If you’re a real estate agent but don't prospect expired listing leads, you may be missing out on serious revenue. This post will look at proven techniques for turning expired listings into your hottest leads.
Why Expireds?
Low-hanging Fruit
When it comes to expired listings, always remember:
- You can assume they are motivated because they’ve already decided to sell their home.
- They are likely not averse to working with a real estate agent.
- They have a property to sell without having an assigned agent.
Expired Listings: The Facts
Understand The Opportunity
Here are a few noteworthy statistics to keep in mind about Expireds:
- Keller Williams estimates that 15-20% of listings don’t sell.
- Over half of Expireds re-list and sell with another agent.
- 90% of Expireds are immediate, urgent business.
- 40% list within one month.
- 60% of Expireds wait before signing with a new agent.
- Fewer than 3 in 10 Expireds will re-list with their current agent.
- 35% will have their home off the market for a month or more.
- Nearly 4 in 10 will list with a new agent within 30 days.
There are myriad reasons for a listing to expire:
- The home was not properly priced for market conditions.
- The previous agent did a poor job of marketing the property.
- The home went on the market despite being in poor condition.
- The seller’s circumstances change.
Tips For Turning Expired Listings Into Hot Leads
Work The Fundamentals
Here are a few tips to guide you when working with Expired listing homeowners:
- When it comes to calling Expireds, focus on those critical, initial seconds to position yourself:
- Let the homeowner know how you would do things differently (“While your home was on the market, here’s how I helped X homeowners sell their property”).
- Remind them what motivated them to sell in the first place (i.e., the importance of their next move).
- Don’t lose touch with the unique opportunity of old expired listings. Many agents pass these listings up for newer properties. Remember:
- Don’t consider these cold calls because you know they have a home to sell, and do not have a listing agent.
- Call early and be persistent in your follow-up with Expireds. Prove that you are dedicated to selling their property. They will appreciate that dedication. Check out our post on WORKING WITH SCRIPTS for tips on how to be an effective phone prospecting agent.
- Expireds also appreciate it when you show them you remember their property.
- Remember that time and price are the things they are most concerned about.
- Have your stats ready: examples of your quick sales, especially those made above the listing price.
- Be persistent about getting an in-person listing presentation.
- Show the homeowner how you would be a partner and problem solver. In your LISTING PRESENTATION, have examples of how you went above and beyond for other clients.
- You may run into situations where the homeowner previously listed with a friend, and is possibly inclined to re-list for the same reason. You might discover that the homeowner previously listed with a friend. Perhaps you can turn this to your favor: “I appreciate great friendships, but do you think you gave your friend the best chance to sell your home?”
- If the Expired client asks if you’re willing to negotiate commission, be straightforward: “It depends on many factors, such as the condition of your home and the price we set. We can discuss that in more detail when we meet tomorrow.”
Expired homeowners are likely frustrated that they could not sell during their previous listing. If you can help them achieve their goal, you are likely to get glowing references from that homeowner down the road. And who doesn’t want a glowing reference in this super-competitive industry?
Leverage Espresso Agent’s Expired Listing Leads
The Espresso Agent Difference
Whether you’ve been in the business for years or are relatively new, you are probably aware that Expired listing properties are a significant revenue opportunity. That’s why you’ll want to put Espresso Agent’s industry-leading Expired Listing Leads to work for you:
- Premium contact information such as cell phone numbers and verified email addresses.
- Comprehensive contact management system to keep you organized and on-task with your follow-up.
- World-class dialer that allows you to make significantly more calls than by manually dialing.
- The best and most responsive customer service team in the industry.
- Training and information-sharing through our extensive community of like-minded agents.
Working with Expired listings can transform your business. Let ESPRESSO AGENT show you how!
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