing termination date, he may be very upset or mad on the inside, but on the outside he may seem aloof, shrug it off, and say, “Oh well…it didn’t sell. C’est la vie!” An unskilled agent may interpret that as a sign that he won’t re-list because he doesn’t care,when in reality he is very upset by his home not selling
Displacement
Sometimes people are upset, mad, or annoyed at one person, but they take out their frustrations on another person. This is called displacement. You’ve likely been on the receiving end of displacement many times.
For example, your spouse had a bad day at work and comes home upset. Nothing anyone at home does is right. Your spouse is displacing her frustrations about work on her family, even though the family had nothing to do with making her upset. No different from Real Estate,
Prospecting is a skill and that is a fact! - In the old west we prospect for Gold; we separate the dirt from the treasure, not different from real estate. You have to understand that these are actually human beings that have feelings so before you rebut to their objection you have to exercise 2 things: Compassion and Understanding that is the real key to getting the rapport needed.
If you need help and assistance on calling Expired we will guide you, please login to our website: http://www.lasvegasfindahome.com/ or www.SoldByJenkins.com or call Bill Jenkins 702-845-8540 or Fran Jenkins 702-860-5432.