Calling expired listings is a tough job. This is especially true because you’re hardly the only agent calling – a new expired could get over a dozen calls offering new representation. How do you stand out?
The best way to stand out is through a highly unorthodox tactic – waiting.
You may think that if you wait, you’ll miss out on the best expireds. However, that isn’t true. There are many reasons that a newly expired listing may decide not to re-list right away. When you use expired listing letters to mine the old expireds, after other agents have already moved on to a new batch, you’ll not only hit the homeowners at a better time – you’ll have almost no competition doing so.
Why Newly Expired Listings Decide Not to Relist
If a listing doesn’t sell, there was obviously a problem. Maybe there are needed repairs. Maybe the agent didn’t do a good job. Or, maybe the seller was unreasonable about price or other provisions. Regardless, the homeowner may not be in a position to relist right away.
Homeowners with expired listings are often worn out by the selling experience and disillusioned with their Realtor®. This alone may make them decide to take time off and relist at a different time. In addition, the deluge of calls and visits they get right after their listing fails is likely to irritate them rather than encourage them. Any Realtor® who approaches them at that time may well get a firm “no” for no reason other than overwhelm.
After a few months, these homeowners are more ready to be approached about listing again. In addition, after failing to sell the first time, they may be more ready to hear suggestions about repairs, staging, and price. This makes it a great time to reach out to them with expired listing letters.
How to Connect With Old Expireds
The great news with older expireds is that you won’t be competing with dozens of other agents to get the listing. Most agents give up after the initial “no” and move on to the next new list. By reaching out with expired listing postcards or expired listing letters after three or four months, you’ll be able to connect with homeowners more easily.
Make sure your expired listing letters address the homeowners emotions about not selling the home, but don’t place any blame on them for failing. Offer to help them discover, and correct, any issues that blocked a sale. You can keep it especially simply by sending an expired listing postcard inviting them to contact you.
Why am I recommending mailings instead of a call? For a couple of reasons. First, with cell phones being everywhere it’s easier for a call to catch people at a bad time, resulting in a “no” based more on convenience than actual consideration of your offer. Secondly, many people screen calls or don’t answer their phones. A mailing will be more likely to get attention, be able to say more for you, and faces less competition than calls or emails.
Expired listings are a great source of listing leads, but if you’re looking to beat the rush, try a new technique. Wait a few months, then follow up with expired listing letters or expired listing postcards. The seller will be in a better frame of mind and you’ll have much less competition. That’s a win-win.
Looking for help? We have a variety of expired listing postcards you can use. Take a look today!