Your No. 1 job in your real estate practice is to generate new business. Without a steady stream of new listings, nothing else matters.
You could have the most polished listing presentation, be fantastic at prequalifying prospects and even be a great negotiator and closer, but without leads, none of that matters.
Working with sellers of listings that didn’t sell can be a goldmine. It can strap
rocket boosters to your lead generation machine and end the feast-and-famine cycle
forever once you get good at it.
Along with listings come buyer leads, concentrate on listings and the buyers will come. Grizzled real estate veterans like to say, “You have to list to last,” and they are correct.
Here are some of the top secrets to prospecting expired listings.
1. There are more expired listings than you think
You may not pay attention to the Expired Listings unless you watch your MLS ‘HotSheet’, or execute specific searches yourself. Don’t just look in your favorite area code, zip code or price range. Start your search broad and then narrow in. You’ll be surprised by how many expired listings there actually are.
2. There’s a lot of opportunity, you just have to work for it
If you can’t find a phone number to contact that owner, then no one else can either. Be the one who knocks on their door and offers to not just get it back on the market, but get it sold this time.
3. The sellers are motivated
Homeowners of expired listings will do things to get the home sold that they wouldn’t do for the first agent. They will remedy the negative feedback, reposition the price, and loosen showing restrictions.
4. Contact the more expensive expired listings first
Fewer agents call on them and they are just as motivated. Same work for you with a bigger payoff at closing.
5. Re-listed expired listings almost always sell right away
Watch your hot sheet for proof of this. A listing will be on the market for 90 days, expire, then re-list, often at a better price with improved pictures and sell in two weeks or less.
6. You can choose your listing inventory
By targeting certain price ranges and neighborhoods, and selecting the Expired listings you pursue, you can curate your inventory.
Set a goal of speaking to at least one expired listing every workday. Do this for 30 days straight and see how many listings you have. Then lather, rinse and repeat!
Tim and Julie Harris host a podcast for Realtors called Real Estate Coaching Radio. They’ve been professional real estate coaches for more than 20 years, helping agents succeed in many different market conditions.
