If you’re like most agents, you probably hear horror stories about expired listing letters all the time. People seem to think they’re a waste of time and never work. Well, I’m here to tell you that’s not always the case with expired listings. In fact, if used correctly, expired listing letters can be a powerful tool in your arsenal.
It can be daunting to try and win back a client who has already expressed interest in leaving your company.
Luckily, there are some tried and true methods you can use to reel them back in. In this comprehensive guide, we’ll outline everything from the basics of an expired listing letter to more advanced tactics. Read on for all the info you need to get that listing signed!
Why Write An Expired Listing Letter
When trying to sell a home, there are many different strategies that can be employed in order to attract buyers. One often-overlooked strategy is writing an expired listing letter. An expired listing letter is a letter that is sent to the owner of a property that has been on the market for a certain period of time without receiving any offers.
While the idea of sending a letter to someone who has already decided not to sell their home may seem counterproductive, there are actually several reasons why this can be an effective approach.
First, it shows that you are knowledgeable about the local real estate market and are familiar with the property in question.
Second, it demonstrates that you are motivated and eager to sell the property.
Finally, it gives you an opportunity to introduce yourself and your services in case the homeowners have not previously worked with a real estate agent. By taking the time to write an expired listing letter, you can increase your chances of selling the property and earning a commission.
What To Include In Your Expired Listing Letter
An expired listing letter is a type of marketing letter written by a real estate agent to a homeowner whose property listing has expired. The objective of the letter is two-fold: to express interest in listing the property and to market the agent’s services.
When writing an expired listing letter, it is important to be personal and professional. The letter should be addressed to the homeowner by name, and it should reference specific details about the property.
For example, the agent might mention that they have noticed the house while driving by or that they have been following the property listing online. In addition, the agent should highlight their unique selling points, such as experience or local market knowledge.
Finally, the letter should include a call to action, such as setting up a meeting or offering a free consultation. By following these tips, agents can write expired listing letters that are both effective and persuasive.
The rules are not set in stone….
While there are some tried and true methods for writing expired listing letters, there are no hard and fast rules. In the end, the best expired listing letter is the one that gets results.
If you’re struggling to get your expired listing letters to work, consider trying a different approach. Maybe you’re not being personal enough, or maybe your letter is too long.
There’s no shame in experimenting until you find what works best for you. After all, the most important thing is that you’re able to sell the property and earn a commission.
How To Format And Send Your Expired Listing Letter
Make sure to include the following information: your contact information, the property address, the listing expiration date, and a brief message expressing your interest in the property.
It’s also a good idea to include a testimonial or two from past clients to give the seller an idea of your success rate. Once you have your letter ready to go, it’s time to choose the best method of delivery.
If you’re close to the expiration date, hand-deliver the letter and follow up with a phone call. This personal touch will show the seller that you’re serious about getting their business.
If you’re sending the letter via mail or email, make sure to include a clear call-to-action so the seller knows how to get in touch
Make sure the letter is clear, concise, and easy to read. Finally, be sure to include your contact information so that the homeowner can easily get in touch with you.
By following these tips, you will be sure to write an effective expired listing letter that will increase your chances of getting the listing.
Expired Listing Letter Examples
As a real estate agent, one of your most important responsibilities is to maintain regular contact with your clients. This is especially true when working with expired listings. Although it can be difficult to win back a listing that has already expired, it is still worth making the effort.
The following expired listing scripts can help you stay in touch with your clients and keep your name at the top of their minds.
Sample 1:
Dear [client name],
I hope you have been well since we last spoke. I was just thinking about you and your house on [street name]. I know it's been a little while since your listing expired, but I wanted to reach out and see if you had any plans to relist in the near future. I would love to help you market your property and get it sold for the best possible price. If you're not ready to relist just yet, I understand. But please don't hesitate to give me a call if you change your mind. In the meantime, I'll keep an eye on the market and let you know if I see any properties that might be a good match for you.
Sincerely,
[Your name]
Sample 2:
Dear Seller,
We're sorry to hear that your home didn't sell the first time around. It's tough when things don't go according to plan, but we're here to help. Our team specializes in helping sellers like you find buyers who are willing to pay top dollar for their homes. If you're interested in giving us a try, please reach out and we'll be happy to provide more information about our services.
Sincerely,
[Your Name]
[Your Company]
You can also check this free sample template from the National Association for Realtors.
Additional Tips For Writing A Successful Expired Listing Letter
In addition to the tips mentioned above, there are a few other things you can do to increase your chances of success when writing an expired listing letter. First, make sure you personalize your letter as much as possible. Mention something specific about the property that you think would be appealing to buyers, or share a story about why you love the neighborhood and the real estate market’s values there.
In addition, be sure to express your understanding of the sellers’ situation and let them know that you’re ready to help them move on to the next stage in their lives.
Here are a few additional tips for a listing agent to write a successful expired listing letter:
- Focus on what you can do for the client, rather than what they can do for you
- Be specific about your qualifications and experience
- Emphasize your commitment to customer service
- Offer a free consultation to discuss the client’s needs
By following these tips, you can write an expired listings letter that is more likely to generate new business.
