Selling expired listings can be nerve-wracking for agents. From learning scripts to presenting at the listing appointment, it can feel like a lot of work for little return. However, learning expired listing scripts and stepping outside your comfort zone to call these leads is worth the effort. Expired listing leads are high quality and often easier to convert than generic real estate leads.
Email Marketing
Email marketing is a great way to nurture expired listing leads because it allows you to send valuable information about the property and your market to a homeowner without having to call or write them. You can set up automated emails for your contact at specific intervals using a drip campaign. You can customize the content of your emails to include a variety of information about your market, helpful tips for sellers, and case studies on how you have successfully sold homes similar to the expired listing lead’s property. Another great way to reach out to owners of expired MLS listings is through direct mail. Postcards and brochures are effective marketing tools to connect with homeowners and build rapport. You can find high-quality templates on various sites for as little as $5 per piece. Testing different messaging and design strategies is important to find the best for your expired listing lead nurture efforts. Expired listing leads can be some of the most lucrative real estate prospects, but they require special attention and nurturing to convert into clients. Agents can convert expired listing leads into successful transactions with a solid strategy, an organized customer relationship management system, and targeted phone, email, and mail outreach.
Drip Marketing
Expired listing leads can be a valuable source of potential new listings. They are often motivated sellers who have already been through the home selling process and are frustrated by failed attempts to sell their property. Additionally, luxury and high-end listings tend to expire more frequently due to longer market times and smaller buyer pools, creating additional opportunities for real estate agents. Prospecting for expired listings requires diligence, persistence, and a strong understanding of approaching the right homeowners. Whether contacting homeowners directly, sending them a letter, or advertising online, you should have an effective marketing presentation ready. This should include your contact information, expertise and testimonials, and a clear explanation of how you can help the seller sell their property. Your marketing presentation should be tailored to the specific listing and the type of seller you are targeting.
Phone calls and letters are the most direct ways to reach expired listing leads, but a script can help you be more prepared for objections. Using a script helps to ensure that you are speaking to the homeowner in a way that reflects their current situation and can demonstrate your ability to help them sell their home quickly. Using a script can also help you avoid awkward pauses and defensive reactions and make the conversation less intimidating.
Social Ads
Social media ads are a great way to generate leads from expired listing clients. These ad campaigns run on social media platforms like Facebook, Instagram, and Twitter, allowing you to target specific demographics and audiences. The beauty of this type of marketing is that you can reach many people with very little budget.
Text messaging is another effective way to follow up with expired listing leads. However, make sure only to text homeowners who have approved your messages. Otherwise, you could violate privacy laws and get your phone number blacklisted on online complaint directories. For this reason, it is best to use automation software to help you stay on top of your expired listing contact list, send texts and emails automatically, and write effective text message follow-ups.
Door Knocking
While door-knocking is physically the most demanding real estate lead generation strategy, it can be very effective for expired listing leads. Because previous agents have burned many homeowners, they are more open to working with someone new who can offer a clear sales path and fresh marketing ideas. However, it’s essential to set aside dedicated time for door-knocking and not allow it to consume your entire work week.
Before hitting the pavement, gather homeowner data using an AI lead qualification tool. This software provides information such as property valuation, net worth, home features, property tax polls, financing methods, etc. This information can help you identify the most likely sellers and tailor your approach.
Then, follow up with your lead with a value-packed mail piece or an email drip campaign. However, be cautious about texting leads without permission because you may violate local spam laws. Additionally, recipients may report your message as spam, which can cause you to lose credibility. To avoid these risks, consider partnering with a real estate CRM to automate your follow-ups and ensure compliance with the law.
When meeting with an expired listing lead, please give them a detailed presentation of your marketing strategy and why their listing failed. Highlight the marketing tools you will use and specific numbers from other homes that you have successfully sold. This will inspire them to relist their home with you.
