Do you currently work expired listings as part of your real estate business? It’s often an untapped source for new client opportunities. Many real estate agents don’t pursue expired listings because they don’t know where to start. If that sounds like you, here are a few tips that may help you start adding “expired listings” to your lead generation list.
First, Check and Double-Check the Status
Cindy Stackhouse, Managing Broker and EVP of our Montclair and Manassas offices, has seen this happen before – agents reaching out to listings they thought were expired, but have been relisted. So, the first step is checking to make sure the listing is indeed an expired listing! Otherwise, as Cindy points out, it’s “embarrassing and makes agents look unprofessional.”
Educate Yourself About the Listing
Next, before you reach out, you’ll want to learn more about the house and the neighborhood in which it’s located. If you haven’t seen the house while it was previously listed, you’ll want to be prepared with an answer for why you hadn’t looked at it, as it’s a question that might come up.
Look through any pictures of the home, check out the comparable homes in the area, and make sure you visit them, so you’re fully knowledgeable about possible competition for the home. Also, familiarizing yourself with the neighborhood shows that you care and that you’d be able to point out relevant information in any marketing.
Cindy Stackhouse also warns that “Consumers are educated now. Don’t promise that you have a client interested if you don't just to get in the house.” Reach out to your database to see if there might be any interested clients before you contact the home’s owners.
Lastly, Cindy advises, “Be prepared to show why it probably didn't sell...use stats and reports. And, most importantly, do not bash the competition!”
Personalize Your Communication
When you’re ready to reach out to the expired listing, personalize all your communication. In the past, C21 Redwood Gaithersburg agent Mary Ann Morgan has found that sending handwritten cards can be a beneficial form of communication. She ordered cards that had her name on the front and, on the inside, she would “enclose a business card and hand write some friendly information.”
Working with the attitude that you’re there to help them solve the problem of selling their home is the best way to approach expired listings, and communicating that in a friendly, informative, and personal style is one of the primary keys to success.
Taking advantage of expired listings is a natural way to expand your lead generation opportunities. If you’re looking for more ideas for lead generation or would like to hear about the lead generation opportunities CENTURY 21 Redwood Realty provides its agents, contact us. We'd love to give you more information.