The key to finding and converting expired listings is understanding what caused them stale. Whether due to market conditions or your marketing strategy, these properties present an excellent opportunity for agents with the right skills and tools.
For example, if an expired listing has had multiple price reductions, the seller is flexible with pricing. This makes it easier to work out a deal with them.
Create a Strong Online Presence
One of the most important things you can do to help revive expired real estate listings is to build a solid online presence. This includes creating a website, social media pages, and listing syndication. This way, you can connect with more potential buyers and get your listings in front of as many eyes as possible.
Expired real estate listings represent a unique opportunity for savvy homebuyers who are willing to take the time to find and pursue these overlooked properties. However, it’s essential to understand the nuances involved in this investing before making any decisions.
As a result, it’s crucial to work closely with an experienced agent who can provide insights into what went wrong during the previous listing and offer solutions for a successful relaunch. This may involve reassessing the pricing strategy and focusing on specific selling points to set the property apart from the competition.
Since homeowners are frustrated and burnt out after their listings expire, they may be more receptive to a new approach and fresh marketing ideas from a new agent. Use this to show them your marketing expertise and testimonials and highlight practical sales approaches you’ve successfully used. A thorough marketing presentation can inspire them to relist their property with you.
Reach Out to Homeowners
Expired real estate listings require more nurturing than other leads, as they often come from homeowners who were unsuccessfully listed with previous agents. They might be skeptical of real estate agents and frustrated with the process, so they’re receptive to new strategies to help them sell their homes. Expired listing leads tend to have higher expectations than other real estate clients, so you’ll need to impress them with your expertise and track record.
One of the first steps in revitalizing expired listings is reassessing the property’s price. Over-priced properties can discourage potential buyers, so it’s crucial to evaluate current market conditions and comparable sales data to determine a competitive yet realistic price for the property.
If the homeowner’s original asking price was too high, encourage them to lower it. Explain that a lower price can attract more interest from buyers and increase the chances of selling quickly.
Offer an effective marketing presentation to demonstrate your ability to sell the property successfully. Showcase your past success through case studies, photos, and testimonials, highlighting the benefits of using various mediums to market homes. This will help the homeowner trust you and inspire them to relist with you.
Present a Compelling Value Proposition
Expired real estate listings can be lucrative investments for investors willing to research, analyze, renovate, and negotiate strategically. They can also offer unique investment opportunities for real estate agents who take the time to identify why a property has failed to sell and implement effective strategies to revive it.
Many properties fail to sell because they’re overpriced or need to showcase their unique selling points adequately. Some properties may also undergo unavoidable marketability issues, such as construction or environmental concerns. Real estate professionals can help property sellers adapt to these challenges and position their properties as viable investments with attractive financing options.
Homeowners who have tried and failed to sell their homes can be receptive to an agent who offers a fresh perspective on the listing’s potential. A short expired listing letter addresses common homeowner concerns and delivers a resource guide addressing their most pressing questions.
A compelling value proposition is essential to the success of an expired listing campaign. Using an in-depth research process, real estate agents can find ways to highlight unique features of a property that would interest buyers. This could include a home’s architectural history, original hardware, or other charming details. This is the perfect opportunity for real estate agents to showcase their expertise and demonstrate care that sets them apart from other prospects.
Negotiate
In some cases, expired real estate listings can result from a combination of issues. For example, sellers may be reluctant to lower their prices in response to buyers’ feedback or financial constraints. In such situations, agents can negotiate with the seller to determine a fair price that meets their needs and aligns with current market conditions.
In addition, recalibrating pricing strategies, refreshing marketing materials, and engaging local networks can help revive expired listings. With the proper guidance and strategies, real estate professionals can work with a seller to overcome obstacles previously in their way and successfully sell a property.
Expired listing leads are likely receiving calls from other agents, so real estate professionals need to differentiate themselves and demonstrate their value. To do this, they can use a dedicated call script for expired listings that conveys their expertise and understanding of the home selling process. They can also offer to take over the listing and handle all the necessary tasks, including scheduling buyer consultations and showings, organizing inspections and appraisals, helping sellers qualify for financing, and completing the closing process.
