How to Generate Luxury Listings on Demand Without Cold Calling w/ Janie Coffey — Part 2

The real estate industry has failed to create a clear path to time and money freedom. Having helped over 5,000 families in my real estate career and coached thousands of agents to scale their businesses, I know what works and what doesn't. And my goal on this podcast is to share it all with you. The good, bad and ugly of building a highly lucrative lifestyle business so you can focus on what truly matters in life. You won't find any hype or fluff on this show, just real world tactics and strategies that get results. You just got to do the work.

What's up real Estate Business Builders? Welcome back for another awesome edition of our training. We do this every week, but you are in luck. This is part two of how to generate Luxury Luxury listings on demand without Cold calling with Janie Coffee, who's one of my business partners and a past real estate B school member. If you miss part one, you definitely want to go back one training and consume part one. Janie's amazing businesswoman focuses exclusively on the luxury side of the business and she breaks down her luxury expired program. So this is part two if you know you want to have a conversation with US milliondollaragentmethod.com and book in a strategy session. And without further ado, here's part two of how to generate Luxury listings on demand without cold calling with the one and only Janie Coffey.

So why luxury expires and why has it been so great? So what I found is if they relisted because again, I took really good notes of everything. If they relisted about 60% of the time they realistic with the same agent, they might have taken it off the market for a short time to recover or something, but 40% of the time they realistic with somebody else. And I was happy to have the opportunity to be with one of the people considered with that 40% that was relisting with somebody else. I also realized that this is my market. You would have to do your own steps, of course, but if they relisted with the same agent, on average they relisted in about three weeks. Maybe they just needed a breather, maybe they just needed to take a break. But it was on average three weeks, sometimes six months, sometimes a day. But if they relisted with a new agent, it was often 43 days because now they were really slowing down to take the time to interview other agents, take a breather, and figure out what they're going to do next. And that gave me time to deploy this system that I created. So of the people who contacted me and about 13% of everybody that I sent things out to, 13 contacted me. The results were about a third. A third, A third. One third of them said, you know, thank you so much. I'm going with another realtor. I've already selected who they are. One third said they were kind of waiting right now, maybe they weren't going to relist. And then one went there, said, you know, please come over it and let's talk to me. Only two in the whole time ever said, please don't mail me anything anymore. And nobody called me to say that. A few people actually mailed me something to say that. And they were often very nice and said, you know, don't spend your money or time. I'm just not selling it all anymore, so you don't need to mail me anymore. But it was. I didn't have to have that sometimes call. Call reluctance that I had when I was thinking about calling expires because I wasn't calling. And so it wasn't really interrupting anybody. And it went really well. My kind of listed rate was over 4, over 5%, which actually is really great if you consider that compared to direct mail, because now we're having a much higher direct contact, targeted contact, because now we're not doing direct mail to a whole neighborhood where only a small fraction are going to consider listing. We're mailing only people have shown already they have the interest to list. And that was through the expireds. But it also laid the groundwork for future listings because like I said, if they didn't call me and they didn't relist, they just went into the. Just mailed, just listed, just sold, direct mail list. Anyway, so they were still getting stuff. So it's kind of priming the pump for future listings as well. So people always ask me, like, what do you say in the letters? And I basically broke it down into four kind of segments. One was their pain. Like, people who have expired off the market have pain. They're tired of keeping their home up. If they still live in the home, it's frustrating. They might have lost something that they wanted to buy. They. They have paid now for two properties, maybe for an extended period of time. They didn't expect, but they have pain. They also have frustrations. A lot of times their frustrations are they think that their agent didn't do enough. That's what they think all the time. Their agent didn't do enough. The agent probably did a great job, but the agent didn't do enough telling them what they were doing. So that's one thing. Or their agent just stuck a sign in the yard and put it on the MLS and that was it. Or all kinds of things. I've heard all kinds of things over the year, but they serious frustrations. And then of course I want to know what do you do differently? So I talk about a lot with them about a bespoke marketing plan. We make a marketing plan just for your house. We really go in and look and, and try to figure out who are the top two or three most likely buyer profiles and how are we going to get in front of them. And a lot of times they're just flat out angry. They're angry at real estate agents. So sometimes it's just sitting there and listening to them. But these are the pieces that I contained in my, my, my letters and my postcard. Each one was kind of touching on these different things, whether it was the frustration or the pain or what we do differently. So we were getting in front of them with all that information. I do want to say this is not an overnight thing. I know people who like to call expires like that because sometimes you have an immediate response of somebody to come have an appointment. This is a marathon, it's not a sprint. But the good thing about it is the longer, the more pieces somebody's received from me, the more likely they are to list if they contact me. If they contact me after one or two pieces, they're normally saying I'm relisting, thank you so much. But I've already chosen my other agent because they already picked their agent out before they expired if they contacted me. The average across the board who contacted me contacted after 14 and a half touch points. And I point that out because a lot of people say I've done expireds, I've mailed expires, but it doesn't work. And I asked them how many times Most people mail one thing to Expires or maybe five things. I've yet to speak to somebody who's mailed 10 things to Expires consistently. The longest of all the pieces was 32 pieces. Somebody got 32 pieces that included some emails. And then they're like, just come over and lose my house. Like I never spoke to them before. And, and one gentleman actually said he left a voicemail. He said you'd hounded me so much. And I thought he was about to tell me off. Just come over and list my house. I looked him up in my system. Turned out it was a