Second-Hand Listings Sell, so How Do You Become Second First?
We all know second-hand listings have a 90% chance of selling, so coming second is sometimes not such a bad thing. So how do you become second first? Before we get into this, let’s just address the ethics of offering what I simply call, “an alternative service.” Some agents say that it is not the right thing to do, to jump another Agent’s listing. However, in every other industry, it is quite normal. Look at internet companies? You may be in a contract but the other companies do not decide not to market to you. It is all fair game.
So let’s talk about how you would get in the door of a second-hand listing before we worry about who will do what. In each state, it is obviously different. In this instance, I’ll reference the 60-day agreement we had in QLD before they brought in the 90-day one. My theory was, after the first open home, it was a great time to start with a letter of introduction. This is a simple letter, advising of who we are and what we do. In my letter, there was a subtle testimonial at the bottom, from a client who sold over asking price, in week one, due to our unique marketing campaigns.
Week 2 is the week to go for the throat. It is just like any product marketing campaign, first, you must get the awareness. Week 4 is crucial. This is where we want to see if they are still on the market. If they are, pay them a little visit, if it is owner-occupied. Now what do we say when we visit and what impression do we leave them with?
Rock up at the doorstep with a card, a package, and the best suit you have was my strategy. The card is self-explanatory, but what is in the package is what is important. The approach should be, in my opinion, along these lines. “Hello, my name is John Smith from blah blah Real Estate. I can see you guys are on the move obviously, so I thought I would drop around our moving pack. Inside contains some helpful tips and a glossy guide of all our properties for sale if you are planning to move locally.” That’s it, then get out of there. No sales shit. They know what you are there for and will appreciate the way you did not push. If you can get a mobile number, to register them on your buyers list, that is ok.
At the 6-week mark is when you can turn up the heat, as they are now really questioning whether they have made the right choice. First, another letter in the mail with recent sold properties and more testimonials. These should be testimonials from clients that changed to you after a failed 1st campaign with another agent. You do not need to say how good you are or any of that other crap. Social proof is key as they only care what someone else says. When they read a few testimonials, mentioning the unique marketing strategy and buyer management program that you have, they will get the hint. This must be closely followed by a phone call if you have the number or another visit.
We can call this 6.5, which is getting to the point where they will really be ready to interview an alternative product. This is you, so you need to get in there now ASAP, to close the door for others doing the same. A concerned phone call is the approach, assuming you have the number. If not, another visit is on the cards. If you have the number, let’s go with this. It works a treat. I got smashed a few times, by a guy that used this line.
“Hello Mr or Mrs Vendor, it is Blah Blah here from Blah Blah Realty. You might remember, a few weeks back I dropped over our moving pack and I really thought you would have made use of it and be moved yourself by now, what is the hold up?” ……………… | Now here is the line that stung me. “As far as I can see, your property should be sold, do you mind if I pop over and take a look at your palace and maybe give you a few pointers? “
That line is gold! It sounds so bad, but by this point that is all they want, because in their mind, it is not the price, it must be the agent. Sow that seed on the visit and you have yourself a second-hand listing, every time, that is just waiting to be sold!
Great strategy now, how do you implement it and monitor every new listing? What is sold and what is not, find phone numbers and more? This is literally the first thing I wanted a Real Estate Virtual Assistant for, as it was far too expensive to pay a local to do what is essentially data mining. I put together a process, then hired a VA, and went through the motions of execution. It started to work and we became second-hand listings kings, like the white knight of Real Estate.
This is really gold, I am not sure if anyone actually reads my long dribble but if you do and like it, share it or leave a comment here. It takes a lot of effort, a few glasses of red, to write this stuff, so let me know if it’s valued. Cheers, have a great week and stay safe.