Effectively utilize a Real Estate CRM. This list of top 7 CRM must-haves will help drive your Real Estate business' growth.
How to Reach Out to Leads with Expired Listings
If you know of sellers who had a goal of selling their home but for whatever reason didn’t, you might be under the impression that they would be a great source to double your business.
Unfortunately, the reality is that less than 10% are ready to re-list their home immediately.
While they still have the same goal to sell their home, they just need a break from the whole process. They may be tired of cleaning their house and making their beds every day. They may just need a few months to breathe. (A majority of sellers generally wait 3-6 months to re-list their home after their listing expired.)
So, what can you do during this lag time? The #1 thing you can do as a real estate agent is to maintain the relationship with the seller.
Maintaining Relationships with Expired Sellers
As with all real estate leads, the main goal you should have as a realtor is to connect and develop a relationship with sellers and buyers alike.
When it comes to maintaining relationships with expired sellers, you want to make sure that you have continued to nurture a relationship with them even if they took a break from trying to sell their home. Then, when they are ready to re-list their home, they will think of you as their trusted real estate partner.
3 Steps to Communicate with Expired Listing Leads
1. Get their Contact Information
The first step in this process is getting the lead information. You can pay a monthly subscription to many services which will supply you with a daily list of expired and For Sale By Owner (FSBO) leads.
Some popular companies that provide expired and FSBO data are:
- Espresso Agent
- Vulcan 7
Once you’ve found the right contact information for expired leads, you need to be sure that you pull this expired listing data daily.
2. Pull Expired Listing Data
You can pull the daily expired lead list from your MLS as well. By pulling this data daily, you will ensure that no opportunity goes unnoticed.
Once you have their data, you can reach out to them by sending them mailers, emailing them, or by giving them a phone call.
3. Reach Out to Leads
Now that you are getting your daily list, and you’re ready to make some phone calls. It’s time to reach out to your leads. (Remember, most are not ready to re-list. Follow-up with your leads later on to maintain your relationship with them.)
The best way to reach out to more leads is by creating a script to send out to all the expired listings you find in your database. There are a few popular script options that you can choose from, and we are going to go over both of them and give you a few script examples to use as well.
Expired Listing Scripts: Bottom Line Up Front Script vs. Survey Script
Bottom Line Up Script
You can go with a “Bottom Line Up Front” approach, where you straight up ask for their listing. This technique can be effective, but it rarely provides that connection for the ability to build a long term relationship.
Bottom Line Up Front Script Example
“Hi, this is (your name) with (XYZ Real Estate AKA your company). I was looking on the MLS and noticed your home just expired on the market. I was looking through your photos and was shocked to see that your home expired. It looks like you have a beautiful home. Out of curiosity, are you still looking to sell your home?”
The odds are good that you will hear something like, “Not at this time. We have decided to take our home off the market for a while….”, so be prepared for this response, as most sellers need that break as we discussed above. You then want to ask permission to stay in contact.
“I 100% understand and know how hard the home selling process is, and it can be nice to have a break. Are you planning on taking a little break and re-listing, and if so, when do you think you may put your home back on the market? Would it be okay if I checked in from time to time to see how you are doing? When it gets closer to that time, I would love the opportunity to interview for the job!”
Based on their answer and timeframe, you will want to follow up with check-in calls to stay front of mind.
Another script we are going to explore is the survey approach. This allows you to connect and identify the seller’s expectations. This allows you to stay in touch with them for the long-term.
Survey Script Example
“Hi, this is (your name) with (your company). I was looking at the MLS, and realized your home just expired. Just so you know, this is not a sales call. I know you are getting bombarded with realtors calling and begging you for your listing, and that is not what this call is about.
I have found the best way for me to grow my real estate business is to survey homeowners like yourself that had a home for sale, had a goal of selling, and for some reason, that goal was not accomplished. I just have two quick questions for you, and if you would answer these two quick questions, it would mean the world to me. Is that something you are willing to do?
My first question is: I am sure your realtor did some things that you liked, that if you were to re-list your home again in the future you would like to see done again. What were some of those things?” (Get feedback.)
“Thank you so much for that feedback. My second question is: What are some of the things you felt your realtor could improve on? What do you feel they did not do? Ultimately, why do you feel your home did not sell?” (Get feedback.)
“Again, thank you so much for this feedback. I truly appreciate it. Your help means a lot to me! Just out of curiosity, do you still have the same need and goal of selling your home? When do you plan on re-listing your home? I know I said this was not a sales call, and that was not my intention, but based on the feedback that you gave me, I am extremely confident I can help you accomplish that goal. When the time comes, if and when you are ready to re-list your home, I would love the opportunity to interview for the job. Would it be okay if I checked in every once in a while to see how you are doing with everything?”
As you can see, the “Survey Script” gets the seller talking more. Another bonus is that you get to hear from “The Consumer” on what services they are looking for a realtor to provide and what their expectations are. So, even if you do not get the listing, you are still gaining great insight that can help you grow your business.
Then, make sure to add them to your CRM (read more on what to look for in a CRM here), and make sure to do your follow-up/check-in calls, so when they are ready to take action, they think of you!
When Was the Last Time You Checked Your Expired Leads?
All in all, expired leads can be a great source of business, and if worked consistently, can provide huge success! If you haven’t reached out to your expired lead pool, what’s holding you back? If the answer is that you don’t have the technology to help you with this, we can help. Connect with our team of real estate CRM specialists to help scale your real estate business the right way.
This blog was originally published on June 26, 2020 and has been updated for clarity and with the latest information.
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