Expired listing leads can be a great source of sellers. However, the first thing you need to do is stand out from the competition. This means leveraging technology like autodialer or another cost-effective CRM system to market to expired listing leads and demonstrate that you can better market their homes than the previous agent did.
Reach Out to the Owner
One of the most common methods for contacting expired listing leads is through drip marketing. This is a series of automated emails that nurture leads with valuable information, such as market reports, neighborhood updates, seasonal greetings, and “just sold” property announcements. Agents who use this approach find that five out of ten owners who receive this type of follow-up contact agree to preview appointments. However, making these calls as personalized and respectful as possible is essential. Remember, these homeowners spent months — and sometimes even years — trying to sell their home before it expired. They are likely frustrated, skeptical, and maybe even defeated. A well-crafted script can help you navigate these emotions and steer the conversation in a productive and efficient direction. Providing an expired listing lead with a detailed marketing plan is also a good idea. This will help them understand what they can do differently this time around to increase their chances of selling. For instance, you might discuss how you will promote their property to attract more buyers through social media advertising, virtual tours, local marketing, or referrals from other real estate agents.
Make a Phone Call
Expired listing leads need to be nurtured more than most real estate seller leads, as these homeowners spent months (sometimes even years) trying to sell their property and were unsuccessful. Taking the time to reach out personally and build rapport will pay off when the homeowner is ready to relist with you. It’s important to remember that these sellers are frustrated and annoyed that their previous listing failed, so be sure to approach them with empathy rather than a sales pitch. Be prepared for resistance, but don’t let it derail your relationship. Prepare and practice your expired listing script during your phone call to avoid sounding robotic or pushy. Use your script to address common objections, such as a prior agent’s mistakes or market factors that hindered the sale. Be able to answer their questions and demonstrate that you have the skills, expertise, and resources to relist their property this time successfully. Be sure to ask if you can set up an appointment to meet in person. This shows that you are invested in getting the job done and will not just be a “fly-by-night” agent.
Send a Letter
A solid expired listing letter aims to set you apart from the other real estate agents who might be trying to reach the same potential sellers. It is essential to use a script that shows you understand what went wrong the first time around and provides a clear incentive for why you can help them close this deal successfully this time. In addition, a well-written script focuses on the value you will provide to the seller, including your expertise and testimonials, and how your services will differ from what they previously received. This will ensure that you come across as relaxed and open, which is a fine line when attempting to convert expired listing leads into clients. While there are many other ways to reach out to expired listings, such as using a call capture system or texting (Landvoice customers can learn how to do this here), nothing beats a handwritten letter. Reaching out to this seller will help you stand out from the other real estate agents trying to get their attention and business.
Send an Email
If you need help to get a hold of expired listing leads via phone or email, it may be time to try other methods. A physical letter is one way to connect with these prospects. This strategy can effectively showcase your expertise, build rapport, and highlight testimonials demonstrating your past successes. When you send a letter to expired listing leads, be sure to use a personal tone that shows that you genuinely care about the homeowner and their situation. This will help you stand out from other agents who may have tried to contact them.
Additionally, it’s an excellent opportunity to let them know that you’ll be available for any questions or concerns they might have about the sale of their home. You can leverage automated dialing systems to streamline the process when contacting expired listing leads by phone. Just be sure to obtain prior express consent and check all numbers against the National and State Do Not Call lists before contacting any prospect.
Schedule an Appointment
When you reach out to an expired listing and set up a time to meet with the owner, be sure to ask them why their home didn’t sell so you can demonstrate your expertise in the market. You can also bring a comparative market analysis to the appointment so the homeowners know you’re prepared and can offer a successful marketing strategy for their property. Getting sellers off expired listings is challenging, but it can be done with the right approach and tools. By combining the tactics above with an automated marketing platform like SmartZip, you can maximize unused listing leads and confidently engage them. Always get prior, express, written consent before contacting any potential client by phone, email, or text. Check all phone numbers against the DNC registry and your brokerage’s DNC list.