When it comes to expired listings, always remember:
- You can assume they are motivated because they’ve already made the decision to sell their home.
- They are likely not adverse to working with a real estate agent.
- They have a property to sell without having an assigned agent.
Here are a few noteworthy statistics to keep in mind about Expireds:
- Over half of Expireds re-list and sell with another agent
- 90% of Expireds are immediate, urgent business.
- 40% list within one month
- 60% of Expireds wait before signing with a new agent
- Fewer than 3 in 10 Expireds will re-list with their current agent
- 35% will have their home off the market for a month or more
- Nearly 4 in 10 will list with a new agent within 30 days
Whether you’ve been in the business for years or are relatively new, you are probably aware that Expired listing properties are a significant revenue opportunity. And, if you’re a Vulcan 7, you are fortunate to have the best Expired listing leads delivered to your desktop every morning; not to mention the best CRM and dialer in the business.
Here are a few of the fundamentals when it comes to working with Expired listing homeowners:
- When it comes to calling Expireds, focus on those critical, initial seconds to position yourself:
- Let the homeowner know how you would do things differently (“While your home was on the market, here’s how I helped X homeowners sell their property”).
- Remind them about what motivated them to sell in the first place (i.e. the importance of their next move).
- Don’t lose touch with the unique opportunity of old expired listings. Many agents pass these listings up for newer properties. Remember:
- Don’t consider these as cold calls because you know they have a home to sell, and do not have a listing agent.
- Call early and be persistent in your follow-up with Expireds. Prove that you are dedicated to selling their property-they will appreciate that dedication.
- Expireds also appreciate it when you show them you remember their property.
- Remember that time and price are the things they are most concerned about.
- Have your stats at the ready: examples of your quick sales, especially those made above the listing price.
- Be persistent about getting an in-person listing presentation-avoid having to make a listing presentation over the phone, or even via Zoom, if at all possible.
- Show the homeowner how you would be a partner and problem solver. Have examples of how you went above and beyond for other clients.
- You may run into situations where the homeowner previously listed with a friend, and is possibly inclined to re-list for the same reason. You might discover that the homeowner previously listed with a friend. Perhaps you can turn this to your favor: “I appreciate great friendships, but do you think you gave your friend the best chance to sell your home?”
- Be straightforward if the Expired client asks if you’re willing to negotiate commission: “It depends on many factors, such as the condition of your home and the price we set. We can discuss that in more detail when we meet tomorrow.”
- Firmly and politely fight through the objections until you secure the listing presentation.
Expireds are likely frustrated that they could not sell during their previous listing. Which means, if you can help them achieve their goal, you are likely to get glowing references from that homeowner down the road. And who doesn’t want a glowing reference in this super-competitive industry?