The MLS contains many expired listings, and each is a true opportunity to gain a new client and land another closing. For sellers, it can be frustrating to go through the process of putting a home on the market only for it to sit on the market and not sell – this just gives you the chance to help the owner sell the home in a fresh new way that the previous agent could not accomplish. Here are four tips to help new agents win expired listings.
Take a Second Look at Price
More often than not, a home does not sell simply because the price of the home is not in line with the home’s value. A seller may think their home is worth more than it is, but this does not mean you go into a pitch with the top priority being to lower the price of the home. Approach the situation carefully and explain exactly why you value the home lower and then suggest a lower asking price after you have built rapport with the seller.
Show Your Differentiating Characteristics
One of the key ways to land an expired listing is to show how you will approach selling the home differently than the previous listing agent. If you show up to a pitch with the same plan as the previous real estate agent they worked with, then a seller has no reason to believe you will be able to sell their home if the other couldn’t. Craft a very different and unique approach by first speaking with the seller to find out what they thought the previous agent could have done better and then developing a plan to improve upon it.
Winning an expired listing doesn’t happen just by calling a seller and keeping your fingers crossed. Be persistent in your approach and reach out via email as well to give the seller options as to how they want to communicate with you. Some people simply communicate better via email because it’s easier for them. Show the seller that you truly are interested in helping them sell their home by being persistent but not pushy. Don’t call more than once a day but reach out a least a few times throughout the week.
Show sellers visual representations of how you will sell the home differently. The stronger your value proposition, the more likely a seller will choose you. Materials can be brochures of previous homes you have sold, testimonials from clients and examples of the marketing and advertising you can provide them. A professional brochure or catalog can make a big splash with sellers as they can visually see what you can offer them.
ProspectNow Can Help You Land Expired Listings
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.