Expired listings are an excellent source of new business for real estate agents. However, you need to know how to approach this channel to boost your profits.
The first step is to research the homeowners you’ll be targeting. This will help you determine their needs and pain points. You can use this data to create a compelling marketing message that will appeal to them.
FSBO & Expired Leads
The most successful prospecting data tool in a realtor’s toolbox is expired listing leads. Within 30 days, over 40% of expired listings or tips relist with a different agent.
Data precision and timeliness are essential in ensuring you have the highest chance of landing that listing.
Real estate listed for sale by the owner presents a chance. 90% of FSBO leads nationwide need help selling their homes independently. The bottom line is what drives FSBO homeowners. In healthy markets, many FSBO homeowners become pragmatic about the necessity for professional assistance if they don’t have an offer in hand after two weeks. Over 70% of FSBO homeowners market their homes with a listing agent within four weeks.
Look for Expired Listings in Your Area
Expired listings can boost your real estate profits, but they can be tricky to find. Fortunately, there are several ways to locate expired listings in your area.
The first way is to search public records for expired listings. This can be done at your local city hall or the county courthouse. However, it is more time-consuming and involves more research than other methods.
Another option is to sign up for a prospecting service that searches the MLS for expired listings and provides reliable contact information. These services cost more than searching for them on your own, but they can save you a lot of time and money in the long run.
You can also use CRM (Customer Relationship Management) software to manage your leads and automate your calls. Systems can help you reach up to 300 people per hour and give you the flexibility to market to your target demographic.
Finally, a drip email campaign can effectively nurture leads and build relationships with them. These emails can include neighborhood and market reports, seasonal greetings, and helpful tips for preparing an expired listing to sell. Sending these emails regularly can help you build a stronger relationship with owners of expired listings and boost your real estate profits.
Find Expired Listings Online
Expired listings are an ideal way to boost your real estate profits. They are a great source of seller leads because they have already been on the market with another agent and are likely looking for an agent to help them sell their home again.
One of the best ways to find expired listings is to use a real estate lead generation platform that provides high-quality, verified listing data. These platforms allow you to target homeowners who have recently listed their property with other agents, and they also provide up-to-date contact information for these homeowners.
You can also reach out to expired listings through various methods, including social media ads and phone calls. A well-written email or letter highlighting your expertise and past success in selling expired listings can be an effective way to get in touch with these homeowners.
If you’re unsure how to approach these homeowners, consider contacting them through your existing network of local real estate agents. Some will be open to sharing their expired listings for a referral fee.
Whether you call them or send them a postcard, putting your headshot on the card can help build personal connections and increase your chances of winning their business. Moreover, adding images of homes you’ve helped sell and your previous clients can effectively demonstrate your experience in the area.
Contact Expired Listing Owners
Expired listings are an excellent source of lead generation for real estate agents. These homes have lapsed without a sale, and the owners are looking to re-list their properties as soon as possible. Using expired listing scripts to reach out to these homeowners can help you secure their business and boost your real estate profits.
You can contact expired listing owners through emails, phone calls, letters, or local advertisements. However, it’s important to remember that most expired listing leads aren’t ready to sign with you immediately after your first contact.
That’s why it’s crucial to build a strong rapport with these homeowners as quickly as possible. One way to do this is by creating a professional letter highlighting your skills and expertise as a real estate agent.
The best-expired listing letters focus on the seller and provide them with the information they need to decide re-listing their property. They include data-backed conversation points, a free market report, and a marketing plan outline.
Whether you’re a new or experienced real estate agent, working expired listings is essential to your business model. It helps you stand out from the competition and gives you a reputation as a proactive agent who’s always willing to work hard for their clients. It’s also a great way to build relationships with sellers who may not have been interested in buying or selling a home.
Reach Out to Expired Listing Owners
Expired listings are a great source of real estate business, especially for agents who haven’t had much success with other marketing efforts. They typically have higher conversion rates from lead to client than different types of prospects, averaging around 4%.
Agents can reach out to expired listing owners in several ways. One of the most effective is sending them a postcard with a detailed sales pitch.
Another way to connect with homeowners is by launching a social ad campaign on Facebook or Instagram. This will help you build your brand and make it more likely that these homeowners will choose you the second time.
If you don’t have much experience with social ads, it may be challenging to launch a successful campaign without making mistakes. However, it is essential to remember that this method can reach a highly targeted audience.
The most important thing to remember when contacting expired listing owners is that they are most likely frustrated with their home’s current status. They want to sell it quickly for a profit and are looking for an agent to help them accomplish this goal.
While calling these leads can be challenging, it’s an important step to get them on your list and start building relationships. It can also be helpful to have a script ready to cover all the essential details of your sales pitch without losing the homeowner’s attention.