As a real estate agent, you know that listings are king…but seller leads aren’t easy to come by, right? Well, one golden source that many agents overlook is expired listings. They are definitely trying to sell so what could be a better lead than that?
In this post, we’ll provide some tips for handling expired listings, so you can stay on top of your game and grow a thriving listing business.
What are Expired Leads, and Why Do They Matter?
An expired listing is a seller who was listed on the MLS and was unable to sell and the listing has expired. There are many reasons why a listing may have expired, such as a change in circumstances, improper pricing or poor presentation from the prior listing agent. While it’s easy to dismiss these opportunities as homes that won’t sell, it’s important to remember that they represent a potential opportunity for future sales. There’s a home for every buyer if you get it priced and presented properly and that’s where you can come in to offer the homeowner a fresh perspective!
Challenges of Handling Expired Leads
Dealing with expired listing leads can be a challenge for real estate agents. After all, these sellers are likely frustrated with the experience they went through while lingering on the market and not selling…they may blame the initial listing agent and have disdain for realtors at the moment.
Strategies for Handling Expired Leads
Despite these challenges, there are several strategies you can use to convert expired listing leads into clients:
- Engage the lead with a fresh perspective. One of the most effective ways to engage an expired listing lead is to offer guidance from a fresh perspective. Advise that you’d like to see their home and hear about their experiences last time so that you can offer some different strategies and techniques to get the home sold this time.
- Reach out early and often. Most expired listings will re-list within a few days so it’s important to reach out as soon as it expires and make multiple attempts in those important first couple of days.
- Use automation tools to stay in touch. Automated email campaigns, social media posts, and other tools can help you stay in touch with expired listing leads on a regular basis. By providing them with valuable content, you can keep your business top of mind and increase the chances of them thinking of you.
- Provide a market analysis. Send them a thorough price analysis with detailed data and comparables to really help drive home where they should price the home this time to get it sold and demonstrate that you have the expertise to do so.
- Follow up consistently. Consistent follow-up is key to converting expired listing leads into successful sales. Set a schedule for regular follow-up calls or messages, and make sure to stick to it.
Expired leads can be a challenge for real estate agents, but with the right strategies and tools in place, they can be turned into successful sales down the line. By re-engaging the lead with a new offer, reaching out to see if there have been any recent changes in their situation, and using automation tools to stay in touch, you can keep your business top of mind and increase the chances of a successful sale. And by preventing leads from expiring in the first place, you can set yourself up for even greater success.