A simple MLS query will bring up plenty of expired listings, each offering a new opportunity for you to make another sale and gain a new client. Sellers have just been through the process of trying to sell their home and working with an agent who was not successful, so they are more than likely frustrated with the process and are looking for new, fresh ways to sell their home.
Here are four tips residential agents can use for landing expired listings.
#1. Prove You’re Different
Why are you the right agent this time around? The sellers need to know that you are not just better, but that you will take a different approach to selling their home. Half a dozen other agents are also trying to gain the re-listing assignment, so you need to prove how you will be successful in marketing and selling their home.
Perhaps you have a cutting edge marketing program that includes submitting the listing to Trulia, you participate in listing podcasts, offer virtual tours or have an online listing exchange with other agents in the same area. Give the sellers references to past clients you have worked with, show them hard stats and data that will help prove you are right for the job.
#2. Be Mindful of Price
The reason many listings expire is because they had too high of a price tag. This is often because the seller believes their home is worth more than it is – be mindful and don’t immediately pitch to the seller that you’d like to lower the asking price by $30,000.
Give concrete reasons for why you believe the price should be adjusted to earn the listing. Ask the seller on their thoughts about why the home didn’t sell and give them your thoughts as well. Earn the seller’s trust and prove yourself before jumping to lowering the asking price.
#3. Be Proactive
Don’t assume that since a listing expired, that the sellers will use the same agent to re-list the property. Pick up the phone and talk to the seller to find out background on the situation and to gain more insight as to why the property may not have sold.
Commit to making an effort and putting together a plan of action to present to the seller to earn the listing. Don’t be discouraged by the competition – present the seller with valuable and proven information to show them that you are the agent that will sell their home, fast.
#4. Utilize ProspectNow
ProspectNow can help you land an expired listing because of the advantages it offers, such as putting online display ads directly in front of the most likely prospects and targeting directly to the most likely buyers.
ProspectNow will help you identify properties that are most likely to be listed for sale in the next 12 months before other agents do. This will help you locate expired listings and be proactive in trying to win the seller’s business. Start your free trial here.