Prospecting expired listing is a major strategy for many top real estate agents because it can generate lead sources. This strategy is actually beneficial because it has one of the best conversion ratios in the industry.
For instance, top expired listing prospectors that can get in touch with 25 owners of expired listings per day can usually set 1 listing appointment per day.
Furthermore, searching for expired listings is a low-cost business. While it requires a lot of hard work, it doesn’t usually demand a huge investment. It is more focused on taking listings rather than converting buyer leads.
Therefore, expired listings take lesser time and make it possible for agents to close more transactions per year. So where do you stand as an investor? This is where your connections can come in useful.
Making Connections with Realtors
The more realtors you know, the better your chances are at landing good deals from expired listings. Many realtors are actually open about the idea of sharing information to their colleagues.
It is important that you know your local realtors as well as the ones that can help you maximize your business and investment. It takes rapport, social skills and good communication methods to present your self as a worthy partner or ally.
As long as you have a thing with people, you can gain enough connections to make this venture easier for you.
It takes rapport, social skills and good communication methods to present your self as a worthy partner or ally. As long as you have a thing with people, you can gain enough connections to make this venture easier for you.
Being on the Lookout for MLS Listings that are about to Expire
Make it a point to be on the lookout in the MLS to build a contact list of listings which are about to expire or those listings that had multiple price reductions over time. Don’t contact the seller until the listing has expired.
Prepare a professional yet friendly script to create a good impression once you’re set to make that phone call to the seller. You may also opt to utilize an expired listing system (Vulcan 7 or REDX) that feature auto-dialers which send scripted messages to sellers of expired listings.
Older Listings are Your Best Bets
Try to gear your attention to older expired listings. The older the listing, the easier it would be for you to convince the seller. If you’re new in this business, such listings are also your best bet as a start up since you can potentially find motivated sellers.
With older expired listings, there is also a much bigger chance for the seller to have equity built up in the property which means that they will turn a healthy profit once the home sells.
Poor Marketing could Mean Something
Expired listings with poor marketing may indicate a low quality representation or a realtor that isn’t putting much effort on the property for some reason.
Such situation presents a chance for you to pick up the expired listing and to pursue it. Poor marketing refers to listings with no photos or those with only one photo or with poor quality photos for that matter. Such houses are unlikely to sell because buyers always want to see more details.
Listings that don’t show the house interior are likewise good targets as well as those that obviously weren’t given much attention. These are indicators of lack of experience and lack of marketing efforts.