A stale listing has been on the market for a long and has yet to get an offer. Many agents have probably contacted these leads and may be frustrated with their current agent.
Fortunately, expired listings are usually less expensive than new leads and take far less time to convert. Here are some strategies for reviving them:
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Contact the Owner Directly
One of the best ways to connect with expired listing leads is by calling them. This way, you can talk to them personally and get to know them better. However, avoid sounding too sales-y, or you might turn them off. Instead, be empathetic and understand their perspective and goal. It would be best to show that you would market their home differently than the other agents did in the past.
Another effective way to contact expired listing leads is by sending them a letter. You can use an online marketing platform to create a letter and send it to the homeowners. This will ensure that your letter is personalized and stands out from the rest. Your letter should highlight the property’s unique features and provide real estate data that proves your expertise in the area. It should also ask the homeowner to set up an appointment with you.
When you’re calling or speaking with an expired listing lead, listening to them and responding to their concerns is essential. This is because they may have a reason for not selling their home the first time. It could be because the price was too high, the marketing wasn’t strong enough, or they were unwilling to accept an offer. Listening to their concerns will help you create a powerful listing presentation that will convince them to list with you this time.
Create a Marketing Presentation
Getting started with expired listing leads can feel like a nerve-wracking real estate lead generation strategy. After all, homeowners have already been stressed by taking their homes off the market and may be reluctant to let you in again. However, with some practice and the right tools, it’s easy to connect with homeowners who have already tried to sell their homes and convert them into new clients.
You can schedule an appointment to present your marketing strategy using the information you have gathered about the seller through your letter or postcard. Showing the homeowner that you understand why their previous listing didn’t succeed can demonstrate your expertise and set you apart from other agents. You can also highlight effective marketing strategies and show that you are committed to selling the property, which can inspire the seller to choose you as their agent.
Many agents hesitate to spend money on expired listing leads because they aren’t sure what results they will get. However, following these tips and rehearsing scripts, you can build trust with the homeowners you contact and convert them into your following clients. As with any marketing strategy, the key to success is consistency and persistence. The more time you spend contacting real estate expired listings, the better your chance of turning them into successful sales.
Send a Letter
By the time a listing expires, homeowners are often frustrated and anxious. They may be receptive to a quick conversation with an agent who understands their situation and is committed to helping them sell their home the next time. One of the most effective ways to connect with expired listing leads is to send them a letter, especially if you have their contact information. This allows you to showcase your professional brand and earn their trust before the prospect calls or schedules an appointment to meet in person.
When contacting expired listing leads, use a script that includes a greeting, explains why you are reaching out, and offers a clear incentive. These types of scripts can be used on a call or email. Using multiple mediums to reach your prospects is essential as this shows you are committed to selling their home and that you’re not just another agent; they will get ignored or blocked.
A great expired listing lead script will also include a data-backed conversation demonstrating that you understand why their home didn’t sell the first time and that you have the expertise, resources, and proven track record to help them succeed this time. This type of script can be a great way to build rapport and position yourself as the expert, even though overcoming objections on a call can be challenging.
Follow Up
When dealing with expired listing leads, you will often encounter resistance from the homeowner. This is understandable as they likely feel burned by their previous experience with real estate agents and are reluctant to work with another. However, approaching the situation with empathy and tact is the key to overcoming any objection.
You can do this by empathizing with their disappointment about their home not selling the first time and offering to show them how you would change things this time to ensure it does sell. You can also do this by providing a detailed marketing strategy presentation. This will help to demonstrate that you are the agent who can successfully sell your home.
Finally, you can do this by following up consistently with the owner. You can do this by calling them or by sending a letter. A great way to track your follow-ups is by using a real estate CRM, which makes it easy to stay in touch with your leads and clients.
Expired listing leads can be a great source of new business for any real estate agent. However, it is essential to prioritize your follow-ups and keep them from falling through the cracks.
