Expired listings are a great source of seller leads. They typically need a skilled agent to help them sell their homes, and they have a solid motivation to do so quickly.
Many agents miss out on this lucrative opportunity by not prospecting expired listings. Learn how to convert expired listings into listing appointments and closed deals!
Identify the Problem
The best-untapped sources of business are expired and FSBO leads. According to studies, two-thirds of sellers relist their properties within 30 days of the original listing expiring. Agents have a great chance to demonstrate that they have the knowledge and resources necessary to assist these sellers in selling their properties swiftly. If agents have a solid marketing plan that incorporates both traditional and digital elements, it may be a very profitable source of business.
To successfully convert expired listings into listings, agents must understand what led the seller to change agents and then offer a solution. The key is to be empathetic and understand that the seller may feel frustrated or angry with their previous agent. By understanding the seller’s motivation, it is easier to build rapport and trust.
One of the best ways to identify potential leads is by checking the MLS every morning. You can also use skip trace software to collect contact information and find out why the listing expired in the first place. Once you have the information, you can contact the seller directly.
It’s essential to have a sales script when calling expired listing leads. You should be prepared to answer common objections and questions, such as “Why did you list with that agent?” or “What’s your process for selling a listing?”
Be sure to use a CRM (Customer Relationship Management) system to record each interaction with a lead. It will enable you to communicate with the lead through reminders and drip campaigns. A CRM will also simplify tracking each lead’s status, including whether they have purchased or are still debating selling their home.
Offer a Solution
Expired listings are a valuable source of new business for real estate agents. However, many agents need help converting them into clients and closing deals. The solutions discussed in this article will aid you in completing this problematic work successfully. It will also describe some tools and resources you can use to help you convert expired listing leads into profitable deals.
Real estate agents must know they should approach expired listing leads differently than others. For example, they need to understand that these leads are at the top of the sales funnel and may be ready to buy, but they have already been exposed to marketing through other channels. They may need to become more familiar with your brand, and you need to take the time to explain how you will uniquely market their home.
Moreover, you should be clear with the seller about how much their home is worth and what you will do to sell it. You’ll be able to avoid misunderstandings and aid the seller in deciding whether or not to advertise their home with you. In addition, you should be upfront about any fees that may apply and the time it will take to sell your home.
In addition, you should also offer a free consultation to the seller to learn more about their home. It will allow them to see your work and decide if you fit their needs well.
Most agent lead-generation tactics cost money, including buying ad space on social media, paying for TV and radio ads, or purchasing lists of prospects. However, contacting expired listings is a low-cost option that can provide some of the highest-quality seller leads in the industry.
Close the Deal
If you want to close a deal, it’s essential to stay positive. If you are confident in your ability to seal the deal, customers will be more inclined to believe you and the good or service you are selling. It can help to build a strong customer relationship and set the stage for repeat business in the future.
When closing a sales deal, it’s also essential to listen closely to the client and respond to their objections in a way that is both positive and reassuring. By doing so, you’ll be able to show that you care about their needs and can help them find a solution to their problems. If a prospect is using budgetary concerns to delay a purchase decision, you may need to clarify that their current budget will not be enough to cover the purchase they are requesting.
Closing a deal can be exhausting, but following up with the client is essential to keep the momentum going. It will ensure that the product or service is delivered on time and that any further issues are addressed promptly. Additionally, it will give the customer confidence that you are a knowledgeable and trustworthy business partner.
The key to successfully converting expired listings into new business is persistence and the willingness to be innovative. Many agents will give up after a few weeks of unsuccessful results, but successful entrepreneurs understand that Rome wasn’t built in a day.
Different from working with active buyers, converting expired listings takes less effort and resources. Growing your real estate business can be profitable but requires commitment and a robust skill set. Remember that prospecting for expired listings requires more than just phone calls. You will also need to handle buyer consultations, organize open houses and private viewings, arrange inspections, assist clients in obtaining financing, and more.
Investing in a quality direct response marketing lead generation system is the best approach to finding expired listing clients. It will enable you to track leads from click to closed sale and measure your return on investment. Investing in a reputable website, social media presence and premium lead magnets is crucial to attracting potential customers.
Follow Up
A successful listing requires a lot of work. Agents must schedule buyer consultations, show the property via open houses and private viewings, conduct inspections, handle appraisals, help clients qualify for financing, and more. However, working with expired listings is usually more manageable and less time-consuming than listing a new property. That makes it an ideal way to generate real estate leads.
Expired property vendors also know what it takes to sell their properties, so they’re more likely to be willing to list with an agent than a brand-new lead. The fact that they’ve already tried to sell their property once means they’re more realistic about their home’s value, making it easier to overcome price objections.
One of the most important things you can do to convert expired listings into profitable deals is to follow up on your initial contact with them. It is critical to establish your expertise and make them remember you. Your follow-up emails should always be personalized and include information relevant to the seller’s needs. They’ll feel that you care about them more and aren’t just attempting to sell them something if you do this.
If you don’t follow up with your prospects, they may think you’re uninterested and move on to another agent. That is why it’s essential to have a consistent follow-up strategy that includes email, phone, and other channels. This way, you can keep in touch with your prospects no matter their actions.
While some agents might be tempted to use expensive, high-cost marketing tactics to generate real estate leads, this is a mistake. Most of these strategies require an upfront investment that can quickly eat into your profit margins. Prospecting expired listings is a practical, low-cost strategy that can produce significant results.
