Your No. Your No. 1 job in real estate is to generate new clients. Nothing else matters if there isn’t a steady flow of new listings.
You can have the most polished listing presentation and be great at prequalifying prospects. But without leads, all that matters is how close you are to closing deals.
It can be a great opportunity to work with sellers of listings that haven’t sold. Once you are proficient at it, it can boost your lead generation machine and end feast-and-famine cycles forever.
Buyer leads are a part of listing. Focus on listings and they will come. Real estate veterans who are old and grizzled like to say “You have to list last.”
Here are some top tips for prospecting expired listings.
1. There are many expired listings that you don’t realize exist.
Unless you monitor your MLS HotSheet or perform specific searches, you may not be able to pay attention to the Expired listings. You don’t have to search in your preferred area code, zip code, or price range. Start broadening your search and then narrowing down. You will be amazed at how many expired listings are actually available.
2. There are many opportunities, you just need to work for them
If you don’t have a phone number to reach the owner, no one else will. You can be the one to knock on their door and offer to not only get it back on the marketplace, but also to get it sold.
3. Sellers are motivated
Homeowners with expired listings will do everything to sell their home that they wouldn’t do for the first agent. They will correct negative feedback, reposition their price, and relax showing restrictions.
4. First contact the more expensive expired listings
They are less popular with agents and they are just about as motivated. You get the same work, but a higher payoff at closing.
5. Almost all expired listings that have been re-listed sell immediately
This is evident in your hot sheet. A listing will remain on the market for 90-days, then expire. Then, it will be re-listed, often at a lower price and with better pictures, and sold in two weeks.
6. You can choose your listing inventory
You can curate your inventory by targeting specific price ranges or neighborhoods and selecting the Expired listings that you pursue.
You should aim to speak to at least one expired listing per day. For 30 days, do this and you will see how many listings there are. Rinse, then lather.
Real Estate Coaching Radio is a podcast that Tim and Julie Harris host for Realtors. They have been helping agents succeed in all market conditions for over 20 years.