Special offer

Expired Listings Leads - How To Get Listings With Them

By
Services for Real Estate Pros with Listing Grabber

Using expired listings leads is one of the fastest ways on how to get listings.  Here are the most successful ways to work expired listings leads based on research with our clients.

There is an art to working expired listings leads well.  In my experience working with real estate agents over the years, there are essentially two ways to follow up with any expired listings leads.

 

Expired Listings Leads how to get listings

  • Do what most agents do and “beat your head against the wall” trying to get them to list with you
  • Use a marketing plan that gets them calling YOU to list their home

I obviously prefer getting them calling you.  After all, it’s a lot easier, you get less rejection, you can have a life, and you can spend time making sales rather than working hard hoping to get a sale.

So what is the different between the two?

Beating your head against the wall trying to get expired listings leads listing with you is what most agents do.  Realtors get “hot lists” of expired listings (those who have just expired) and they start calling on the phone and knocking on doors. Then, after about a month or two, they abandon those leads and focus on the next new ones.

However, if you look at the statistics of what actually happens with expired listings leads, it’s quite amazing.  The real money is made aftermost agents abandon the leads.

Here’s what I mean...

Roughly 65% of all expired listings leads re-list within two years.  That’s a LOT of listings coming back on the market!

However, when you look at the data more closely, here is what really happens.

  • Half of that 65% relist in 30 days.
  • Half of the remaining expired listings leads relist within 3 months.
  • Half of those remaining relist within 6 months.
  • Half of the remaining ones left over after 6 months relist by the end of 12 months.
  • And ... the remaining expired listings leads who relistwill do so by the end of the second year.

What this means is most agents stop working expired listings leads after the first 30 days.  They abandon following up with HALF of the leads who will eventually relist! From a real estate marketing perspective, this is “low-hanging fruit” for the real estate agent willing to do it right.

The “Right” Way to Follow Up With Expired Listings Leads

So what is the right way for real estate agents to follow up with expired listings leads?  It’s pretty simple.

First, compile a list of all expired listings leads who have not relisted, then keep this list up to date.  The easiest way to do it is create an excel spreadsheet and manage it once a month.

Second, don’t focus on all expired listings.  Only focus on the ones you want to work with.  You’ll find tons of expired listings leads throughout your city.  Narrow them down to just the leads in the areas and price points you want to work.  This lets you focus on the most profitable expired listings leads.

And third, start marketing to those expired listings leads on an ongoing basis.  The goal is to stay in front of them in such a way as they gain confidence in you so they call you when they are ready to relist.

Creating An Expired Listings Leads Marketing Campaign

Marketing to expired listings leads is easy.  It just takes getting things set up.  Once you have the marketing process created then you can grow your expired listings leads marketing campaign easily.

Here’s what you need...

First, create a marketing proposal pack of information.  Let’s call it an “Expired Pack.”  Your Expired Pack should be focused on all the reasons why expired listings leadsshould to choose you.  So think through everything a homeowner who has had a bad experience with another agent who couldn’t sell their home is likely “skittish” about.

This is the most important part of creating an expired listings leads marketing campaign.

Need help with this?  Let’s see if I can guide you through some of the things expired listings leads are skittish about...

  1. Do they like long-term listing contracts where they can’t get out if the agent isn’t performing?
  2. Are they frustrated because their past agent rarely communicated with them on the progress of the sale of their home?
  3. Do you think those homeowners ever called their agents and the agents took a long time to return those calls?

You see, these are just a few of the things most expired listings leads are frustrated with.  So if you want them to trust YOU to relist their home, you need to eliminate these issues.

How?

  1. Create an “easy exit listing agreement.” Let them know they can fire you at any time if they don’t think you’re doing a great job.
  2. Give them a twice or three times a week communication guarantee. Let them know you WILL communicate on an ongoing basis and share what’s going on with the sale of their home.
  3. Give them a “one hour return call guarantee.” Tell them any time they call you and you don’t return their call within 1 hour, you’ll provide a $100 discount off your seller’s commission when the home sells.  Let them know you have skin in the game to back up your guarantee.

It’s things like these that make standing out above the crowd of other real estate agents so simple.  And once you stand out above the crowd the homeowners will use you every time!

The Expired Pack should be a pack of information on all the reasons why expired listings leads should use you.

If that task seems daunting, contact us and we’ll be happy to share what some of our clients have done so you can mimic it yourself.  Just go to www.TheListingGrabber.com and fill out the form on the page.  At the top where it asks for the zip code, just tell us you’d like a copy of an Expired Pack.

So that’s the Expired Pack.

The next step in marketing to expired listings leads is to find a nice, eatable gift you can give to create a warm relationship.  A great example is a tin of butter cookies (usually costs around $5 each from Costco or Sam’s).

The third step is to create a series of realtor postcards to mail on an ongoing basis, keeping in touch with all your expired listings leads.  Don’t just send any postcards.  Custom create the postcards to mimic the information in your Expired Pack.  In other words, each of your realtor postcards should give specific reasons why expired listings leads ought to call you to relist their home.

I’m a fanatic when it comes to getting results following up on expired listings leads.  So if you’ll bear with me, let me wrap up this blog for now, and I’ll devote the next blog entirely to how to create these unique realtor postcards that work better than anything else our clients have tried.

If you are serious about follow through with expired listings leads and converting them to listings, then the next blog will be critical for your success.

Here’s the next blog.

Posted by

About the Author

Beatty Carmichael- A veteran direct response marketing expert.  View some of the techniques he's developed to help real estate agents get more listings.  Learn more at www.ListingGrabber.com.