How to Go After Expired Listings and Win New Clients
A step-by-step outreach plan to revive expired listings and land motivated sellers.
Austin Beveridge
Tennessee
, Goliath Teammate
Are you struggling to find new clients in a competitive real estate market? Expired listings can be a goldmine for agents looking to expand their clientele. With the right approach, you can turn these missed opportunities into successful sales.
Quick Answer: To effectively pursue expired listings, start by researching the properties that didn't sell and understand why. Create a personalized outreach strategy, focusing on how you can address their specific needs. Use tools like CRM software to track your efforts and follow up consistently. Building relationships and demonstrating your expertise will help you win new clients from these listings.
Understanding Expired Listings
Expired listings are properties that were on the market but didn’t sell within the listing period. These homes often represent frustrated sellers who may be open to new strategies. Understanding why a property didn’t sell is crucial in your approach.
Why Properties Expire
Overpricing: Many sellers set unrealistic prices based on emotional value rather than market conditions.
Poor Marketing: Lack of effective marketing can lead to low visibility and interest.
Condition of the Property: Homes that need repairs or updates may deter buyers.
Agent Issues: Sometimes, the problem lies with the previous agent's strategy or communication.
Steps to Approach Expired Listings
1. Research Expired Listings
Start by identifying expired listings in your target area. Use MLS databases, online real estate platforms, or local listings to gather information. Look for properties that have been off the market for at least 30 days.
2. Analyze the Market Conditions
Understand the local market trends. Are homes selling quickly? Are prices rising or falling? Knowing this will help you craft a compelling argument for why the seller should relist their property with you.
3. Create a Personalized Outreach Strategy
Reach out to the sellers with a tailored message. Highlight your understanding of their situation and provide solutions. For example, if their home was overpriced, suggest a new pricing strategy based on current market data.
4. Follow Up Consistently
Persistence is key. Follow up with potential clients through calls, emails, or even personal notes. Make sure to provide value in every interaction, whether it’s sharing market insights or offering a free home evaluation.
5. Build Relationships
Focus on establishing trust and rapport. Attend local events, join community groups, and engage with potential clients on social media. Building a strong network can lead to referrals and future business.
Realistic Examples
Before: The Frustrated Seller
A seller listed their home for $500,000 but received no offers after three months. Frustrated, they took it off the market. An agent who reached out discovered the home was overpriced and needed minor repairs.
After: The Successful Re-listing
The agent suggested a new price of $475,000 and advised on simple fixes. After relisting, the home sold within two weeks for $480,000. The seller was thrilled and referred the agent to friends.
Tools to Help You
CRM Software: Helps track your outreach and follow-ups.
Market Analysis Tools: Provides insights on pricing and trends.
Email Marketing Services: Allows for personalized communication with potential clients.
Social Media Platforms: Great for networking and showcasing your expertise.
Checklist for Approaching Expired Listings
Identify expired listings in your area.
Analyze market conditions and pricing trends.
Create a personalized outreach message.
Follow up consistently and provide value.
Engage with the community to build relationships.
Common Mistakes to Avoid
Not researching the property: Failing to understand why it expired can lead to ineffective strategies.
Being too aggressive: Pushy tactics can turn sellers off. Focus on being helpful instead.
Ignoring follow-ups: Many deals are closed after multiple touchpoints.
Not personalizing outreach: Generic messages are less likely to resonate with sellers.
FAQs
What is an expired listing?
An expired listing is a property that was listed for sale but did not sell within the agreed-upon listing period, typically due to pricing, marketing, or condition issues.
How can I find expired listings?
You can find expired listings through MLS databases, local real estate websites, or by networking with other agents who may have access to this information.
What should I say to an expired listing owner?
Start by acknowledging their frustration and offer a fresh perspective. Explain how you can help them achieve their goals, whether through better pricing, marketing strategies, or home improvements.
How often should I follow up with expired listings?
Consistency is key. Aim to follow up every few weeks, providing new information or insights that may help the seller reconsider their options.
What are the benefits of focusing on expired listings?
Expired listings often represent motivated sellers who are open to new strategies. By helping them, you can build trust and potentially gain a loyal client who may refer you to others.
