Expired listings are an excellent lead-generation opportunity. They can be converted into listings, tracked in a CRM, and sent to sellers via direct mail. Here are some tips for getting the most from these leads. Make sure to follow all local laws regarding contacting potential sellers.
Expired listings Are A Great Lead-Generation Opportunity
Expired listing leads are a fantastic opportunity to generate leads for your real estate business. These leads are not as challenging to obtain as buyers, and their conversion ratios are stellar. On average, you can score one listing for every 25 sellers you contact. This will allow you to list up to 250 properties per year without putting in too much effort. In addition, acquiring these leads is relatively cheap, requiring only a tiny investment of time and effort. As a result, you’ll be able to focus more on making listings than converting buyer leads.
To begin nurturing these leads, you need to build trust with the seller, and some professionals like https://www.vulcan7.com/expired-fsbo-leads/ can assist you with it.
They Can Be Converted Into Listings
An expired listing lead can be easily converted into a listing if you know how to approach them. These sellers may be willing to work with a full-service real estate agent. Make sure you offer them a comprehensive plan to set them apart from your competition. It is also essential to show patience and persistence to create rapport. Many expired listing leads are not converted into listings. Instead, many agents circle and try to pitch them, resulting in a competitive sales environment. It can be intimidating to approach an expired listing seller and convert them into a listing.
They Are Tracked In CRM
The best way to follow up with expired listing leads is to send them a follow-up letter. This letter should include an invitation to schedule an appointment, a clear sales path, and some fresh marketing ideas. Most buyers don’t purchase items the first time they see them. Therefore, a follow-up letter should be personalized and tailored to the seller.
CRM allows real estate agents to keep track of all of their contacts and record their contact history. You can automatically program the system to follow up with clients and prospects. Another great feature is that it can even track expired listing leads. Realtors can use a CRM to keep track of dead listing leads and follow them in their sales pipeline.
They Are Sent Via Direct Mail
One of the best ways to generate expired listing leads is to use a direct mail campaign. This way, you can send out personalized letters to these leads. You can find letter templates online. Personalizing these letters will help make the leads feel essential and help you highlight what you can offer them.
When sending out an expired listing letter, it is essential to include an invitation to schedule an appointment with the agent. The letter should also outline a straightforward sales process. For example, it should outline your plan to market the listing, such as social media ads, website updates, and more showings.
Expired listing leads are not as easy to acquire as other types of leads. You have to approach them with empathy and understanding. You must be able to understand their frustration and appeal to their needs. Building a connection with them is vital so they will trust you and your services.
They Have An Incentive
Expired listing leads are a great source of new prospects. However, these leads have already been through one bad experience. The key is to present yourself as a knowledgeable neighborhood expert with a proven track record while incorporating a clear incentive. You can do this by sending them an email or a letter.
Another way to generate expired listing leads is by manually searching the MLS database. These leads will expire in two to four weeks so you can contact them before the expiration date. This way, you can start a conversation with the seller and get them to sign a contract.