10 Tips for Success with Expired Listings
Last week’s post provided a refresher course on working with For Sale by Owner prospects. Today, we’ll offer a deep dive on how to maximize your efforts with those homeowners who have a recently-expired listing.
To begin, let’s review several important facts about expired listing homeowners that affirm their value as prospects:
- More than half of expireds re-list and sell with another agent
- 90% of expireds are immediate, urgent business.
- 40% list within one month
- 60% of expireds wait before signing with a new agent
- Fewer than 3 in 10 expireds will re-list with their current agent
- 35% will have their home off the market for a month or more
- Nearly 4 in 10 will list with a new agent within 30 days
Indeed, expireds represent a significant revenue opportunity. If you’re an Espresso Agent customer, you’re fortunate to have the best expired listing leads delivered to your desktop every morning; not to mention the best CRM and dialer in the business. If you’re not in the Espresso family and/or are relatively new to the business, learn more about our EXPIRED LEADS HERE.
OK, as an overview, be aware that working with expireds requires a much different approach than dealing with FSBOs, as we discussed in last week’s post. To that end, here are some critical strategies to employ in your prospecting efforts with expired listing homeowners:
- Focus on those critical, initial seconds to position yourself:
- Let the homeowner know how you would do things differently (“While your hoe was on the market, here’s how I helped X homeowners sell their properties.”)
- Don’t lose touch with the unique opportunity of old expired listings. Many agents pass these listings up for newer properties.
- Call early and be persistent in your follow-up with expireds. Prove that you are dedicated to selling their property-they will appreciate that dedication.
- Expireds also appreciate it when you show them you remember their property.
- Remember that time and price are the things they are most concerned about. As such, have your stats ready: examples of quick sales you’ve made, especially those above listing price.
- Be persistent about getting an in-person listing presentation. As we’ve said many times before, the magic starts when you are face-to-face with a prospect.
- Show the homeowner how you would be a partner and problem solver. Have examples of how you went above and beyond for other clients.
- You may run into situations where the homeowner previously listed with a friend and is possibly inclined to re-list for the same reason. Perhaps you can turn this to your favor: “I appreciate great friendships, but do you think you gave your friend the best chance to sell your home?”
- Be straightforward if the expired client asks if you’re willing to negotiate commission: “It depends on many factors, such as the condition of your home and the price we set. We can discuss that in more detail when we meet tomorrow.”
- Firmly and politely fight through the objections until you secure the listing presentation. You might find our recent post Overcoming the Reflexive No helpful.
Expireds are likely frustrated that they could not sell during their previous listing. This means, if you can help them achieve their goal, you are likely to get glowing references from that homeowner down the road. And who doesn’t want a glowing reference in this super-competitive industry?