One of our coaching members just closed on a $1.5 million estate property that he generated from contacting an expired listing from eight months ago. He initially didn’t want to contact expired listings, but with lower than usual inventory, it was time to get creative. My expired strategies got him the lead, secured an appointment with the seller to show the property and resulted in a double-sided, luxury sale within two days. His buyer was thrilled, the seller was even more ecstatic. Everyone wins and this agent was the hero to both buyer and seller.
It is easy to sit back and “wait for something to come up in the MLS.” Everyone does that and frankly it’s lazy. Prospecting expireds may require some different selling skills but, in the end, you will be creating inventory for your buyer clients and solutions for expired listing sellers to help them achieve their real estate goals.
We tend to “assume” that every property has sold quickly and in multiple offers. While I would agree that most properties listed in the last 18 months have sold quickly and for even 110% of list price, there are many overlooked opportunities with other listings that didn’t sell and are expired off the market.
While your sellers who want to sell are concerned about being a buyer and the perceived lack of inventory issue, you can provide other options for finding your clients a property with these proven and creative sales strategies that few agents are doing in your marketplace.
Follow these expired prospecting strategies to find the right home for your buyer clients. You’ll end up listing a lot of properties as well!
1. Expireds are the most qualified, free leads. I have been saying this for over 20 years. They are the most qualified because we already know they want to sell or wanted to and still may want to with the right approach and solution. And did I mention they are free? Enough said.
2. Search past expireds up to 18 months. Go back into the system and find the expired listings in your market, searching even up to 18-24 months back. I promise you this is not a waste of time. It is going to pay off, big.
3. Strategically contact the expired sellers and secure an appointment. You can get an appointment by adding value and providing them with value-driven solutions to help them sell their home and buy a replacement home. Master the delivery of the script and you will get an appointment every time. Again, you are scheduling the appointment to see the home and to meet the seller first, without the buyer. This is your opportunity to have conversations with the seller and evaluate whether it is a possible home for your buyer.
4. Convert the expired lead into either a sale for your buyer or a new listing. If the property is not a good fit for the buyer client you are working with, no problem. This is where you pivot and discuss helping the seller with a plan to sell their home and help them move. If it works for your buyer client, then set up the appointment and make the sale.
While searching for expired listings may look different than you are used to, I would suggest that this type of creative prospecting is the exact solution you need to help find your buyer clients the property they want to purchase. Remember, it is the strategy that makes you the most effective. Increase your strategy and you will increase your effectiveness, results, sales and income!
To improve your strategies, claim your free 30-day trial of Sherri’s PlayBook™️, our newest online + live, monthly coaching Q&A sessions designed to dramatically increase your lead generation, listings, sales and income, click here.
Sherri Johnson is CEO and founder of Sherri Johnson Coaching & Consulting. With 25 years of experience in real estate as an agent, broker, and executive, Sherri now offers her proven methods through coaching, consulting and keynote speaking services nationwide. She is a national speaker for the Homes.com Secrets of Top Selling Agents tour and is the Official Real Estate Coach for McKissock Learning and Real Estate Express. Johnson has also been named a RISMedia Real Estate Newsmaker in 2020 and 2021 as an Industry Influencer and Thought Leader. Schedule a free 30-minute coaching strategy session, or visit www.sherrijohnson.com for more information.
This is a great article and very easy to do. But I’m in Maryland and I belong to the MLS Bright, we aren’t “allowed” to contact anyone whose phone number is on the DNC (Do not call). Sending out postcards/expired letters isn’t very effective. Any suggestions?
Thank you for the post, it is a good article.
Good article, but could you please outline the reasons why a home owner would be inclined to list with you being that it already failed (Probably issues with pricing or condition of the home) and what would you say to convince them to sign-on with you?