The Expired 8x8 Strategy

Introduction: Time-Compressed Engagement

The Expired 8x8 Strategy is an adaptation of traditional lead nurturing models, specifically tailored for the fast-paced environment of expired real estate listings. Unlike general marketing campaigns that can unfold over weeks or months, the 8x8 for expireds is a compressed and intensive engagement strategy designed to build rapport and secure a listing appointment within a two-week window. This accelerated approach acknowledges the urgency inherent in expired listings, where homeowners are often reevaluating their options and are susceptible to swift decision-making.

Theoretical Underpinnings: Psychology of Influence

The 8x8 strategy leverages several key principles of influence and persuasion:

• The Reciprocity Principle: Initiating contact with a “hand delivered expired packet” loaded with valuable information triggers a sense of obligation in the homeowner. They are more likely to reciprocate by engaging with your subsequent outreach.
• The Scarcity Principle: Expired listings are inherently scarce. They represent a time-sensitive opportunity, and conveying this urgency (without being overly aggressive) can motivate the homeowner to act quickly.
• The Consistency Principle: Establishing contact and consistently following up across multiple channels reinforces your message and demonstrates commitment. Homeowners are more likely to trust and engage with someone who displays consistent effort.
• The Liking Principle: Building rapport through personalized communication and demonstrating empathy for their situation increases your likeability. People are more likely to do business with someone they like and trust.
• The Authority Principle: Providing valuable market insights, statistics, and a detailed marketing plan establishes you as an authority in the real estate domain.

The 8x8 Framework: A Day-by-Day Breakdown

The Expired 8x8 Strategy unfolds as follows, ideally within a two-week timeframe:

1. Day 1: Initial High-Value Contact:
   • Action: Call the homeowner and hand-deliver an expired listing packet.
   • Rationale: Combines immediate personal contact with tangible value. The packet should include:
     • A cover letter addressing their expired listing.
     • Information about the current market (hyperlocal data is optimal).
     • Testimonials from satisfied clients.
     • Your unique selling proposition (USP).
     • Your 14-step marketing plan
     • Your contact information.
   • Key Metric: Confirmation of packet receipt and initial engagement level.
2. Day 2: Telephone Follow-Up (Call #1):
   • Action: Call using the 8x8 First Follow-Up script (see below).
   • Script Focus: Acknowledge the packet, inquire if they have reviewed it, and reaffirm your availability to answer questions.
   • Objective: Gauge their interest level and address any immediate concerns.
3. Day 3: Targeted Mailer (Touch #1):
   • Action: Send a personalized postcard or letter.
   • Content: Focus on a key benefit of working with you, such as your expertise in selling homes in their specific neighborhood or your superior negotiation skills.
   • Delivery Method: First-class mail is preferred for a personal touch.
4. Day 4: Telephone Follow-Up (Call #2):
   • Action: Call using the 8x8 Subsequent Follow-Up script (see below).
   • Script Focus: A brief, friendly check-in to see how things are progressing and offering further assistance.
   • Objective: Maintain contact and demonstrate ongoing support.
5. Day 5: Value-Added Information (Touch #2):
   • Action: Send a relevant marketing statistic or special report.
   • Content: Examples include a comparative market analysis (CMA) update or a report on buyer trends in their area.
   • Rationale: Reinforces your expertise and provides actionable insights.
6. Day 6: Telephone Follow-Up (Call #3):
   • Action: Call using the 8x8 Third Call Follow-Up script (see below).
   • Script Focus: Refer back to previous conversations and address the homeowner’s motivations for selling.
   • Objective: Gently probe their timeline and reiterate your ability to help.
7. Day 7: Highlight Marketing Prowess (Touch #3):
   • Action: Send a postcard or letter showcasing your marketing ability, OR send a copy of your Fourteen-Step Marketing Plan.
   • Content: Include examples of successful marketing campaigns you’ve run, such as before-and-after photos of property staging or examples of targeted advertising.
8. Day 8: Final Telephone Follow-Up (Call #4):
   • Action: Call using the 8x8 Third Call Follow-Up script (see below).
   • Objective: Schedule an appointment to discuss their needs in more detail.
   • Call to Action: Provide two specific time options for the meeting.

Script Examples for Telephone Follow-Ups

• 8x8 First Follow-Up:
  “Hi, Mr./Ms. Seller, this is [Agent Name] from [Brokerage]. Did I catch you at a good time? I dropped off a packet yesterday/the other day; did you receive it and have a chance to look at it? The reason I’m calling is to find out if you have any questions and if you are still planning to move.”
• 8x8 Subsequent Follow-Up:
  “Hi, Mr./Ms. Seller. This is [Agent Name] with [Brokerage], just quickly following up to see how things are going. Is there anything I can do to help you… [mention whatever motivates the seller, e.g., “move closer to your son and his family?”]”
• 8x8 Third Call Follow-Up:
  “Hi, Mr./Ms. Seller. This is [Agent Name] with [Brokerage], following up on our conversation from the other day. Have you given any more thought to… [mention whatever motivates the seller]?”

