A Guide to Calling Expired Listings in Real Estate

Expired listing rebuilding a powerful insight often overlooked, and creating new opportunities for real agents. These properties earlier failed to sell before the primary requirements for the listing agreement ended. When the listing expires, the homeowner is often frustrated, disappointed, and possibly even embarrassed.

There are several reasons to get a listing expired, and also have opportunities to rearrange your listing to attract customers. This guide will give you a detailed, step-by-step framework on how to successfully prospect these valuable leads and turn frustration into success.

Why Target Expired Listings?

Real estate companies are targeting expired listings, as they previously attempted to sell properties. These homeowners are motivated sellers who have already gone through the emotional process of listing their homes in the marketplace. Expired listings have proven intent to sell properties with a more effective approach.

You can offer fresh prospecting against failed marketing plans. These prospect steps include identifying the previous agent’s strategy lacking, wrong pricing plan, or poor communication method. Through identifying these gaps, you can approach the expired listing prospect by providing knowledgeable information that delivers results.

• According to the Mojo Dialer blog post, research shows that expired listings convert 3-5 times the rate of generating prospect efforts.
• Though applying cold calling or direct approaches has greater results in returning the expired listing prospects.

Outreach Strategy: Calling Expired Listings

Before moving again to the expired prospect, redefine your strategy that could solve the previous pain points. Prepare your outreach strategy with a professional, empathic approach to build a rapport rather than making a hard sell. You must demonstrate a better plan to get your assignment done with the right agent on the second chance.

Preparation Phase

You need to prepare a plan with effective steps, like defining clear goals, understanding needs, and potential outreach channels. Also, you must plan how you prepare yourself to reach an already expired prospect, and what benefits you’re going to offer. This groundwork ensures your effort to focus on an effective strategy and is customized to connect with individuals.

• Before you dial a single, prepare deliberately to face with most critical step. Research is a secret weapon on how to get accepted when reaching out to prospects. Thus, you need to understand the property better than the previous agent, which enables you to speak with authority and empathy.
• Let’s begin by studying with Multiple Listing Service (MLS) to pull a list of recently expired listings. Meticulously, dig into the down reason for expiry, and research recent sales in the neighborhood, and mini-cooperative market analysis (CMA). This pre-call research grows your sense with data-backed insights, making your call less generic and more powerful.

Initial Call Script

Your first phone call must be scripted in empathy and direct communication. The homeowner may likely have received several calls during this time. Your goal is to stand out with different, respectful, and helpful approaches.

Don’t start with an aggressive pitch; rather than start with a problem-solving intent:

Example of the script: “Hello, is this [Prospect’s Name]? My name is [Your Name], and I’m a realtor. I noticed your home at [Property Address] recently came off the market, and I’m sure that was disappointing. My reason for calling is simple: I’ve been reviewing several issues marketing for your home, and I believe I have some ideas that could make a difference. I’m not looking for anything now, but I would love to quickly show you a unique marketing strategy. I used to sell homes. Would you be open to a brief chat at some point this week?

This script is effective to hit directly with sympathy, offering value without being pushy. It acknowledges your prospect’s frustration and introduces a professional solution rather than showcasing another salesperson. The prospect identifies you as a different kind of professional with a genuine problem-solving profession.

Follow-Up Script & Etiquette

Most of the agents give up efforts on expired listing prospecting. Your follow-up strategy is where you win the listing. Therefore, you must be determined and respectful, providing new values in every step of interacting with your existing prospect. The main objective of the improved follow-up strategy should be to remain at the forefront and continue to build trust.

Your follow-up strategy keeps you in mind and continues to build trust to go ahead.

Follow-Up script Example: “Hi [Prospect’s Name], this is [Your Name] again. Having a fantastic day. I was thinking about our last conversation and put together a quick and personalized report on some of the recent sales in your area. I’ve seen that property, and like you, it’s still selling with values; I believe it might give your property a fresh perspective. Are you open to me sending it right now?

This approach gives you more tangible and valuable information that showcases your expertise and commitment to the prospect. Follow-up strategy increases your engagement with already expired listed prospects to retrieve the prospect’s trust to move again. Be consistent and steady, which accelerates your success.

Advanced Scripts

Once you’ve made contact and established a basic relationship with your prospect, your next scripts should focus on specific issues. You must be open to dealing with the homeowner regarding the previous issues. This provides you with a good strength to prove your value.

• Script with Detecting the Problem:

“Thank you for receiving my call, [Prospect name]. I’d like to understand your last experience better. What do you believe was the biggest challenge in getting your home sold? Did you find out the problem, like price, the marketing, or something else?’

• Script for Overcoming Problems:

Objection-1: “We’re just waiting for a better market position.”

