Chicagoland & Northwest Indiana

5 Tips For Expired Listing Prospecting

Posted on June 15, 2017

Lots of sellers of expired listings get bombarded with calls from different real estate agents trying to add them to their roster of clients using their own version of the same sort of sales pitch. After a slew of calls, you'll likely wind up sounding exactly like every other agent in the eyes of the seller. 

If you're going to try to win expired listings over, you've got to have a better approach than simply cold-calling with nothing more to offer to make yourself stand out.  

Before you pound the pavement in an effort to convert homeowners of expired listings, keep the following tips in mind to help you build a relationship of trust and offer a real solution that sellers are looking for.

1. Look at Older Expired Listings

Expired listings that are fresh off the MLS are usually the prime targets for agents, which means they're likely already getting plenty of calls. The majority of agents won't follow up with expired leads after a couple of weeks, which makes older expired listing prospects easier to nab. 

Homeowners probably won't to speak with another agent after getting bombarded with calls over the days following listing expiration, but once these calls die down, they may be more willing to talk with you.  

In addition, older expired listings have had more time to build up equity in their homes since coming off the market. As such, there's more profit to be made when selling. Pointing out this fact may entice sellers to give listing their properties another go this time around.

2. Prepare an Informational Package

You can really increase your level of success when contacting homeowners of expired listings by being prepared with an informational package that outlines current market conditions and how their home can sell faster and for much more today than when they originally listed. 

Include a personal letter to the homeowner and some testimonials from other sellers in the neighborhood, and don't forget to package it all up in attractive card stock paper and matching envelope for a professionally finished look.

3. Practice Overcoming Objections

While you don't want to come off as robotic in any way, you should still practice your "speech" that you'll give if you're ever met with any objections (and you will be). Recite your script in front of your peers so they can provide you with constructive feedback on the positives and negatives so you can get it just right. 

Homeowners of expired listings will probably be jaded and skeptical at first, so being prepared to meet objections will help you overcome them and even convince homeowners that listing right now - with you - is the right choice to make.

 4. Get Creative With How You Make Contact

Cold-calling and door-knocking is an age-old manner of prospecting, but in this day and age, you've got other options. Consider using a mailing system to get in touch with expired listings first and help homeowners get familiar with you before you make your first phone call.

Of course, digital communication is literally taking over how we all communicate each other, so consider sending homeowners text messages. There are a few resources that you can tap into that will provide you with a list of cell phone numbers of previous sellers of expired listings that you can add to your text messaging list.

5. Offer a Lower Fee if You Bring in a Buyer

The rate you charge should be reflective of your level of service, so discounting may not necessarily sound like an attractive option. However, if you have the opportunity to represent both buyer and seller in one transaction, there's a lot of money to be made. 

In such a case, consider offering a reduced rate if you are able to bring in a buyer. Even a slight rate reduction can translate into a hefty commission check when all is said and done.

The Bottom Line

When it comes to getting leads, expired listings are an obvious target. They've already shown an interest or need to sell, but perhaps they got frustrated after not selling within a certain time frame or for a price they were hoping for.

Offer them an alternative solution, be creative, and practice the above tips to increase the number of conversions you get from tapping into expired listings. 

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