You’re looking to convert expired listings into leads, but you’re not sure where to start. You’ve heard that expired listings are a great way to find real estate leads, but how exactly do they work? And what can you do to ensure the highest level of success?
One way to increase your real estate agent leads is by converting expired listings into leads. Most real estate agents don’t have a consistent strategy for doing it. They’re too busy focusing on finding new clients to care about someone else’s listing.
Read on from this post to find four ways that you can get the most from expired listings and turn them into leads for your business.
Send Expired Listing Postcards
An expired listing is a property advertised for sale by a real estate agent but has since dropped off the market. There could be many reasons why a seller would choose to do this, but one thing is clear: they are no longer looking for a buyer.
The best part about sending expired listings postcards is that it costs you nothing! You can get postcard templates in MS Word and just fill in the blanks. Use your real estate business card as the return address so that the seller will know who sent the postcard.
You might also want to add an incentive for the seller to contact you. You could offer a small discount on the asking price or promise the seller that you will work exclusively with them without any other clients.
Research Why their Home Didn’t Sell
The first step to turning expired listings into leads is to figure out why they aren’t active in the first place. If a homeowner is willing to talk to you, ask them what happened to the home and how they feel about it now.
It can help you decide whether you want to pursue the property or not. If you’re dealing with an agent, ask them why the listing expired. Were there problems that the homeowner didn’t care about? If so, these problems might be something you can fix. Perhaps they were unhappy with their agent, but now they’re using a different one.
Provide Something Your Competitors Don’t
It is a great time to market to customers who have already shown interest in your competitors’ products but may not have purchased them yet because of price or size issues. It is an ideal opportunity for cross-selling and up-selling.
You know what they want; now it’s time to show them what you’ve got! Use AdWords or Facebook Ads to advertise directly to people who have abandoned their carts on a competitor’s website. You will likely see a much lower cost per conversion than advertising to new traffic because these shoppers are already familiar with your product but are just waiting for a better deal.
Instead of letting expired listings go to waste, think of ways you can draw them in and convert them into leads. Of course, not every strategy listed above will work for every market and real estate agent, but these ideas provide some food for thought.
Find what works for you and your market, and then implement a strategy to increase your leads from expired listings! After all, customers that know nothing about your business are the ones you need the most anyway.
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