Your Response, “I completely understand that thought process. However, waiting for a better situation means missing the right buyers who are currently active in the market. I have a strategy that doesn’t just; it actively targets buyers who are looking for homes like yours right now. Let me show you how it works.”

Objection-2: “We’re going to re-engage with our old agent.”

Your Response: “Thanks for seeing your loyalty with the old agent. What I want to show you, however, is a different marketing approach. A different strategy can often create a different result, even with the same home. I can share some examples of how I helped sellers in similar situations. Could you set up a short, no obligation to discuss?”

These advanced scripts are designed to pivot the conversation from their past experience to your future solutions. You must be the expert who shows them a path forward.

Reviving Strategy: What to Propose

An expired listing can sometimes be a blessing for you through hiring an expert real estate virtual assistant to revise your strategy. A skilled virtual assistant helps your expired listing sell your property by creating unique features that earlier not followed earlier. The homeowner needs to see a clear, actionable plan that addresses the specific reasons why their property didn’t sell.

Pricing Re-Evaluation

The most common reasons for a listing expiring are incorrect pricing. Your pricing re-evaluation must be data-optimized and empathetic. You prepared with a thorough CMA, showing where the previous price exists in comparison to recent and successful sales.

• Prepare a new and strategic pricing plan. Explain the importance of the revised price plan being placed correctly from day one to attract the maximum number of buyers.
• Revised pricing plan showcases your market expertise. Also, research and discuss the “price banding’ strategy to ensure the home appears in the top search results.

Listing Makeover

A listing makeover for expired listings focuses on how homeowners create new, engaging property listings for a successful sale. These steps address the reason for the initial sales failure and create a fresh and engaging listing to attract new buyers.

• Professional Images & video for new List: Replace all major old images with new high-quality photos, and a walk-through video tour. Highlight how this will attract the buyers’ attention online and create a more polished professional look.
• Home Interior & exterior: Staging curb appeal to prepare expire listing house for sale through attractive both interior and exterior decoration. Interior focus on inside looks its best, well-furnished home decoration. On the other side, exterior showcasing landscaping, wall-painting, and overall maintenance to make a positive impression.

Creative Marketing & Off-Market Options

Showcase your expired real estate listing as a unique opportunity for creative and off-market strategies. You need to change the value position from the previous agent’s plan. Let’s see how your innovation approach reaches broader audiences.

• Targeted Digital Marketing: Demonstrate your innovative positions on social media platforms like Facebook and Instagram to create targeted ads. You can specifically market to buyers who have shown interest in similar properties in their neighborhood.
• Email Marketing: Detail how you’ll use your existing network and a robust email marketing campaign to introduce their listing to a wide pool of qualified buyers and other agents.
• Broker Caravans & Open Houses: If appropriate, suggest a broker-only open house to get agent feedback. Propose a plan for public open houses that is professional and well-marketed.
• Off-Market & Pocket Listings: Explain the benefit of showcasing an engaging start with “coming soon,” or a pocket listing strategy. This will create an opportunity to get back on the listing at MLS, and generate buyer’s attention.

Continuous Follow-Up

Your follow-up plan should be a key to your service proposal. You must discuss with the homeowner that you will be a proactive, communicative partner.

• Weekly Communication: Promise a scheduled weekly call or meeting to discuss progress, feedback from showings, and market changes.
• Performance Reporting: Offer to provide detailed reports on online views, buyer inquiries, and marketing analytics, showing them exactly what is being done to sell their home.

Conclusion

By understanding the psychology behind expired listings and approaching these homeowners with empathy and a clear, revised strategy. You can convert these leads into successful listings. Your professional preparation, strategic scripts, and innovative proposals will set you apart from the competition and help you win the trust of a motivated seller.

FAQs

What is an Expired Real Estate Listing?

An expired home listing is a property that was once listed for sale, but the agreement with the real estate agent has passed.

How Do I Find Contact Info for Expired Property Owners?

You can use your local Multiple Listing Service (MLS) or access specialized real estate data tools and platforms to find contact information of expired property owners.

What Script Should I Use When Calling Expired Listings?

The expired script you use when calling expired listings should be a mix of understanding, but also very upfront. Express understanding of their frustration and offer a new marketing strategy that will be successful (but don’t come on too strong).

How Often Should I Follow Up With Expired Leads?

Check in methodically and politely so that every email or phone call is entertaining. The frequency has to align with your overall strategy of gaining their trust over time.

Is It Legal to Cold-Call Expired Listings in My MLS?

Since there is no listing agreement, cold-calling an expired listing is usually legal. But of course, you need to comply with the Do Not Call Registry and state laws before doing that!