seven and a half million dollar property. It was the Highest property at the time in that county. So that's why that long kind of touch point kind of works so great. Excuse me. And it also works great for the people who are not local because they have time to take things. People always ask me like, what's the best letter? And they just want me to share a letter. I get that asked all the time, what's the best letter? Tell me one thing. There's no magic bullet. There's no magic letter. But there is a golden arsenal. And the arsenal is like the whole plan. Because it's touching, touching, touching, touching. And what you're doing with that plan is Lars tells us, and Stacy tells us about the magic of having a pre listing package before you go on a listing appointment. This is kind of like little mini pre listing packages with each thing they get. Each one of these things is handling an objection. Because we're talking about a communication plan, we're talking about our marketing plan, we're talking about our results. So the more of these things that can get in front of the sellers before they contact us, the better. And what happens is once, once you set your system up, if you're familiar with a flywheel, what a flywheel is as a piece of equipment that it takes a while to get started. Takes a while to get started. But once it gets started, the kinetic engine, the kinetic energy just keeps the wheel going and going and glowing. Basically it stores up the mechanical energy to be used for later use. So this no call, luxury expired system does the same thing. It takes a little while to get going. But once it goes, be as little as 30 minutes a day that you spend on it. You did spend more on the first of the month because a lot of people let their listings expire the last day of the previous month. But then it just creates this flywheel effect of. I think what Lars called was automated, automated listings or something like that. And this is kind of. I use Top Producer. It's old school. I don't use Top Producer for anything other than this system. Because there's a few things that work awesome in Top Producer that I have not been able to find work in other systems. So I call it kind of the backbone of the system because it is that action plan. Because it is a kind of specialized plan. The way Top Producer works and the way this does is you click on something once it's done the next day. Because if you think about it, we're adding new properties every single day that have a multi piece system. And sometimes if, when I'm really targeted I have a whole equestrian sequence. I have a full historic home sequence, a waterfront sequence. I would not be able to keep that straight without an action plan that is just like click and play. Click and play. It does require being in person. Meaning this is not something you can sub out to a VA in another country because it's all reliant on them receiving. Go back here. Them receiving handwritten envelopes with real stamps and ideally, you know, they're getting it the next day. So you do need somebody local that can be you. I enjoy doing it myself because then when somebody calls me, I've normally looked at their property so much. I'm very familiar with it when they call and they normally think that you're like only mailing them. So they call you and they're like, oh, you've been. You know, they, they do expect you to have a high level knowledge of their property when they call. So I found I enjoy doing it myself. But you can have an admin do it if you have a great admin. My tech stack looks like this. Like I said, I use Top Producer to keep it all organized. You have to have at least one expired system that's giving you the expired data every single day for a couple reasons. You can export it every day right into Top Producer and then also it's telling you which of which have relisted so you can stop your system. If you were relying on the MLS to do that, it'd be incon. Inconceivably challenging to do so having at least one. I actually do Red x and Vulcan7 because I'm kind of neurotic. The post office, of course, for your stamps and things like that, and then some kind of printer for your postcards, but that's it. You can add in slide dial, you can add in spoke, you. You can add in these other things. If you want to add in calling or slide dialing or emailing. But Top Producer with one expired system, stamps from the post office and a great admin. That's either you or somebody local who loves administrative stuff. They have to love administrative stuff because if somebody messes up this system midway, you would never know. And then they would just. Your people, your. Your prospects would stop getting pieces and you'd never know. Sometimes people ask me about calling again. I. Calling didn't work for me. If you love calling, I would add that in. I would add it in further in the sequence so they're already warmed up by the time you call. A lot of times sellers that I was working with actually had Told me that they really appreciated that I hadn't called them and I hadn't knocked on their door. Because at the higher levels, the people for sure are used to having their personal space kind of protected. Sometimes it's even gated or gated neighborhood anyway. But they're used to having their personal space protected. And calling or door knocking kind of made them feel a little bit uncomfortable with that. So they actually told me they appreciated that I didn't. And like I said, they're normally looking for somebody that they perceive to be operating a very high kind of professional level. And not to say calling doesn't. It's just going by the responses I got from my expired sellers. They did appreciate that I contacted them by mail and let them contact me when they were ready. A couple lessons learned. You can use RPR has a really good heat map for an area. I would look at the properties you were going to mail to and look at the heat map because if it's in a super, super cold area on the heat map, I don't know if I'd spend my time. Also I would deploy or start to add in a little bit more bread and butter. This doesn't work as well on bread and butter properties because these properties normally relist a faster than higher price properties. So you don't have the time to get too many touch points to them. But if they're more special properties, I might add that in there. Another thing in the beginning that I didn't do, excuse me, was I didn't look at the property pictures on the listings and there was some real dogs. Like as soon as I got to the house, I was like, oh my gosh, like, I don't even want this listing. So midway through, I started to look at the, the pictures on the MLS to make sure that it was a listing I would want to list. And then what really boosted me faster once I got going was creating a niche. And that's when I really honed in on historic properties. So if you can create a niche on top of this, whether it's historic or golf or whatever, it doesn't mean that's all you do. But it definitely helped. And like I said, if you have an admin, your admin has to love admin. So with that, I have a few minutes. I can answer some questions. Otherwise, I can tell you how to stay in touch if you want to stay in touch. And I just appreciate you, Lars and Stacy for having me on and.