Key Performance Indicators (KPIs) and Data Analysis

Measuring the effectiveness of the Expired 8x8 Strategy requires tracking specific KPIs:

• Contact Rate: The percentage of expired listings you successfully contact. A low contact rate may indicate outdated contact information.
• Appointment Rate: The percentage of contacts that convert into listing appointments. Aim for 1-3 appointments for every 10 conversations.
  • Formula: Appointment Rate = (Number of Appointments Scheduled / Number of Contacts Made) * 100%
• Conversion Rate: The percentage of appointments that result in signed listing agreements.
  • Formula: Conversion Rate = (Number of Listing Agreements Signed / Number of Appointments Held) * 100%
• Average Time to Conversion: The time elapsed from the initial contact to signing the listing agreement. Shorter times suggest a more efficient strategy.

These KPIs should be continuously monitored and analyzed to identify areas for improvement. For instance, a low appointment rate may signal the need to refine your script or enhance the value proposition presented in your expired packet.

Common Challenges and Mitigation Strategies

• Overcoming “Do Not Call” Restrictions:
  • Challenge: Violating “Do Not Call” laws can lead to significant fines and damage your reputation.
  • Mitigation: Always cross-reference your list of expired listings with national and state “Do Not Call” registries. Third-party vendors like RedX can automate this process.
• Dealing with Price Objections:
  • Challenge: Expired listings often reflect unrealistic pricing expectations.
  • Mitigation: Present a data-driven CMA that demonstrates current market values. Focus on the benefits of pricing the home competitively to attract more offers.
• Competition from Other Agents:
  • Challenge: Expired listings are typically bombarded with calls from real estate agents.
  • Mitigation: Differentiate yourself through personalized communication, a clear value proposition, and a proven marketing plan.
• Homeowners Relisting with Their Previous Agent:
  • Agent Script: “Just a quick question. I’m curious, what makes you think that your home will sell now when it has not sold in the past months?”
  • Agent Script: “Why don’t you increase your chance for success and interview a great agent like myself to make sure you are hiring the best real estate agent for the job of selling your home?”
  • Agent Script: “Wouldn’t it be a good idea to get a second opinion as to why your house didn’t sell, and find out how you might be able to gain exposure to another whole set of buyers?”
• Homeowners No Longer Interested in Selling:
  • Agent Script: “Mr./Ms. Seller, can I just ask, what would you have done if your house had sold? Where did you want to be? When did you want to be there?”
  • Agent Script: “Do you mind if I ask why you’ve decided not to sell?”

Alternative Approaches and Critical Analysis

While the structured 8x8 approach offers a systematic framework, alternative strategies exist:

• The “Immediate Offer” Approach: Focuses on presenting a cash offer or a guaranteed sale program upfront to bypass the listing process. Analysis: Can be effective in specific situations but may not maximize the seller’s potential profit.
• The “Relationship-First” Approach: Emphasizes building rapport and trust over an extended period before discussing listing details. Analysis: May be more suitable for long-term relationship building, but less effective in the time-sensitive environment of expired listings.
• The “Hyper-Personalized” Approach: Involves deep research into the homeowner’s motivations and crafting highly tailored communication. Analysis: Time-consuming but potentially highly effective for securing a listing by truly understanding and addressing the seller’s unique needs.

The optimal approach depends on individual agent strengths, market conditions, and the homeowner’s specific circumstances.

Mathematical Model: ROI Calculation

To assess the economic viability of the Expired 8x8 Strategy, calculate the Return on Investment (ROI):

• ROI = ((Gross Commission Income – Total Investment) / Total Investment) * 100%

Where:

• Gross Commission Income: The total commission earned from listings secured through the 8x8 strategy.

• Total Investment: The sum of all expenses associated with the 8x8 strategy, including:

  • Marketing materials (printing, postage, etc.)
  • Third-party vendor fees (e.g., RedX subscription)
  • Time spent on lead generation and follow-up (valued at your hourly rate). The 3-Hour Habit, time blocking three hours every work day before noon, works in this strategy. Allow no interruptions.

A positive ROI indicates that the strategy is generating a profit. Regularly monitoring ROI helps optimize resource allocation and maximize returns.

Conclusion: Strategic Persistence

The Expired 8x8 Strategy provides a structured and intensive approach to capturing expired listings. By understanding the underlying psychological principles, meticulously executing the step-by-step framework, and continuously monitoring KPIs, real estate professionals can significantly increase their success rate in this competitive market. The key lies in a strategic blend of persistence, personalization, and a genuine desire to help homeowners achieve their real estate goals.