Success With Expired Listing Leads Begins January 1
Regular readers of the Vulcan7 blog know we are dogged in our belief that prospecting expired listing leads is the surest way to success in our business. Here are three reasons why:
- You can assume they are motivated because they’ve already decided to sell their home
- They are likely not averse to working with a real estate agent
- They have a property to sell without having an assigned agent.
If you’re committed to success with expireds you need to set your sights on January 1 which is the BIGGEST EXPIRED LISTING DAY of the year. That’s right, any listings due to expire on the last day of the year go back onto the market on January 1. This coming New Year’s Day could be particularly lucrative as we are seeing an uptick in the number of expired listings hitting the market. That’s because agents are not pricing homes effectively and failing to deliver a solid marketing plan. Therein lies YOUR opportunity!
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
PROSPECTING EXPIRED LISTING LEADS
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 (including New Year’s Day); 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 because the rapport-building magic begins when you sit across from the homeowner.
- 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 listing 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?
THE VULCAN7 DIFFERENCE
If you’re already a Vulcan7 pro, you know the value of our data and are likely ready to hit the phones on January 1.
For those of you who do not currently use a real estate lead generation/CRM platform, Vulcan7 delivers new real estate seller AND FSBO leads daily. But that’s not all. Other Vulcan7 features include:
- For Rent by Owner Leads
- Contact Management
- Two Simultaneous Dialers Available – Call directly in the software
- Neighborhood Search
- Pre-foreclosure Leads
- Sales and Marketing Tools
- StoryTellr Video Email
- Usage Reporting
Vulcan7’s CRM is intuitive and easy to learn. And our support is second to none.
BRING 2024 IN WITH A BANG!
If you are not currently prospecting to be a listing agent, consider this: less than 5% of U.S. real estate agents actively phone prospect. And that this tiny percentage represents the lion’s share of revenue in our business? This represents a huge opportunity for anyone willing and ready to put in the time each day to work the phones. The transactions are out there, and waiting for you to make the call.
Vulcan7 can help you snag those expired listings that other real estate agents often ignore. This is already a section of the market that’s underrated — real estate’s best-kept secret. We give you the tools and resources at your fingertips to help you maximize your chances of “owning” the expired listings in your MLS.
But here’s the reality: as good as Vulcan7 might be, it’s up to YOU to use the dialer and make the connections. That’s why you need to treat New Year’s Day like any other, income-generating, production day. Don’t think of New Year’s Day as a holiday, but as your day to launch the most successful year of your career.
To learn how Vulcan7 can help you to be a top seller agent, CLICK HERE.
Good luck in 2024!