Expired listings can be a goldmine of opportunity for Realtors. What I love about expireds is that they wanted to sell, and they were willing to work with an agent. Many sellers of expired listings are still motivated, despite their previous setbacks and often relist within 18 months.
What is your mindset around working expireds?
- “They are mean.”
- “Their price was way too high.”
- “It’s hard to get them on the phone.”
- “I don’t have time.”
You may fear rejection or encounter resistance when contacting owners of expired listings. However, a mindset centered on service and patience can help you overcome this. Tell yourself, “They really need my help.”
Initial resistance can transform into opportunity with the right approach.
Was the home overpriced? Possibly, or there could be more to it.
- How the home was marketed.
- Accessibility for showings.
- Efforts of the agent.
- Condition of the property.
- Location of the property.
Here are some scripts you can use when contacting a seller of an expired listing:
“Mr. Seller, I’m curious, what did your agent tell you was the reason the property didn’t sell?”
“Certainly, price is a factor, however, there could be a number of other factors that impacted the saleability. Did your agent discuss those factors with you?”
“I am an expert at analyzing why homes don’t sell and then creating a custom plan for a successful outcome.”
“I will be in your area today. Would you be willing to show me your home, and in return, I will share my feedback on what is needed to help you sell for the highest realistic price possible?”
Seller: “I am not listing right now.”
“I understand. However, you most likely will in the future. So, wouldn’t it be nice to know which steps need to be taken to assure this doesn’t happen again?”
“The reason I am willing to take the time to meet with you is because I am hoping to earn the right to be considered as your listing agent when the time comes.”
“Would it work for me to stop by at 4:00 today?”
“By the way, I will bring a list of potential issues that can cause a home not to sell and a list of questions to ask future agents you might consider to ensure you choose the right one for the job.”
Seller: “I don’t want to put the home back on the market now.”
“Okay, I understand. May I ask, if a perfect buyer came along, would you entertain an off-market offer“
I have many buyers. However, I don’t know if one might be a fit. Would you mind showing me the home so that I can keep you on my off-market inventory roster?”?”
Seller: “Yes, do you have a buyer?”
Your goal is to set the listing appointment. If they won’t agree to that, then your next goal is to just get in the door.
A predictable process produces a predictable result. It’s time to create your expired process.
- It is challenging to find phone numbers. You may need to do some digging and have multiple sources.
- Time-block to call them as early in the morning as possible before they are bombarded. This should be at least a 30-minute block in your daily schedule.
- If your data source provides emails, email them with a strong subject line that grabs their attention.
- “Are You Okay?”
- “Can we talk?”
- “Are you still interested?”
- If you do not have a phone number or cannot reach them, go to the door.
- Leave a version of your pre-listing package with a cover letter if they are not home.
- Call or go back to the door again at a different day/time over multiple times until you reach them. Over the course of a week, make at least five attempts to connect at the door.
Yes, you will need to be a bit more persistent than you are comfortable being. Don’t try to handle their objections over the phone. Set the appointment and get in front of them.
While many agents may call on day one, most never call again. Very few will ever knock on the door. You must call, email, text, knock and repeat!
If you reach them and they tell you they’re not selling and hang up, call them back the next day (you may catch them in a better mood), or go to the door. People are often 50% nicer in person. After extensive efforts to connect in week 1 of the expiration, continue to contact them at least 1 time per week. Then, at least 1 time a month after that ongoing. Remember, they are likely to list in the future.
Tips for success when working with expireds
- Don’t let your limiting beliefs get in the way of opportunity. Continue to reach out to them until they re-list or tell you to stop contacting them. Create an expired farm.
- Master your scripts and responses. You will feel more confident and more likely to make the calls.
- Study the market data, trends and relevant information to shine as the market expert.
- Don’t rule out calling those where the price seems extremely high. They might be ready to reduce.
- You may want to search back to capture older expired and cancelled opportunities. Your timing could be perfect!
- Whenever you have a new buyer, cross reference them against your expired farm to see if any are a match.
- Collect powerful testimonials from the expireds you’ve rescued to prove your results to the next expired seller.
With a well-organized system, you can convert expired listings into a fruitful “expired farm,” nurturing these leads until the timing is right for the seller. By systematically reaching out and making personal connections through visits or phone calls, you demonstrate commitment and reliability, therefore strengthening the possibility of converting these leads into successful sales.
A common refrain among agents is that sellers of expired listings can be challenging or unresponsive. Yet, understanding the emotional journey of these sellers can turn the tide. “Walk a mile in their shoes.” Sellers may face personal issues, such as feeling rejected or experiencing life challenges. By approaching these conversations with empathy and understanding, you can set yourself apart from the competition.
Expired listings hold untapped potential for those real estate agents willing to explore and engage. By maintaining a perspective of long-term relationship building, you can transform hesitant sellers into valued clients over time. Adopting a mindset of persistence, paired with an understanding of the seller’s journey, empowers you to turn initial rejections into eventual opportunities.
Debbie is the CEO and Founder of Forward Coaching.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the editor responsible for this piece: [email protected].
