Expired real estate listings are an excellent opportunity for new agents. They can be found in most areas and are often less resistant to calls, emails, or letters from agents than other leads.
Typically, lead generation costs money, whether buying lists or paying for advertising. However, expired listing leads are free and can have higher conversion rates.
Reduced competition
Real estate agents often use a variety of lead-generation tactics, but these strategies can be expensive and take a while to produce results. As such, expired listings allow agents to generate leads at a lower cost with a quicker turnaround.
In addition, expired listing homeowners are usually less resistant to marketing materials. They may be more receptive to postcards and offline marketing methods like video. A recent report found that 90% of agents who used tape said it improved customer engagement.
However, it’s essential to understand the challenges of contacting expired listing homeowners. These owners have probably received several calls from other agents, so setting yourself apart with your approach is crucial. You’ll also need to show that you understand the property’s value and can address any price objections.
One way to do this is by using online software that can automate your marketing efforts and track the performance of each channel. This will save you time and money while delivering exceptional results. Lastly, you should build a natural rapport and establish your expertise through testimonials and proof of your success. This will help you build trust with the owner, which is vital for any successful relationship. This is especially important if the property has been on the market for an extended period.
Access to exclusive opportunities
Many real estate agents spend hours tracking expired listings through paper documents or online lists. This leads to wasted time that could be spent on more active sales and lead nurturing. Experienced real estate agents employ targeted marketing techniques and proactive outreach to revive interest in expired real estate listings, aiming to bring renewed attention to properties that may have previously gone unnoticed in the market.
Expired property owners often receive calls from dozens of other agents attempting to win their business. This allows real estate agents to differentiate themselves from their competitors and build a rapport with property owners who may have been frustrated by previous listing failures.
In addition to establishing a rapport with property owners, real estate agents must understand why their listings failed to sell. This will allow agents to identify potential pain points and offer solutions that will help them close the deal. For example, suppose a property owner was unsuccessful in selling their home because of inaccurate pricing or unfavorable market conditions. In that case, a real estate agent can offer advice to resolve these issues.
In addition to establishing a rapport with owners, real estate agents must have the right marketing tools to capture expired listing leads. This includes an auto-dialer that can contact hundreds of people per hour and provide the flexibility to tailor a marketing message to each property owner. Software is an excellent option for this purpose and offers a wide variety of features that will improve an agent’s ability to convert leads into appointments.
Opportunity to reassess listing strategy
Real estate agents can hone their skills by pursuing expired listings and use this opportunity to learn more about their local market. Real estate agents can adjust their marketing strategy appropriately by analyzing why their previous listing failed to sell and ultimately achieve tremendous success.
The prospecting process for expired listing leads is time-consuming and requires patience and diligence, but it can pay off with a steady stream of new clients. Using a website that offers automated listing alerts, a real estate agent can quickly identify properties about to expire and contact the sellers. This will help them build relationships with the sellers and position themselves as experts.
Once they have contacted the seller, a real estate agent should ask for a meeting to discuss the property and provide them with information about the current market. This will help them establish a rapport with the seller and encourage them to work with them.
Some properties fail to sell due to inaccurate pricing or poor marketing, and understanding these pain points will help real estate agents offer valuable solutions to the sellers. This result will be a smoother transaction and more successful business for real estate agents. If a real estate agent uses effective offline methods to market to expired listing leads, they can quickly become a top performer in the industry.
Opportunity to approach owners
Expired real estate listings offer an excellent opportunity for agents to engage with owners directly. In most cases, the property has already been on the market for a considerable amount of time, meaning that the homeowners are likely open to a new approach from someone who can solve their selling goals. Additionally, expired listing leads typically have higher conversion rates than those found through traditional lead generation methods.
Being persistent and respectful is essential when contacting owners about their expired listings. After all, they’ve probably received numerous phone calls and emails from real estate agents attempting to secure the listing. As a result, building trust can take some time. Nevertheless, this is an excellent opportunity to showcase your expertise and demonstrate that you can help them sell their property.
Once you’ve established rapport with the homeowner, offer them insight into what may have caused their previous listing to expire. This will allow them better to understand the current state of the local housing market and can help you build a partnership with them.
You can also provide them with a free market report and outline your marketing plan for their property. This can give them the confidence they need to list with you and can help set you apart from your competition.