Expired listing leads can be a great source of new clients. They are typically looking for a new agent and are willing to switch from their current one. Marketing to expired listing leads can be done online or offline. Offline methods, like sending real estate postcards, can be more effective because they are easier to track.
Search for Expired Listings on the MLS
A real estate agent can use various methods to find expired listings and convert them into new clientele. Some methods include contacting the homeowners directly, sending a letter, or advertising online. A successful marketing strategy for expired listing leads must be based on the local market and target audience. Understanding the property value and price point of homes in the area is essential before contacting homeowners. In addition, developing a script for calls or emails to the owners of expired listings is essential. Owners of expired listing properties may be frustrated or skeptical of agents and will require a gentle approach to convince them to contact you again. A great way to find expired listing leads is through a real estate lead generation platform. This service will provide you with contact information for newly expired listings, older leads, and details retrieved from the MLS about the home. Using a lead generation platform will save you time and money in the long run by eliminating the need to scrape data manually.
Use a Software Subscription
When a real estate listing expires, the property can either be re-listed with a new agent or be available for purchase by the owner. The latter option can present a unique opportunity and challenge for agents who want to make expired listing leads their own. If you are willing to put in the time and effort, making phone calls can be a very effective way to generate expired listing leads. However, you need to be prepared for a high number of rejections. Fortunately, many expired listing scripts and expired listing follow-up letters help you increase your call-to-sales conversions. The best-expired listing scripts start by acknowledging the homeowner’s frustration and disappointment with their previous realtor. They also show you’re in an excellent position to negotiate a lower price for their home. This is a great way to build rapport and trust.
Make Phone Calls
Expired real estate listings are a great source of leads. When a listing expires, the homeowner will likely be frustrated with their experience with real estate agents and open to working with someone new. However, many agents are pursuing these expired listing leads, so standing out and earning the seller’s trust is essential. One way to do this is by creating a customized expired listing letter for each lead. An effective expired listing letter will showcase your local market expertise and highlight why you are the right agent to help sell your home. It’s also essential to avoid badmouthing the previous agent, which can turn off potential buyers. Once you’ve written your expired listing letter, you can send it via email or hand-delivery. Hand-delivery is a great way to show that you care about your client and build rapport. You can even attach a marketing presentation and information packet to provide additional value to the seller.
Send an Expired Listing Letter
As with other real estate lead generation tactics, nurturing expired listing leads into clients takes time and patience. However, this can be one of your production toolkits’ most profitable lead sources. When contacting homeowners, ensure you have a solid expired listing script and package. These should demonstrate your expertise, track record, and clear incentive to help homeowners sell their homes. A quality marketing presentation can distinguish you from the agents chasing these leads. It is essential to recognize that homeowners are often burnt by their previous experience with real estate professionals. As a result, they may be skeptical of your approach or feel like you’re just trying to steal their listing. Remember to use text message follow-ups sparingly and only if the homeowners have permission. Otherwise, this could be considered a breach of privacy and can land you on blocklists or online complaint directories. Try a CRM with automated follow-up software to keep up with your expired listing leads and avoid violating privacy laws.
Create a Marketing Presentation
Once you’ve successfully connected with a homeowner with your letter or email, it’s time to assemble a marketing presentation to convince them to list their property with you. Start by discussing any unique, marketable features that the listing may have. You’ll also want to discuss any marketing efforts you would implement in your listing campaign, including social media ads, local advertising, or open houses. Remember that this is not the time to bash the previous agent. Some frustration is natural, but if your interaction with a seller becomes a complaining session, they won’t work with you. Be sure to sympathize with the situation, but be clear about what you’ll do differently. While the internet has become a vast resource for finding expired listings, it’s still essential to use old-fashioned methods like calling homeowners or sending them letters. An automated dialer can help you make more calls and build rapport with expired listing leads. By taking the time to personalize your approach, you’ll be able to connect with and convert them into listing clients.