Real estate listings that remain on the market after their initial expiration date might provide real estate professionals with many leads. Expired listings can offer buyers and sellers opportunities to negotiate favorable terms and conditions.
Cold calling expired listings may be intimidating and cause some hesitation, but it’s a valuable lead-generation tool with a high conversion rate. Here are four ways to leverage expired listings for your business:
Increased Competition
Expired real estate leads are a gold mine for agents. They come with highly motivated sellers eager to work with a new agent. They also provide a more affordable lead generation strategy for real estate agents, as they are cheaper to acquire than traditional buyers’ leads.
Cold calling expired listings is a time-honored strategy that can produce high conversion rates from lead to client. It’s estimated that agents can secure one listing appointment for every 25 expired listings contacted.
When contacting real estate expired listings, you should focus on discovering why the previous listing failed to sell. It will better understand the seller’s needs and help you build trust. Additionally, you can offer to improve the home to boost its appeal. It will demonstrate your value and give you an edge over the competition.
Less Competition
Real estate agents use a variety of lead-generation strategies to find buyers and sellers. However, these techniques can be expensive and take a long time to produce results. It is why expired listings are such a valuable lead source.
Expired listings can allow real estate agents to connect with sellers without spending money on marketing. In addition, the seller is already familiar with the property and may be more likely to work with you. It can help you close a deal more quickly and efficiently.
By concentrating on expired listings, you can create a database of prospective leads that you can develop over time using lead-generation techniques and efficient client relationship management. The key is to use a service that allows you to easily test and track the effectiveness of different expired listing marketing methods. Doing this lets you identify the most effective methods and optimize your marketing efforts for better results. It separates the top 1% of expired listing marketers from everyone else.
Less Time on the Market
Real estate listings are typically listed for a certain duration, like six months, and when they do not sell by the end of that time, they become expired. Expired real estate listings are a great source of leads for agents because they usually lead to highly motivated sellers eager to work with a new agent.
It is important to understand that marketing to expired listing sellers requires a lot of dedication and persistence. It is difficult to stand out from the competition and convince the seller that you are the best candidate for their home. It is also important to use effective offline methods, like expired listing postcards, to market to these leads.
One of the most effective ways to reach expired listings is using a turnkey system that provides high-quality data and reliable information. It can help you identify the most valuable properties in your area and turn them into valuable leads. Choose a website that delivers a high-quality product at a reasonable cost from the various online platforms that provide this service.
Less Competition for Buyers
Expired real estate listings can create opportunities for sellers as well. Often, a listing expires because the property is not priced correctly or because the previous agent did not market the property well. In either scenario, the seller might be willing to cooperate if you can contact them and convince them that you can sell their house swiftly and for the highest price.
You can gather contact information for the homeowners on an expired listing. In that case, it is easy to contact them again using real estate data software, allowing agents to perform a skip trace in minutes and scrub the Do Not Call list contacts. It can be a great way to generate a steady flow of NOW business throughout the year.
Whether using online real estate lead generation tools or offline marketing methods, it is important to be consistent, strategic, and different from your competitors to connect with homeowners on expired listings. If you can build trust, the leads will be there for you when they are ready to move on to the next step in their real estate journey.
Less Competition for Sellers
Expired real estate listings can offer great opportunities for sellers. If you’re an experienced seller, this type of listing can help you find a buyer quickly. If you’re a new seller, it can allow you to build trust with potential buyers and set up appointments.
A successful marketing strategy for expired real estate leads requires a unique approach based on your location and market. For example, if you’re working in an area where most homeowners are investors, you might want to use offline methods like direct mail to connect with these property owners. These strategies can make your brand stand out and create a deeper connection with your clients.