Yeah, yeah, let me, let me go.

Through a, a few questions here. So the overarching, and we've been through this today already, is that this is not. You're not going to cash a commission check three weeks after starting any system that's worth having in your business for many years. Right. How many years have you had this system in your business?

8.

And how much of a pain in the ass was it to set up and to keep it going on a daily? Like, it's a, it's a, it's a lot of work that most agents won't do.

Right, right.

Which, which I love it because that means that, you know, I've already eliminated 99% of the competition right there. So it took, it took me because I had to create this system from scratch. It took about four months to put this system together from scratch. It takes anywhere from 30 minutes to an hour a day actually doing the work that's putting into the system. Let's call it 50 listings a month. Now, some of those listings end up relisting, so then I take them out of my system. But I start with day one with about 50. And at least a third happens normally on the first of the month because a bunch of people expire on the last day of the month. But yes, it takes time to put together and it takes time to be in front of people enough before they call. But then, like I said, it creates the most incredible flywheel effect that there was a time I had to stop it. I could not keep up with the business it was bringing in. Yeah, that's for me.

And I remember one time you were kind of running through this system and, and everyone's like, what does letter three say? What does let letter four say? What is. And I think you have a link to your system, which I'll, I'll let you, I'll let you share. But you made the comment like it doesn't matter. Just get to 32. Like, just map out the 32 with some thoughtful, good looking, higher end, you know, sort of pieces where like over time they're going to have an impression of you. And we had a comment if you were to make a call two to three weeks in, you're following up, say, hey, you know, you know, Mrs. Coffee there. Yeah, I just wanted to make sure you got the package I sent out a couple weeks ago. And I just wanted to follow up if you guys were considering relisting. I just want to be in the list of choices. I'll continue to mail you helpful information if that's okay. Like that. That call is way easier to make than like 7:29am you know, every 20 agents are calling. Right. So talk about just calling. I mean, in that regard, kind of fit in to the system.

Yeah. So you can definitely call later in and that would be exactly it. Hey, this is Jane and Coffee. I just wanted to make sure you receive my package or my letters. They're the ones that are, you know, with black envelope. Oh, yes, I definitely got them sometimes, like I said, sometimes they literally tell me I've thrown it in the trash every single time. And they chuckle about it. But then they still call. Right. So it's not about what's in there. I talk to you about what to put in there as far as, you know, touch on their pain points, touch on their frustrations, touch on what you do differently. But it nothing in the letter or a package, not one of those things is going to convince somebody to list with you and end of story. And I do this at a very high level. What gets them to call is the consistency where each piece, if they read one out of three pieces, you're touching on a pain point. Like, oh, yeah, I did feel that way. Oh, yeah. Because I'm not just saying how I'm better and better and better because that's also what a lot of agents do. I'm touching on how they're feeling and I'm showing that I understand that and I might have a solution for them. So when I do call, like I said, I didn't. But somebody who wants to call, it's a much easier conversation.

Yeah, that's awesome. And the easiest way to get in touch with you, you'll just drop the link. The discount code is like, they need to type in rebs just to message you on Instagram.

Yeah, just so message me. If you go to Instagram, you can sign up. I only have one link on Instagram and that's my mailing list. It's my wait list for when this program comes out. And just remember, rebs for rev so that when the program does go live, and it should be live relatively soon, anybody with the rebs thing, I will have a 50 discount code for you. And then this little thing, this bts, no call expires. Also on Instagram, I have a broadcast channel that's behind the scenes. No call expireds. So I'm revamping my whole expired system right now for 2024. So I'm sharing that on Instagram in my broadcast channel. The behind the scenes no call luxury expire. You can follow along, sign up through that link on Instagram. For the wait list. And then like I said, when it goes live, just remember to drop revs in there and you'll get a 50% discount.

