Many agents give up on expired listings because they feel that they can’t generate a successful lead generation strategy.
The truth is, if you know what to do and how to react during an appointment, you can get through this process successfully and get a home sold!
In this blog post, we will be discussing 16 tips on how to turn expired listing calls into an effective lead generation strategy to increase your chances of success.
Let’s dive in!
If a real estate agent can find listings with multiple MLS, their chances of finding the right buyer increase significantly.
It’s because it’s easier to get in front of them and sell these properties faster than other ones that might not be on any listing services.
This will also help if you need access to owner-occupied homes or have a high likelihood of distressed sales that typically happen via short sale or foreclosure.
An expired listing script can be your best tool. Besides, you can get it from any multiple listing service, which is more than willing to share.
Don’t let the price scare you away from expired listings because they usually go up for auction around 40 days after being taken off the market.
So, owners probably won’t spend too much money getting their homes ready to list. The listing agent usually wouldn’t list the property again because there is no point since it didn’t sell before.
Because of this, you could find some great homes that are priced very competitively.
2. Make a new connection with your expired listing script agent
One of the best ways to find out about expired listings before they go up for auction is through connections with other agents!
Most agents will call each other first to see what expired listings will be up for auction soon so they can get in front of them.
Well, there is power in expired scripts as they can give you exactly what you need. Calling expired listings from the same agent is a very effective way to create a real estate ad.
3. Collaborate with other real estate agents
If you’re not part of an agent team or have a preferred partner who can work with you to find these great deals, then there are still ways for you to do so.
One way is by collaborating with other real estate agents in the area who might be interested in selling their listings because they will want to get them on MLS.
Some areas only allow one listing per agency. This also helps if it isn’t listed on multiple platforms already since most people looking at properties stay within that specific platform.
This means buyers typically won’t even see the ones online unless they’re searching carefully for expired listings.
You can have a listing agreement with the last agent who made a particular sale and work together. Expired sellers can make just the right agent to work with.
One way you can do this is by emailing a bunch of local agents to see if they are interested in selling their listings.
If not, then you might just need some help getting your listing on MLS, which means that it could be possible for them to share the commission with you.
This will benefit everyone because new leads are generated, and more money is made compared to working alone or having someone else sell your expired listings without sharing the benefits.
4. Work with local business owners to generate leads
Suppose you’re not part of an agent team. In that case, it’s also good to collaborate with local business owners in your area interested in selling their businesses so that they can bring more customers into the picture, which will help sell these homes faster.
This is how lead generation becomes a great strategy because multiple people are involved, and everyone benefits from the outcome.
Just make sure that you do this right by having all parties sign non-disclosure agreements before revealing where other potential buyers might be coming from.
You can quickly get a listing appointment from such people. Also, try offering real estate coaching to property owners as part of your marketing plan, even if they don’t give you a listing immediately.
5. Search public records
Don’t forget about searching public records for new leads on expired listings that are being auctioned off.
This includes checking out county clerk websites to see what properties have been repossessed by banks, deeds of trust on the property, and pulling up tax assessor documents if it has recently sold.
This lets you find any possible new information or updates with regards to its current status.
You can also search online databases like ForeclosureRadar, which is pretty popular since they offer a great way of finding out everything you need through their platform at no additional cost.
6. Identify sold listings that failed to close
Another great way of finding new leads is by identifying any recently sold properties in the area which didn’t go through and calling them out on it so you can get your foot in their door as well.
This works especially if they are sellers who have already moved out since these people could be trying to sell off their homes for a lower price or just because there’s no point wasting money renting when they might not even move back once it has been repurchased.
Just don’t forget to ask for permission first before revealing this kind of information over the phone. Even though you’re only providing details about what happened, some homeowners still want privacy because being exposed like that can affect how potential buyers might view their property.
When you’re calling people, always remember to stay positive and never be pushy. Emphasizing your reason for why they should list with you or how much money they could make by selling their homes this way is a great lead generation strategy.
But it’s better to focus on what can help them instead. Try negotiating the best price possible and ensuring that everything will go smoothly as if there were no other options available. Keeping things light will also give potential sellers more reasons to work with you.
Those kinds of conversations might change how someone feels about making such decisions, which is often an important factor in deciding who gets chosen as well.
7. Buy expired listings
Don’t forget about buying expired listings yourself, especially if these homes are in great condition and perfect for selling right away.
If you can convince the owners to let go of their houses, then this is a good way to get your hands on new leads too. When people see that someone else has already expressed interest, that means it’s worth taking a look at as well.