The Do's And Don'ts Of Expired Listings
There are some things that owners should avoid doing if they want to successfully relist their home.
First, it’s important not to overprice the property. Agent commissions are based on a percentage of the sale price, so if a home is overpriced, agents may be less likely to show it to potential buyers.
Additionally, owners should make sure that their home is in good condition before relisting. This means repairing any obvious damage and ensuring that the home is clean and clutter-free.
- Do reach out to the seller as soon as possible. The sooner you get in touch, the better your chances of winning the listing.
- Do find out why the property didn’t sell. Was it overpriced? In need of repairs? Poorly marketed? Understanding the reasons behind the expiration will help you craft a more effective pitch.
- Don’t badmouth the previous agent. No matter how tempting it may be, resist the urge to criticize the seller’s previous agent. It will only reflect badly on you. Instead, a carefully drafted local and regional marketing plan would work.
- Don’t make promises you can’t keep. If you tell the seller that you can definitely sell their property, be prepared to deliver on that promise. Otherwise, you risk damaging your credibility.
By following these simple guidelines, you’ll be well on your way to winning expired listings and bringing in new business.
What You Need To Understand About Expired Listing Postcards And Letters
In most cases, the listing will expire after six months. At this point, the listing will be removed from the MLS and the property will be taken off the market. However, the owner may still be interested in selling their home. This is where expired listing postcards and letters come in.
By sending a targeted letter or postcard to expired listings, you can let the owners know that you are still interested in helping them sell their homes. In many cases, this will lead to a new listing.
As a result, it is important to understand what goes into an effective expired listing letter or postcard.
The first thing you need to do is get the attention of the owner. This can be difficult, as they may have already moved on from trying to sell their home. However, you can increase your chances of getting noticed by using a catchy headline or interesting graphic.
Once you have their attention, explaining why you are the best person to help them sell their home is important. Be sure to mention your experience, success rate, and any unique selling points that you may have.
When To Send Expired Listings Letters
When should you send an expired listing letter? The answer may surprise you. Many real estate agents believe that the best time to send a letter to an expired listing is immediately after the listing expires.
However, research has shown that this is often not the most effective approach. Instead, waiting a week or two before reaching out is often better.
This allows the homeowner to have an adjustment period and come to terms with the fact that their home did not sell. It also gives them a chance to assess their options and decide whether they are ready to work with a new agent.
You can increase your chances of winning the listing by waiting a couple of days.
The timing of when you send this type of letter is crucial if you want to be successful. Before sending your letter, you want to wait about two weeks after the listing has expired.
If you send the letter too soon, they may still be in denial and not be ready to talk to an agent.
If you wait too long, they may have already found another agent or decided to sell on their own. Two weeks is just the sweet spot for getting in touch and letting them know that you’re still interested in helping them sell their home when sending expired listings letters.
How To Your Track Results
It’s important to track your results after sending out expired listing letters so that you can determine whether or not your marketing efforts are paying off. There are a few different ways to do this:
1. Keep tabs on the number of leads you generate.
For every letter you send out, keep track of how many phone calls or emails you receive from potential sellers. This will give you an idea of your marketing reach and how effectively your letters generate interest.
2. Are people actually scheduling appointments?
Once you’ve generated some leads, it’s important to see if they’re actually taking the next step and scheduling appointments with you. This will give you a good indication of whether or not your letters are compelling enough to prompt action.
3. Keep track of your conversion rate.
Finally, you’ll want to keep track of your expired listing conversion rate, or the percentage of leads that actually result in a new listing. This will give you an idea of how successful you are at winning expired listings.
By tracking these metrics, you can get a good sense of how well your expired listing letters are performing and make necessary adjustments to your approach.
What does expired mean on a listing?
You might come across an expired listing when you’re looking for a new place to live. But what does that mean?
An expired listing is a property that was unsuccessfully marketed for sale and has been taken off the market. In most cases, the listing expires because the owners were unable to find a buyer at the price they were looking for.
However, there are a number of other reasons why a listing might expire, including unrealistic pricing, poor photos, and inadequate marketing.
If you’re interested in an expired listing, you may be able to negotiate a lower price with the owners.
However, it’s important to research before making an offer, as expired listings can come with their own challenges.
What does it mean when a house is listed as expired?
When a house is listed as expired, it means that the listing has reached the end of its contract period without selling. This can happen for a number of reasons, including an overpriced listing, poor marketing, or a difficult-to-sell location.
Whatever the reason, expired listings present an opportunity for buyers to negotiate a better price. Because the house has been on the market for a while, the seller may be more open to offers that are below the asking price. However, it is still important to be aware that an expired listing may indicate underlying problems with the property.
As such, it is always advisable to have a professional home inspector conduct an inspection before making an offer. By doing your research, you can ensure that you are getting a good deal on your new home.
Conclusion
Expired listings can be a great source of new business for real estate agents. Following the tips in this guide can increase your chances of winning expired listings and generating new leads. When sending expired listing letters, be sure to track your results so that you can determine whether or not your efforts are paying off.
Remember that expired listings can come with their own set of challenges. By doing your research and taking the time to inspect the property, you can ensure that you are getting a good deal on your new home.