Awesome. And generally there's not a whole lot of customization. Right. I mean choose personalized like handwritten over labels of course and that sort of thing.

Right.

Any kind of tips around mailing like that? Like you know.

Yeah, if, if you, if you're going after the higher end 100, you have to use some kind of colored envelope. Never ever, ever. Those white envelopes that you just mail a bill or a check in, always some kind of colored envelope that is recognizable and stands out from everything else. Even if they never open it and they just drop it and think handwritten and with a stamp. That's a real stamp, like a flower or a tree or whatever the stamps are for this month or this week, not the forever stamp. The reason is we are trying to mail things that when people receive them in the mail, if they stop and pause, right. And it's not looking like just another junk mail, just another letter where they're just going to throw it right in the trash. They might still throw it in the trash, but they'll recognize and they'll tie it together. So that's super, super important. And also printed on nice paper, not just hand sign find. I mean it takes a little effort, but the effort is worth it. If you're listening, a 1 million, 2 million, 5 million, 10 million whatever it is in your area, 750, 000 whatever in your area. It the people who are going to connect with that type of material are the people at the higher end because they are used to that in their life. They're looking for that in their marketing. So I would say the one thing is for sure, be very mindful and thoughtful of the materials that you actually mail with.

Yeah, that's awesome. And one of the questions here. So she wasn't a brand new agent when she started, but, but the, the, the philosophy here is that you can't do all the systems, right? So if you're going to start a system, you're going to go all in for the next decade. That's the mindset I want you to have around it where you, you're not going to just dip your toe in this and like three months in it's like, nah, I didn't list any homes. Right. You're committing to this thing for many years to come and you probably can only be really awesome at like one or two Legion levers. Like you can like master Open houses. And that is the thing you own. And you're going to spend the next two years doing 150 open houses. Right?

You will be the best agent in.

Your market at open houses, and you'll probably close 50 deals from it or 60 or 70 deals, but not if you're doing one open house, a quarter. And then I tried, you know, I sent out three things to expires and like, I don't have my database set up yet, and I'm sporadic on social media. And then I tried some realtor.com leads and that's what every agent does. So if you're going to do a system like this, I committed to expireds and I never stopped. And agents like the market, they would say, well, you know, there's no expireds now. It's like, well, I'm not going to stop the system. Even if we go from one year, we did 750,000 GCI and yeah, it dropped to 400,000 GCI, but we were working old expireds, expireds from three, four, five years ago. So I think every agent needs an expired direct response system in their business, whether it's luxury or, you know, it's all the expires. I am a hundred percent like, Janie, I called expired for like 10 minutes and the one guy was super mean to me and I was like, I cannot make a career out of this. Right or wrong or indifferent. Some people can. And I just couldn't. I couldn't do it. So I went towards direct response. All right, Janie, what's the last word?

I just want to answer what this person said about, yeah, she was new. She wasn't new to the business. I wasn't new to the business, and that mattered at the listing presentation. But I was brand new to the market and I needed to get in the door in the first place. So to. To the market, I was new. And if you're not, if you're new to the business, you can still do that work and find one or two or three agents in your brokerage who are comfortable at that level and say, hey, if I deploy this system, would you go on listing appointments with me and we can share the listing? And I bet you for sure they would do that for a year. And then you won't be new to the business either. And then you can go on your way and continue the system that you've been building up.

That's a really good idea. That's a nugget right there. That's awesome. Awesome, awesome. Thanks, Janie. I appreciate you, as always. All right.

Hopefully you enjoy part two of really just how to generate luxury listings from Expire without cold calling. Her direct response mailer system and the way she tracks everything is I've never seen it, so I know that you enjoyed it. And if you want to have a conversation about what your business business could look like if you took a systems approach, now what Janie did was just look at like how, okay, I don't. So her thing was similar to my thing. I don't like cold calling and I like selling a gazillion homes. And she was like, well, I don't want to sell a gazillion homes.

I just want to sell like 2.

Or 3amonth at 2 to 5 million. And so her approach was slightly different than mine and it worked phenomenally well. But it comes down to building your business on a system like it's a system of systems. And that's what our Million Dollar Agent Method program does. It's a 90 day implementation program. We come alongside you and help you build out Legion levers, all the appointment setting processes, the sales frameworks, even leverage around client care within a 90 day program. And it's not this ongoing. Like, did you make your calls?

No.

Do better next week. That's typical. Coaching in our industry is productivity based coaching and it just doesn't have you building like a real business. So if you know you want to build a real business and you want to have a conversation about it, go to milliondollaragentmethod. Com, that's milliondollaragentmethod.com and we'll see you on the next training.