Expired Listings

6 minutes
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The Path Toward Real Estate Success: Expired Listings

Expired Listings
Joshua Smith
Making Money in Real Estate

Expired sellers are homeowners who had a goal of selling their home, but who, for whatever reason, did not accomplish that goal. So, they are homeowners that you know have a need and desire to sell their home. Sounds like a great lead source to me!

Unfortunately, the reality is that less than 10% are ready to re-list their home immediately. While they still have the same goal of selling their home, they just need a break from the whole process. They may be tired of cleaning their house and making their beds every day and just need a few months to breathe. So the majority of these sellers wait three to six months to re-list their home.

Keep in mind that, as with all leads, the goal is to connect and develop a relationship, stay in touch long term, and when they are ready to re-list their home, they think of you, we hope.

The first step in this process is getting the lead information. You can pay a monthly subscription to many services which will supply you with a daily list of expired and FSBO leads. 

Some popular companies that provide expired and FSBO data are: 

-Espresso Agent -Vulcan 7 -Landvoice -RedX

You can pull the daily expired lead list from your MLS as well, but getting phone numbers can be difficult through that method, and when it comes to expired leads, mailers can work, but phone calls are by far the most effective way to get results.

OK, so, now you are getting your daily list, and ready to make some calls. Remember, most are not ready to re-list, so, as always, the “Fortune Is In The Follow Up”.

You can go with a “Bottom Line Up Front” approach, where you straight up ask for their listing. This technique can be effective, but it rarely provides that connection for the ability to build a long term relationship.

Example “Bottom Line Up Front Script”:

“Hi, this is (your name) with (XYZ Real Estate AKA your company). I was looking on the MLS and noticed your home just expired on the market. I was looking through your photos and was shocked to see that your home expired. It looks like you have a beautiful home. Out of curiosity, are you still looking to sell your home?”

The odds are good that you will hear something like, “Not at this time. We have decided to take our home off the market for a while….”, so be prepared for this response, as most sellers need that break as we discussed above. You then want to ask permission to stay in contact.

“I 100% understand and know how hard the home selling process is, and it can be nice to have a break. Are you planning on taking a little break and re-listing, and if so, when do you think you may put your home back on the market? Would it be okay if I checked in from time to time to see how you are doing? When it gets closer to that time, I would love the opportunity to interview for the job!”

Based on their answer and timeframe, you will want to follow up with check-in calls to stay front of mind.

Another Expired Lead Script that gets great results is a survey approach, which allows you to connect and identify the seller’s expectations, and then allows you to stay in touch long-term. 

“Survey Script” Example:

“Hi, this is (your name) with (your company). I was looking on the MLS, and realized your home just expired. Just so you know, this is not a sales call. I know you are getting bombarded with realtors calling and begging you for your listing, and that is not what this call is about.

I have found the best way for me to grow my real estate business is to survey homeowners like yourself that had a home for sale, had a goal of selling, and for some reason that goal was not accomplished. I just have two quick questions for you, and if you would answer these two quick questions, it would mean the world to me. Is that something you are willing to do?

My first question is: I am sure your realtor did some things that you liked, that if you were to re-list your home again in the future you would like to see done again. What were some of those things? (get feedback).

Thank you so much for that feedback. My second question is: What are some of the things you felt your realtor could improve on? What do you feel they did not do? Ultimately, why do you feel your home did not sell? (get feedback).

Again, thank you so much for this feedback. I truly appreciate it. Your help means a lot to me! Just out of curiosity, do you still have the same need and goal of selling your home? When do you plan on re-listing your home? I know I said this was not a sales call, and that was not my intention, but based on the feedback that you gave me, I am extremely confident I can help you accomplish that goal. When the time comes, if and when you are ready to re-list your home, I would love the opportunity to interview for the job.  Would it be okay if I checked in every once in awhile to see how you are doing with everything?”  (Of course if they say they need to re-list immediately you would want to be a little more aggressive at setting an appointment ASAP. Read more on turning conversations into appointments here).

As you can see, the “Survey Script” gets the seller talking more, and, therefore, gives you the opportunity to develop a connection. Another huge bonus is that you get to hear from “The Consumer” what services they are looking for a realtor to provide and what their expectations are. So, even if you do not get the listing, you are still gaining great insight that can help you grow your business.

Then, make sure to add them to your CRM (read more on what to look for in a CRM here), and make sure to do your follow-up/check-in calls, so when they are ready to take action, they think of you!

Expired Leads can be a great source of business, and if worked consistently, can provide huge success!

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

Joshua Smith Jun 26th, 2020
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