While there are plenty of ways to generate real estate leads, many overlook one of the easiest—expired property listings. Although finding expired listings can be time-consuming, it is worth it if you can convert listing leads successfully.
Finding expired listings is only half the battle, as they’re no help to your real estate business if you can’t convert them! In this article, we’ll detail why converting expired listings is important and ways to effectively do so, giving you another avenue to grow your brand and reach more of your target audience.
And if you’d like to know more about how to find expired real estate listings, we have you covered.
Why is it important to convert expired listing leads?
When you convert expired listing leads, you’re growing your business by making more connections and expanding your target audience and network.
Converting expired listing leads helps you build trust with clients and other agents, and they will be more likely to contact you if they find expired real estate listings related to your niche.
How can I convert expired listings?
Once you find expired listing leads, you need to nurture them to convert them. Sellers who have had a listing expire may be wary of hiring another agent. You can differentiate yourself from their previous real estate agent by showing your value through marketing and social media.
Use a marketing email drip campaign to send potential clients emails regularly. These emails should contain valuable content and information, such as your experience with expired property listings. You can also use social media posts and ads to let people know about your experience.
Send a listing letter
Sending an expired listing letter on professional letterhead with your signature can effectively convert leads. This “snail mail” may take longer to reach its destination, but it’s usually more likely to be received and read than an email.
You can also include an invitation to set up an appointment to discuss plans further. A letter is also a good alternative to a phone call.
Use a script
While listing letters may appear more personal, it doesn’t mean cold emails, calls, or texts, aren’t. Thinking of unique scripts to use to grab the attention of your intended audience is a great way to stand out from the crowd and be sincere.
Whether you’re interested in reaching out to potential clients with a listing letter, email, call, or text, here are five scripts to help you engage with them.
1. Hearing them out
This script emphasizes the property owner. Tell them that you are interested in seeing the property and why they think it hasn’t sold.
Hi {first name}, I saw your listing has expired, and I was hoping to visit the property to find out more. I’m a local agent and would love to hear why you believe it didn’t sell.
2. Show them you care
If you are empathetic, people will be more likely to trust you. Ask what their future plans are and the goals for a time frame for selling. Show that you care about them and not just about the sale.
Hi {first name}, I know it can be disappointing when your listing expires. I’m a local agent interested in your plans for your property and your new time frame for selling. I hope to work with you to make the process less stressful.
3. Tell them how you can help
Refer to the previous agent and tell them how you can do a better job. Be encouraging, and they’ll be confident in choosing you as the new agent.
Hi {first name}! As an agent who has sold multiple expired listings over the years, I know I can help you. I’d love to hear what your previous agent’s plans were for your property. I’d also like to share my proven success rate when dealing with expired listings.
4. Be the expert
Take a look at the property and write some details about it in your letter. Show that you are a well-established expert about the neighborhood.
Hi {first name}, I have been working as an agent in your neighborhood for quite some time now. I noticed you have a large yard that many people in the area would love to have. I would love to take a closer look at your property, so I can use your property’s assets to help it sell in record time.
5. Be bold
If you’ve got it, flaunt it! Let the potential client know that you have innovative ideas for selling their property and that you’ve done it for people with expired listings in the past.
Hi {first name}! Stop what you’re doing because I am the agent you need. I have unique ideas for selling your property. I’ve done it for people with expired listings before and have had much success. Give me a call today!
Convert expired listings with Virtuance
If you’re ready to build your brand and convert more expired listings, use Virtuance’s professional real estate photography services.
We can take your listings to the next level with HDReal® high-quality photographs. People will see their property in a whole new light with Virtuance, revamping the space and bringing life to it, making it more likely to sell.
FAQ
The best way to convert expired listings is to engage your potential client with a personalized, targeted script that will give the property owner the confidence to let you help them sell.
A listing letter is considered more personal, but emails, calls, and texts are also effective ways to convert expired listing clients.
You can reach out to expired listings through letters, but emails, phone calls, and social media are also good ideas.
Additionally, combining any of these methods is always better than just one way.
