Reaching Out to Expired Listings

Reaching out to expired listings is important in your business. In today’s high-demand, low-inventory real estate market, the number of expired listings has decreased compared to previous years. Nevertheless, there are still listings expiring for various reasons. This could be due to challenges in finding an alternative residence, difficulty in achieving the desired price, or a decision to withdraw temporarily and await a more favorable market. These listings represent untapped inventory waiting for someone with the necessary expertise to unlock their potential. It all begins with making contact in the most effective manner. Let’s explore this further.

Step 1: Conduct Thorough Research

Before any appointment or making that important call, your meticulous preparation sets you apart as the professional who can get the job done. And this is precisely why they will choose to work with you. It’s crucial to start showcasing your expertise from the very beginning. Your starting point is research.

Tailoring your script requires a deep understanding of what went wrong with their previous agent. Find out who their previous agent was and get into the details of the marketing strategy they employed for the home. Analyze the quality of the property photos they used and assess their social media engagement levels.

While thorough research is necessary, it’s equally important not to spend too much time on it. Timeliness is key – you need to reach out as swiftly as possible. Keep in mind that there might be several other agents also competing for their attention.

Step 2: Whip Your Social Media into Form

Prioritize a strong online presence to build trust even before the initial contact, which is crucial if the listing expired due to inadequate marketing. Given their previous disappointments, trust may be hard to earn. To convince them that you’re the right agent for their home, don’t just tell them. Show them through your social media profiles.

Your social media presence should reflect:

  1. Your personal branding.
  2. Your business marketing approach.
  3. Successful marketing of other homes.

Curate your social media feed to feature homes in a way that would appeal to potential sellers. This sets the tone for your interactions and allows potential clients to become familiar with you before you initiate contact. Additionally, prominently showcase evidence of your past successes.

Step 3: Prepare your script in advance

After conducting thorough research and gaining insights into what might have gone awry in the previous transaction, it’s time to put that knowledge to good use. You should leverage this research to proactively identify potential objections that the client may raise and then skillfully incorporate strategies for addressing those objections into your script.

By doing so, you’re not only demonstrating your preparedness but also showing a deep understanding of their concerns. This approach can help you navigate objections more effectively, instilling confidence in the client that you’ve taken the time to consider their specific situation and are well-equipped to provide solutions. It’s a proactive and strategic way to approach the conversation, increasing the likelihood of a successful interaction.

Finally, Show You are Different

Getting the appointment is a significant achievement, but it’s essential to recognize that simply establishing your competence may not be sufficient. Expired listings often result from previous negative experiences, and these homeowners have been disappointed or let down in the past. As a result, it’s crucial to introduce an extra layer of professionalism to your approach.

To set yourself apart, you need to highlight what makes you distinct from their past experiences. This entails pointing out the specific mistakes or shortcomings that the previous agent/s may have made during their previous attempt to sell the property. Explain in clear terms how you would handle these aspects differently and more effectively.

By doing so, you’re not only showcasing your professionalism and expertise but also acknowledging their concerns and actively addressing them. This approach reassures the clients that you are attentive, adaptable, and dedicated to providing a superior service, ultimately instilling a sense of trust and confidence in your capabilities.