Agents must understand the seller’s mindset when converting expired listing leads into real estate clients. They are frustrated, disappointed that their home didn’t sell, and likely burned by their previous representation.
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Searching for Expired Listings
Expired listing leads can be a lucrative source of real estate clients. These leads are typically more motivated to sell than other real estate prospects and can be easier to convert into listing appointments.
The key to converting expired listing leads into clients is a clear strategy for approaching and connecting with them. While it can be difficult to contact sellers via email or the phone, it’s often more effective to send a letter with your contact information on professional letterhead. This approach can help capture their attention by demonstrating empathy and willingness to offer new marketing ideas. Hand-deliver your expired listing lead letter for an extra personal touch. Another option is to search public records for property owners who have previously listed their homes and failed to sell. This can be time-consuming, as you’ll need to check local records at city hall or county courthouses to find detailed contact information and cross-reference it with online listings. However, it’s worth the effort to reach a large number of prospects at one time.
Buying Expired Listing Leads
Expired listing leads are homeowners who previously listed their homes for sale but were unsuccessful. These sellers are motivated to sell, which makes them an excellent real estate client. They may have failed because of price, staging, or marketing. As a real estate agent, you can show them what went wrong the first time around and demonstrate that you can help them successfully sell their home this time.
While it can be intimidating to cold-call expired listing leads, it is not as scary as it sounds. You must remember that these sellers were already unsuccessful in selling their homes, so they are often burnt out. This means they are likelier to listen and respond to your advice. Working with expired listing clients is less time-consuming than with buyer clients. You can find expired listing leads by searching MLS property records or using a real estate database. However, you must ensure your data has the latest and most accurate statuses. You must also have a reliable contact information source, including cell phones. If you struggle to reach expired listing owners, consider sending them a letter. This more personal approach can help you stand out from other agents. Make sure to use professional letterhead and personally sign your letter. Close the letter by asking for an appointment to discuss their sales options.
Contacting Expired Listing Leads
When it comes to expired listing leads, you can find and reach out to them in a few ways. You can use a real estate prospecting service to search the MLS and find contact information or manually do it using online tools. Some of these services are more expensive than others, but they save you time by doing the work for you. Follow up with an email or phone call, no matter your chosen strategy. It’s important to show the homeowner that you are serious about working with them and want to turn their failed attempt at selling a property into success. Be prepared to answer any objections about listing their home again or why the property didn’t sell the first time.
In many cases, contacting an expired listing lead is easier than working with buyers, as these homeowners are already motivated to sell and understand that it takes a specialist to help them price their home accurately, stage the property, and market it effectively. Because of this, it’s essential to be friendly and personable on the phone while positioning yourself as the expert that can help them sell their property quickly.
Nurturing Expired Listing Leads
Expired listing leads are a valuable real estate prospecting source, but to convert them into clients, agents must use a strategic approach to data sourcing and lead nurturing. Whether you’re manually searching the multiple listing service (MLS) or buying expired listings from a real estate lead broker, using the right tools can streamline the process and make it more effective.
A powerful contact management tool can help you track the status of your expired listing leads and manage communication. You can also automate follow-up by scheduling phone calls and text messages. Follow-ups are crucial, as a seller may be more likely to agree to list with you after the third call.
Another great way to connect with expired listing leads is through direct mailers. You can send brochures or postcards to encourage homeowners to relist their property. Or, you can send a letter explaining why their previous listing didn’t sell and offering to help them this time. If you’re working with a real estate leads management company that provides a CRM, you can save even more time using a custom lead list based on your search criteria. This will allow you to find the best-fit properties quickly and get the most out of your prospecting efforts.
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