In order to begin generating new leads on a consistent basis, you’ll need diligence and a bit of creativity to outperform your competitors. A cost effective way to grab new leads is through prospecting expired listings. With a marketing strategy in place and your value proposition front and center, you’ll find that contacting sellers with expired listings can be well worth the time.
1. Choose Properties That You Have the Best Chance of Selling
Take the time to cherry-pick your ideal listings, targeting the ones you know that you can sell in a reasonable time.
2. Be Understanding
Once you’ve found the seller’s contact information (and checked your MLS using the home’s address to make sure it hasn’t been relisted), it’s time to make contact. Whether you prefer phone or email is up to you, but many agents find success using a combination of both - first email or a hand-written letter and then a follow-up phone call.
Keep in mind that the seller is likely disappointed that their home didn’t sell and their trust in their last agent was misplaced (as far as the seller is concerned). However, this shouldn’t keep you from reaching out. Do your research and come to a few conclusions on why you think the property didn’t sell and then focus on how you will be doing these things differently. Keep in mind that many agents will be reaching out, develop a plan to differentiate yourself from the rest.
3. Get Your Foot in the Door
Once you’ve established contact, getting your foot in the door is the next step. By scheduling a listing presentation, you can once again outline your plan to sell the property and impress the seller by providing visual proof of your marketing plan. How do you do this? Many agents bring along brochures of homes they’ve sold, marketing presentation kits, comparative market reports, and statistics on other properties they’ve represented.
If you can’t get a listing presentation right away, try sending over a list of testimonials from other satisfied sellers. This is far more effective than simply telling the seller that you will get the job done, you are showing them.
If you are sending an email or mailing a presentation kit, be sure you’ve given the seller enough time to receive and digest the information and then pick up the phone to follow-up! The best thing about this is that they already know who you are, so no cold calling is involved. See if you can answer any questions or concerns they might have.
5. Improve the Home Prior to Listing
Once you win the listing, make sure the property looks even better than it did the last time on the market. Taking the time (and extra expense) of staging the home, for example, can help reduce the time it sits on the market. Make sure the curb appeal is on point and that the house is at its best prior to showing.
With some luck, patience, and perseverance, you will find that expired listings can be a reliable source of leads and are a viable low-cost option for increasing your bottom line.
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