Plus, it saves time and money instead of having to pay someone else just for getting access into MLS, so why not take advantage while there’s still an opportunity?
8. Consider drip marketing campaigns
Drip marketing is a great lead generation strategy because it helps build even more relationships with potential sellers. This, in return, will increase your chances of converting each one into new leads.
You can do this by creating email campaigns, sending texts, and making phone calls to make people remember who you are. This way, they will trust what you have to say next time around when they need help again.
For example, someone has already expressed interest in listing their home but decides not to go through with it for whatever reason (like the market conditions).
This can be an excellent opportunity since there’s still some kind of connection made between both parties. You could explain that while things didn’t work out at first, maybe now they’ll reconsider and keep your number just in case they change their mind.
9. Don't forget to follow up
Even if someone isn’t interested or unresponsive, you should still send them a polite reminder letter after several weeks.
After all, it never hurts to ask again, especially when there’s more at stake, like improved odds of closing deals and finding new leads for expanding business.
Plus, this also shows how serious you are about getting things done, which can help improve the chances of having people work with you from now on too.
Always make sure that whatever communication method is used will be easy enough to remember as well. It would help some homeowners who might not want something hard to recall right away and those who prefer simplicity.
10. Use eye-catchy mailers
Most of the time, homeowners will only take a look at mailers if they’re eye-catching and appealing enough to read more.
This means that you should avoid sending out bland-looking postcards or flyers, which can be easily ignored. Always keep in mind that no one wants to bother with something unappealing unless there’s some kind of reward involved.
Make sure your lead generation strategy covers this aspect so people won’t dismiss what might be helpful for them in the future, even when all is said and done.
11. Contact expired listings owners by phone
When contacting owners of expired listings, you should always try making a call first instead of going with texts or emails.
Most people will probably ignore messages sent digitally, but picking up the phone and calling them can often make things more straightforward and allow less room for excuses.
Plus, some homeowners might be open to listening about new offers, especially those who have been waiting around for months already without anyone else reaching out to them.
Also, remember not to give up on prospects if they don’t answer at all because this could mean that something is wrong with their number.
Sending another message later would definitely help since no one needs reasons why these kinds of opportunities are being missed in general. Don’t also forget to call back until they pick up and even leave a voicemail if there’s no answer.
12. Email prospective leads and sellers with a personal touch
People respond better to emails that feel more personalized and offer them something useful in return. This can be done by taking the time to write an intro letter before sending out messages, so homeowners know why you’re reaching out right away.
It could be about how they might still need help, what kind of solutions are available for their problems, or just sharing good news because some people are waiting around for such kinds of updates.
Also, remember not to sound pushy even if there’s urgency involved because no one wants anything aggressive as these strategies should feel natural.
Instead, show other ways on how your services can benefit others who would take notice at once. Also, don’t forget to keep it simple and make sure the spelling, grammar, and punctuation are on point.
People will appreciate getting messages that they can read quickly without feeling overwhelmed with all kinds of technicalities.
13. Use expired listing letter templates
There are plenty of resources online that can help you write a letter to send out with your lead generation strategy. Using existing letter templates makes it easy to send better messages without worrying about anything too complicated or draining.
There’s always time between tasks, so finding something valuable and helpful will be easier now. Even if the materials used might not seem like much at first, they tend to make things look good enough from start to finish.
Make sure these templates have all the details included already, which can save you some time whenever possible.
14. Consider social media ads for expired listings
Social media ads are another great way to reach out and get people’s attention for expired listings. You can use images of properties but make sure they’re high-quality, too.
Also, remember to use more visuals instead of just a single image whenever possible. More visuals always help with getting leads interested. So figure out your market niche and make ads that fit there too.
15. Use SMS marketing campaigns for expired listings
SMS marketing campaigns can be a great way to send out messages quickly and efficiently for expired listings.
You’ll need to provide them with quick updates about properties in their area then make sure these kinds of opportunities feel easy on everyone’s part. Make an offer right away by using text messaging.
16. Use live chat for expired listings
Live chat is another effective strategy whenever it comes down to lead generation strategies involving expired listings.
Using this tactic would make people feel how beneficial your services are to them since you’re spending time connecting with them.
The more you use different lead generation strategies involving expired listings, the better your chance is for success. Try out all possible means to see what works best. Be proactive and creative.
Even if the materials used might not seem like much at first, using them the right way could make things look good enough from start to finish.
Which of the above tips did you find most helpful?
Let us know in the comments below!