In the commercial real estate game, many have tried the expired listing strategy and have failed. But, when executed correctly, an expired listing strategy can fuel your bank of listings, help you acquire more contacts and drive traffic to you and your brokerage. If you are ready to up your game in commercial real estate, use these 4 actionable strategies to win expired listings.
#1: Know the Expectations
The commercial property listing you’re going after expired for a reason – whether the price was too high, it was in poor condition, the agent didn’t do a good job or a number of other factors. The prospect selling the property could have a negative opinion on the real estate profession because their agent failed to sell or lease their property.
In order to gain the client’s trust, you must go in knowing that expectations will be higher and you must prove to the client that you can sell or lease their property by offering a different and more effective approach.
#2: Have a Good Attitude
The seller isn’t looking for someone to post their commercial property online and leave it at that. They are looking for someone who can sell their commercial property as soon as possible. For many unsold commercial real estate properties, the price is the biggest factor in why the property hasn’t sold. Explain to your client respectfully the reasons why the price needs to be lowered and show compassion for this decision.
Don’t hit your client with an extremely low selling price without reasons for the extreme price drop, even though it’s necessary. Convey your confidence that you can sell the property and keep a positive attitude, regardless of how defeated the client may feel.
#3: Stay Consistent
Many sellers with expired listings don’t want to immediately jump back into the real estate market and often wait weeks or a month to start setting up appointments with agents again. As time passes, the amount of callers decrease, so it’s important to stay consistent and persistent with the sellers.
Show the seller that you are truly interested in selling their commercial property by continuing to stay in contact with them no matter how long it takes for them to meet with you. Call the seller a few times a week to secure an appointment. If you stay consistent and persistent, you will gain more expired listings and you will increase your sales.
#4: Keep at It
Stay on top of your prospecting system daily. Work on the current expired listings and past expired listings and be sure to contact hot prospects daily. The more contact you have with the sellers the more they’ll know that you are serious about selling their commercial property.
Develop a strategy and relay that strategy to the client to show them that you have a game plan to free them of the property they still own. Many sellers have moved to a new location and feel as though the property they didn’t sell has now become a burden to them – prove that you can sell the listing efficiently and quickly with the maximum profit possible.
We’re happy to announce that ProspectNow is now part of Buildout, furthering our shared vision to improve dealmaking for CRE. Learn More.