Expired listings are often overlooked goldmines for real estate agents. When a property doesnโt sell during its listing period, it presents a unique opportunity. Homeowners of expired listings are often frustrated and more motivated to make a changeโmaking it a prime chance for you to step in and demonstrate how you can succeed where others failed. Hereโs a step-by-step guide to help you capture these valuable leads and turn expired listings into closed deals.
Start with Research
Before contacting the homeowner, research the property thoroughly. Take a deep dive into the expired real estate listingโlook at the original marketing efforts, pricing strategy, and even the home’s condition. This information will give you valuable insight into why the home didnโt sell and help you craft a tailored approach. You should also be familiar with comparable properties in the neighborhood so you can offer suggestions for adjustments that might lead to a successful sale.
Craft a Personalized Approach
Avoid the temptation to use a cookie-cutter script. Instead, create a personalized approach for each expired listing. Acknowledge the homeownerโs frustration in your communication, but offer a solution. This could be a revised pricing strategy, better marketing tactics, or staging suggestions.
Consider creating a direct mail piece that highlights your expertise but, more importantly, shows empathy for the homeownerโs situation. Sending a letter or postcard with a headline like, โYour home should have soldโhereโs how we can make it happen,โ shows you understand their pain point and are ready to help.
Follow Up Consistently
Persistence is key. More than just one agent will contact homeowners with expired listings after their property falls off the market. What sets you apart is consistency and timing. Keep following up in various waysโwhether with a call, email, or another mailerโuntil theyโre ready to talk.
Always follow up after your initial contact, but space it out to avoid overwhelming them. A second touchpoint one week after your first message, followed by a bi-weekly or monthly check-in, can keep you on top of your mind without being pushy.
Leverage Your Success Stories
Expired listing owners must be convinced youโre the right person to sell their property. One of the best ways to do this is by showing proof of your past successes. Share stories about similar homes youโve sold that were initially expired in listings. Use client testimonials or case studies that showcase how you turned around difficult listings.
For instance, mention a property that sat on the market for months with another agent but, with your strategy, sold in weeks. Be sure to emphasize your marketing skills and how your approach differs from what was previously done.
Offer a Fresh Marketing Plan
Most expired listings fail due to ineffective marketing. One way to demonstrate your value is by offering a specific marketing plan that differs from the previous agentโs approach. Highlight how youโll use online advertising, professional photography, virtual tours, social media, and other cutting-edge marketing tools to generate new interest in the property.
Show the seller that you have a more dynamic, proactive strategy than the previous agent. Outline exactly how youโll attract more potential buyers and increase the homeโs visibility in the market.
Highlight Market Shifts
Sometimes listings expire due to timingโmarket conditions might have been slower when the home was listed but may have improved since then. If the local market has shifted in favor of sellers, point this out. Explain how now could be a better time to relist the property.
Back this up with current data, showing recent sales of comparable homes, increasing property values, or shrinking inventory that could create more demand for the listing.
Be the Problem Solver
Your role isnโt just to sell a home but to solve a problem. Listen carefully to the homeownerโs concerns and ask what they think went wrong with the initial listing. Was it poor communication from the previous agent? Incorrect pricing? Bad timing?
Once you know their specific pain points, present yourself as the agent who can solve them. For example, if communication was an issue, explain how you offer weekly progress reports and are always available to answer questions. Tailor your solutions to their unique situation.
Master Your Listing Presentation
The listing presentation is your chance to make a great impression. Donโt just focus on what youโll do differently, but also explain why their home didnโt sell in the first place. This requires tactโblaming the previous agent too harshly can come across as unprofessional, so focus instead on offering constructive criticism of the previous listing strategy.
Show the homeowner a clear path to success, breaking down the steps youโll take to sell your home. Be confident but realisticโdonโt make promises you canโt keep. Instead, build trust through transparency and a detailed plan.
Use Expired Listing Scripts Wisely
While a personalized approach is critical, having a script for initial contact can help you stay focused and confident. The goal is to start a conversation and set an appointment. Your script should express empathy, identify their frustrations, and offer an alternative that they havenโt yet tried.
For example, you might say, โI understand your home didnโt sell as expected, and thatโs frustrating. I specialize in helping sellers whose homes havenโt sold with other agents, and Iโd love to discuss what we can do differently.โ
Be Ready to Act Quickly
Once you get a positive response, act fast. Set an appointment and prepare a detailed plan to help them sell their property. Time is of the essence with expired listings because many homeowners are eager to move forward after a frustrating experience. Make sure your CMA (comparative market analysis) is thorough, your marketing plan is ready to share, and your answers to any objections are polished. Showing up prepared can help you win the listing right then and there.
Following these strategies will make you better positioned to turn expired listings into new business. With the proper research, a personalized approach, and consistent follow-up, you can stand out from the competition and build a thriving pipeline from expired listings.
