Expired real estate listings offer both an opportunity and a challenge for agents. The challenge comes from overcoming the homeowner’s frustration with their previous listing agent’s failure, and the opportunity comes in the form of being a white knight who swoops in to turn their failed home sale into success.
Create a Plan of Action
Expired real estate listings are some of the most coveted leads in the market. The reason is that homeowners have already tried to sell their home with another agent, failed, and were forced to let the listing expire. This means they’re open to working with a new agent who can help them sell the home quickly and at the right price.
Your first contact with an expired lead is often through email or a phone call. To convert them from an expired lead into a client, you need to craft an email or phone script that is warm and friendly and provides a clear path to success. This script should highlight your experience, entice the seller to relist and demonstrate how your marketing plan can get them the best results.
Many real estate agents are afraid to cold call, but calling expired leads is a great way to build your business and develop a sales rhythm. It’s essential to practice these scripts before making actual calls to sound natural and confident.
One of the ways to get real estate expired listings is through social media ads. By launching an ad campaign on Facebook or Instagram, you can target homeowners who have recently seen their listing expire and allow them to work with you to sell their property.
Know What You’re Doing
Expired real estate listings offer a vast opportunity to connect with property owners, nurture them, and convert them into listing clients. There are many strategies to approach expired leads, but the most effective method involves a mix of online and offline marketing.
A common approach is reviewing the MLS at the beginning of each month and identifying listings set to expire soon. Once the listing expires, you can call and contact the owner directly. This is best done early in the morning before the seller has to go to work or has received several calls from other agents.
Getting the first appointment is crucial in turning an expired listing into a new client. To ensure you are the first agent to make contact, get a catchy number or call handle and a dedicated email address you can use exclusively for reaching out to expired listings. Having a dedicated contact point and name will also help you to stay top-of-mind when the owner decides to re-list their home and chooses an agent.
In addition to ensuring you are the first to reach out, a solid, professionally written letter is essential to explain your value proposition and how your expertise and experience will help the homeowner sell their property. It is also a good idea to include any relevant details that may have contributed to the original listing’s failure to sell, such as an ineffective advertising campaign or poor-quality photographs.
Ask for an Appointment
Once you’ve contacted an expired listing owner, ask them for a listing appointment. It’s essential to do this in a way that is respectful and does not bombard them with calls. Bombarding them will only annoy them and can tarnish your reputation as an agent.
You can do this by setting up a calendar appointment or emailing. You can also mail a letter with a call to action emphasizing how you can help them sell their home. The goal is to connect with them, build rapport, and convert them into your listing client.
Expired listings are some of the best real estate leads because they’re typically motivated to sell. They also provide a more cost-effective lead generation strategy than buying leads or spending money on marketing and advertising.
Whether new to the industry or an experienced professional, prospecting expired leads is a great way to build your business and make more money. However, it would help if you were committed to consistent follow-up and understood how to use expired listing scripts and objection handlers effectively.
Practicing these scripts and objection handlers with another agent would be best before calling expired leads. Hence, you feel confident and comfortable no matter what happens during the conversation.
Follow Up
After you have made contact with a prospect, it is essential to follow up. This will help establish you as a trustworthy resource and keep the conversation going, even when they disagree with you. It demonstrates your commitment to the relationship and shows you are not going away anytime soon.
Remember that expired listing leads are typically burned by previous agents and may be skeptical of real estate professionals. This can make them reluctant to work with new agents at first. So, be patient and be ready to address any objections they have with confidence.
You can reach out to these prospects by phone or through a letter. A phone call is more direct, but sending a letter can be an excellent way to connect with expired listings and nurture the relationship. Email can also be an effective way to connect with these leads, but it is essential to customize your message and be professional.
Expired listing leads can be a great source of business for real estate agents. However, planning and having a strategy before reaching out to these prospects is essential. This will ensure you can capture their attention and convert them into clients.
