An "expired" is a property that has been previously listed with another real estate professional yet has not achieved success. As the owners of expireds were at one time interested in selling their home, they can be a prime source of business to pursue. Yet there are certain challenges.
It’s possible, though, that owners of expired listings may no longer be interested in working with a real estate professional. There may be a number of reasons why the listing contract has expired, including an overpriced or underexposed property, even an unmotivated seller. Expired clients may feel bitter about the experience, so may need reassurance as well as a forum to vent about the situation. That’s where you come in – to turn an expired into a signed listing.
•Expired Listing Contact Script - This helpful dialogue may assist you in securing an expired listing. Expired clients need support, understanding, guidance, and reassurance that their next sales experience will be positive. Use the following information and resources to show expireds why they should list with you:
Finding an Expired
There are a number of ways to find potential customers whose listings have expired. Before you begin, check with your local association of REALTORS®, as rules and regulations for contacting expireds can vary on the local level. Also, verify that the listing has actually expired, and that the property has not been listed again before making contact.
•Check your local Multiple Listing Service (MLS) - use this resource to examine a published list of expired listing contracts and to retrieve information on when a listing will expire
•Watch the homes for sale in your area - create a personal tracking system to note the homes for sale in your area, and pay attention to see if the yard signs come down.
Once you find an expired listing, the next step is to make the initial contact by offering added value.
Providing Added Value
Reaching out to expireds is a smart business move. You know that they have been interested in selling their home before, and they may also welcome the advice of a real estate professional who can help alleviate the stress of their home-selling experience.
As with other opportunity targets, it is vital to contact expireds by offering them something of value, such as any the following:
•Share market information - expireds may find value in knowing about the state of the real estate industry in their local markets, as well as the location and prices of homes that have recently sold in the area
•Promote an Open House - by encouraging an expired to attend an Open House you're hosting, it will give them a better idea of the market in their local area, and can work as a valuable forum to demonstrate your real estate expertise
•Relay a successful transaction - informing an expired of another sale that has taken place in the area can reassure the home seller that there is still an opportunity to successfully sell their home
Working with an Expired
When reaching out to expireds, it is important that you understand the difficulties they may have experienced in their attempt to sell their homes, and that they may feel dejected or angry. By knowing the emotions behind an expired's decisions, you may more fully assist them with their real estate needs.
When making the initial contact with expireds, try to initiate a relationship by using the following methods:
•Verify that it is, in fact, an expired listing - sometimes sellers will immediately list with another sales office once a listing contract has expired. Eliminate this difficulty by following the steps outlined in finding an expired
•Listen to the sellers - find out why they feel the house didn't sell, but stay neutral; this can help you define and solve their problems
•Tap into emotions - expireds often feel very emotional about the entire home-selling situation; acknowledge their situation and how they feel, and encourage them to talk about the experience
•Offer your expertise - after hearing the facts, offer to help the sellers figure out why the property didn't sell
•Be polite - thank the prospects for their time, and follow up, if appropriate
