Are you thinking about getting into prospecting expired listings?
Then you’ve come to the right place.
Here, we’re going to tell you How to prospect expired listings. This way, you’ll know exactly what you need to do.
On top of that, we’ll also explain what this is all about.
So shall we?
What Are Expired Listings?
Simply put, expired listings are properties that failed to sell before the expiration date. In turn, the property owners are already desperate to sell it.
Well, as an agent, you can find or buy expired listings. If so, this equation will be put to good use ‘A home seller that is desperate to sell their property + a real estate agent to help them sell said property = success’.
Plus, this is a big opportunity for you – the agent – to propose any kind of offer.
This is why many agents try their hand at prospecting expired listings.
But how do you prospect expired listings?
5 Tips to Prospect Expired Listings
Prospecting expired listings is not a “one size fits all”. This is why, here, we’re going to give you 5 helpful tips to consider when prospecting expired listings.
Here are the 5 tips to prospect expired listings.
- Set your goal
- Know how to empathize
- Don’t take it personally
- Always have a backup plan
- Set an appointment
Let’s look at the tips one by one.
1. Set Your Goal
Upon reading the previous emails of notations from your client, you should be prepared for the deals you can offer. Always know the stated and unstated needs of the client. The goal is to help them, as well as earn sales and promotion.
2. Know How to Empathize
Keep in mind that not all clients are the same. You might encounter sellers that are easy to upset, disappoint, or anger. Knowing how to put yourself in their shoes helps you understand them better.
Listening and offering help is the key to gaining the trust of your prospects.
3. Don’t Take It Personally
“Expect the unexpected” is what our old generations always note. When your client is angry or upset and saying words that are too bad to hear, don’t take it personally. As stated in the second tip, know how to listen and understand them.
Always offer help – that is your goal. Remember, you contacted them not to fight, but to help.
4. Always Have A Backup Plan
Not all calls, emails, and SMS conversations with prospects have happy endings. Always know how to accept rejections.
Instead of being sad, which sometimes will lead to demotivation, always be ready with your backup plan.
5. Set An Appointment
After a long, persuading conversation, if the seller agrees to your offer, make sure to set an appointment. And make sure that it is straightforward.
Indicate the best date, time, and location you will be available. Don’t forget to ask your possible prospect their most convenient time and place, too.
Remember, the seller is already trusting you, so always keep them in mind.
Of course, there are other tips, but these are the most important. Following them will help you overcome your fear, boost your confidence, and improve your sales.
How to Start Your Conversation
Don’t know how to start a conversation with your expired listing prospects?
Well, let’s help you out.
You can communicate with your prospect either through SMS, call, or email.
Here are a couple of sample templates you can look into to improve your correspondence.
Sample SMS to Start Your Conversation
Be straightforward. Include your greetings, add your name, organization, the reason for sending the message, and open-ended questions.
Good day! My name is (NAME) from (Organization). I am reaching out today because I saw that sign you put up about selling your property a long time ago. Do you still have plans on getting the property sold? I am writing this to help you do just that. Let me know if you’re interested.
Sample Cold Calling Script to Start Your Conversation
Be straightforward. Include your greetings, add your name, organization, and the reason for calling. Make sure to thank the client for answering the call.
Hello! I am (Name) from (Company or Organization). I am happy that I have finally reached you. I saw a sign that said you were selling your property. Do you still have plans on getting the property sold? I am willing to help you do that with a great offer. Let me know if you’re interested.
Sample Email Script to Start Your Conversation
When composing an email, always start with a greeting. State your name, organization, and reason for emailing.
Since we are working on a formal email, add your empathy statement because the seller waited for a long time to be assisted.
You can also add a schedule of appointments.
Hello (Client name),
How are you? I hope you are doing well. I am (Name) working at (name of the business).
I am writing this email because I saw signage that you were selling your property. Also, I am here to inform you that the rates on your property have increased.
My apologies! I know you’ve been waiting for an agent to reach you back. Rest assured, I am glad to help.
If you’re still planning on selling the property, I have a client that is interested in buying it.
Please feel free to reach out to me if you have any questions. We can set an appointment as soon as you’re available.
I am looking forward to doing business with you!
Starting a conversation with a prospect from an expired listing might be challenging. Using these formats will help you gain their trust. You can also compose your message, just make sure to include all the details.
- Your name
- Your company or organization
- Empathy statement
- Reasons for sending the SMS, call, or email
- Appointment (best to use in email)
So those were the tips on how to prospect expiring listings. Remember, you are there to help them — so do whatever you can to do just that.
To summarize, here are the 5 tips to keep in mind:
- Set your goal — make your offers clear.
- Know how to empathize — listen to your clients, understand their struggles, and try to help them as much as possible
- Don’t take it personally — to be sure, there are going to be some hard feelings on your client’s part, especially if they’ve been trying to sell for a long time. Just remember that this is not directed at you.
- Always have a backup plan — not everyone is going to agree with your offer or want to work with you. Don’t worry, there are many other expiring listings you can go to.
- Set an appointment — if your conversation goes great, then make sure to set an appointment with them so you can get straight to business.
And if you don’t know how to start a conversation, then you can work around the samples we provided.