Expired listings can be a golden opportunity for Realtors. My preference is that they wanted to sell, and were willing to work with an agent. Many sellers of expired listings are still motivated, despite their previous setbacks and often re-list within 18 months.
What is your opinion about the expiration date?
- “They are wicked.”
- “Their price was too high.”
- “It’s hard to get them on the phone.”
- “I don’t have time.”
You may fear rejection or face opposition when contacting expired listing owners. However, a service-oriented mindset and patience can help you overcome this. Tell yourself, “They really need my help.”
Initial resistance can turn into opportunity in the right way.
Was the home too expensive? Maybe, or there could be more.
- How was the home sold.
- Accessibility of exhibits.
- Agent’s efforts.
- The environment.
- Local area.
Here are some scripts you can use when contacting the seller of an expired listing:
“Mr. Seller, I would like to know, what did your agent tell you was the reason the property was not sold?”
“Of course, price is a factor, however, there can be many other factors that have an impact on sales. Has your agent discussed those things with you?”
“I’m an expert at analyzing why houses aren’t selling and creating a custom plan for a successful outcome.”
“I will be at your place today. Would you be willing to show me your home, and in return, I will share my feedback on what it takes to help you sell for the most realistic price possible?“
Seller: “I haven’t written it yet.”
“I understand. However, it is very likely to happen in the future. So, wouldn’t it be nice to know what steps need to be taken to make sure this doesn’t happen again?”
“The reason I’m willing to take the time to meet with you is because I hope to earn the right to be considered your listing agent when the time comes.”
“Would it work for me to go by 4:00 today?”
However, I will provide a list of issues that can keep a home from selling and a list of questions to ask prospective agents you may be considering to ensure you choose the right one for the job.
Seller: “I don’t want to put the house back on the market now.”
“Okay, I understand. May I ask, if the perfect buyer comes along, would you appreciate an off-market offer”
I have many buyers. However, I don’t know if it is possible for a person to fit. Would you like to show me the home so I can put it on my off-market price list?”
Seller: “Yes, do you have a buyer?”
Your goal is to set up a listing appointment. If they won’t agree to that, then your next goal is to just walk in the door.
A predictable process produces a predictable result. Time to create your outdated process.
- It’s a challenge to find phone numbers. You may need to dig and have multiple sources.
- Time blocker to call them early in the morning before they get bombed. This should be at least a 30-minute block in your daily schedule.
- If your data source offers emails, email them with a powerful subject line that grabs their attention.
- “Are you ready?”
- “Can we talk?”
- “Are you still interested?”
- If you don’t have a phone number or can’t find them, walk in the door.
- Leave a version of your listing package and cover letter if they are not home.
- Call or go back to the door again on a different day/time as many times as you can until you get to them. During the week, make at least five attempts to connect to the door.
Yes, you will need to be a little more persistent than you are comfortable with. Don’t try to handle their objections over the phone. Set up an appointment and get in front of them.
While most agents will call on the first day, most never call back. Very few will ever knock on the door. You have to call, email, text, knock and repeat!
If you get to them and they tell you they don’t sell then hang up, call them back the next day (you might catch them in a better situation), or go to the door. People tend to be 50% nicer to a person. After extensive connection attempts in the 1st week expire, continue to contact them at least 1 time per week. Then, at least 1 time per month after that continues. Remember, they will probably write next time.
Tips for success when dealing with out-of-dates
- Don’t let your limiting beliefs stop you from opportunity. Continue to reach out to them until they re-list or tell you to stop contacting them. Create an expired farm.
- They know your texts and answers well. You will feel more confident and more likely to make calls.
- Study market data, trends and relevant information to shine as a market expert.
- Don’t give up on calling those when the price seems too high. He may be ready to cut back.
- You may want to search to capture old expired and canceled opportunities. Your timing could be perfect!
- Whenever you have a new buyer, compare it to your old farm to see if there are any similarities.
- Collect strong testimonials from the expirations you saved to prove your results to the next expiration seller.
With a well-planned system, you can turn outdated listings into a fruitful “expired farm,” nurturing these leads until the time is right for a seller. By systematically reaching out and making personal connections through visits or phone calls, you demonstrate commitment and credibility, therefore increasing the chances of converting these leads into successful sales.
A common refrain among agents is that sellers of outdated listings can be challenging or unresponsive. However, understanding the emotional journey of these sellers can change the situation. “Walk a mile in their shoes.” Sellers may be dealing with 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.
Outdated listings have untapped potential for those real estate agents willing to explore and engage. By maintaining a vision of building long-term relationships, you can turn skeptical vendors into valuable clients over time. Embracing the mindset of persistence, coupled with an understanding of the salesperson’s journey, gives you the power 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].
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