Expert Tips for Reviving Expired Real Estate Listings
Real estate agents are proficient at farming expired listings and can generate many sellers’ leads. However, it’s important to remember that the homeowner’s other agents who have already contacted you may not be eager to talk to you.
To convert the property owners into listing clients, you must give them a powerful marketing presentation. Here are some tips to help you achieve this:
Reevaluate Your Marketing Strategy
While it may seem daunting to renew an expired listing, breathing new life into a stalled home sale with the right strategies and expert guidance can be a rewarding experience. By recalibrating pricing strategies, improving the home’s presentation, refreshing marketing materials, and leveraging local networks, agents can revive expired listings and achieve a successful real estate transaction.
Using a targeted marketing strategy is essential to target expired listings effectively. You are using a service like ProspectsPLUS! Allows you to generate a customized list of leads in minutes. Once you have your list, you can send a customized, high-quality mailer to make a lasting impression on the homeowner. This will show them you are a highly qualified, experienced, and dedicated agent.
Many expired listing leads are reluctant to work with a new agent after their previous experience, so you’ll want extra care to build rapport and establish trust. Avoid sounding too sales-y, and focus on demonstrating your expertise through testimonials and data-driven insights.
Expired listing leads are also likely receiving calls from other agents, so you’ll need to stand out by using an effective call script that conveys your value as an agent. Start your conversation by expressing that you understand their frustration and explain what you would do differently to help them reach their goals.
Reevaluate Your Pricing Strategy
Real estate agents who target expired listing leads can find success relisting homes with an expertly crafted marketing strategy. However, pursuing these leads requires patience and a strong market understanding. Expired listings are often more motivated than traditional leads, making them a desirable target for investors seeking fix and flip opportunities. Additionally, homeowners of expired listings are often dissatisfied with their previous agent’s marketing and sales efforts, making them more receptive to receiving a new marketing plan from a different agent.
A common reason that homes fail to sell is because they’re overpriced. Therefore, when approaching a homeowner of an expired listing, it’s essential to analyze the property and ensure the price is right. Using a home valuation tool like Mashvisor can help you determine if the property is overpriced and provide insight into what needs to be done to relist it at an attractive price.
Bombarding expired listing leads with unsolicited calls can be an ineffective and time-consuming strategy for reviving homes. Instead, invest your time and resources in a more effective lead-nurturing method like email or social media. This will allow you to connect with expired listing leads more effectively and demonstrate your expertise without being pushy or aggressive. Additionally, a personal and detailed letter sent on your professional letterhead can be a powerful way to connect with homeowners.
Reevaluate Your Communication Strategy
When working with expired listings, it’s critical to reevaluate your communication strategy. Understandably, homeowners who have failed to sell their property may feel defensive and apprehensive about real estate agents who reach out to them. This can be counterproductive to the relisting process.
Consequently, it’s essential to approach each conversation with expired real estate listings leads from an empathic perspective and avoid sounding pushy or desperate. Additionally, it’s vital to offer creative solutions for the challenges that led to a previous unsuccessful sale (e.g., pricing issues, staging recommendations, or property improvements). Doing so will show the seller you can overcome obstacles and achieve successful outcomes.
Once a homeowner responds to your initial contact, preparing a detailed marketing presentation and highlighting your professional expertise is crucial. This will help build trust and establish you as a reliable partner in the relisting process. Ideally, the exhibition will include a thorough Comparative Market Analysis, professional photography, referrals from past clients, and neighborhood/community data.
Reviving expired listings can be an excellent way for new and experienced real estate agents to grow their businesses. However, it takes patience, persistence, and a consistent, strategic approach to nurture these leads and convert them into valuable clients. With the right strategies and a strong team, it’s possible to revitalize expired listings and achieve rewarding home sales.
Reevaluate Your Scripts
Real estate agents are often overwhelmed with lead generation strategies, whether buying a list of leads or creating content to attract inbound prospects. But the truth is, many of these tactics come with a steep price tag—and that cost can add up quickly.
As a result, many new real estate agents need help to make ends meet, particularly during their first year in the business. Fortunately, expired listings are an effective, low-cost way to generate quality leads—and the tips in this article can help you capitalize on them.
While you may encounter resistance when calling an expired listing owner, it’s important to remember that they’re likely feeling defensive and apprehensive. Instead of rushing into your conversation with an aggressive sales pitch, empathize with their situation and show that you care about them as individuals.
Once you’ve established some natural rapport, offer to present your marketing strategy to them in person. Schedule the appointment when they’re most available, like weekday afternoons.
Then, prepare for any objections they may throw at you. For example, if they raise the issue of an overpriced home, you can explain that your market research shows homes priced at a higher asking price sell more quickly and often for a more significant net profit.