Prospecting Real Estate Expired Listing Leads
Regular readers of this blog know that we focus on listings as the key to long-term success (and earnings) for real estate agents.
- They’ve already made their most important decision: to sell their home. So, no convincing is necessary.
- They are open to working with a real estate agent.
- They have a property they need or want to sell and, at that moment, no assigned agent
- Between 15-25% have not sold for various reasons, including marketing, price, condition, and location.
- Nearly 40% of all expired listings or expired leads will list with a new agent within 30 days.
- 35% will leave their homes off the market for at least a month.
- Only 28% of expired listing homeowners will re-sign with their current agent.
- 90% of expireds are immediate, urgent business.
- Fewer than 3 in 10 expireds will re-list with their current agent
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.
Take a minute to watch this short video featuring Noel LaFerme, licensed agent from Virginia and host of “Today’s Brew,” a video series from Espresso Agent giving agents tips on how to work less, earn more and have fun in the process. In this video, Noel discusses the value of prospecting Expireds.
OK, as an overview, be aware that working with expireds requires a much different approach than dealing with any other prospects, especially FSBOs. 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.
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?
Learn more about Espresso Agent’s best-in-class Expired Listing leads HERE.