6 Things to Consider Before Contacting an Expired Listing: A Real Estate Agent's Guide
If you're a real estate agent looking to capitalize on an expired listing, you need to make sure you're taking the right approach. It's important to remember that an expired listing may not be an easy sale, so you need to be prepared and think things through before contacting the seller.
In this guide, we'll be looking at three key things you should consider before contacting an expired listing. From understanding the seller's motivation to taking the time to research the property, these tips will help you be successful in your attempts to win the listing.
With this advice in hand, you can make sure you're taking the right approach and setting yourself up for success.
Understand the Seller’s Motivation
When you begin contacting sellers about an expired listing, it's important to understand their motivation behind the decision to leave the property unsold.
There are many reasons why a seller may have decided to leave their home unsold, and each of these will change the nature of your conversation. Some of these reasons may include:
- The seller is living on a fixed income and can't afford to make any necessary repairs. - The seller may have health issues that make it difficult to show the property.
- The seller may have moved to a new state and decided to just leave the property unsold until they're able - The seller may have a child who is attending a particular school, and the seller doesn't want to move the child to a new school during the school year.
- The seller might not have a strong reason for leaving the property unsold, but they may just be a private person who doesn't like the idea of having strangers in their home.
Understanding the seller's motivation is critical when contacting them about an expired listing. This will help you know how to frame the conversation and identify what type of information you need from the seller.
It will also help you create a more personal connection with the seller and increase your chances of getting the listing.
Research the Property
Before you contact the sellers about an expired listing, you also need to make sure you have researched the property. You should always be prepared with information about the property, including the current list price, recent comparable sales, any existing features or upgrades, and any issues that might be affecting the property.
Additionally, you should also make sure to understand the neighborhood, including any nearby schools, the crime rate, and any other factors that might be important to potential buyers. While you don't want to go overboard and risk sounding like you're reading off a script, you do want to make sure you know enough about the property to have a productive conversation with the seller.
The more prepared you are, the more likely you are to win the listing. When researching the property, it's also important to look at comparable sales in the area. Comparing the current asking price to other properties in the area will help you understand if a price reduction is likely and what price range could be reasonable.
This will help you have a better idea of how to approach the seller.
Evaluate Your Qualifications
One of the first things you should do when contacting a seller about an expired listing is evaluate your qualifications. You need to make sure that you're a good fit for the seller and the property, and the best way to do that is by asking questions.
When you first get in touch with the seller, you should ask them questions about their situation, desires, and concerns. This will help you understand if you're a good fit for the seller and the property before you make any commitments.
Some questions you may want to ask the seller include: - Why did the property go unsold? - Is the seller in a hurry to sell the property? - What are the seller's expectations for the sale? - What is the seller's price range? - What is the seller's timeline for the sale? - What are the seller's main concerns? - What is the seller's motivation for selling? Understanding the seller's situation, desires, and concerns will help you determine if you're a good fit for the seller and the property. It will also help you create a more personal connection with the seller and increase your chances of getting the listing.
Develop a Strategy
Once you've understood the seller's motivation and have researched the property, you need to develop a strategy for contacting the seller. A strategy will help you stay focused and make sure you're getting all the important information you need while also presenting yourself in the best light possible.
When developing your strategy, you should keep the following tips in mind: - Contact the seller as soon as possible. - Be professional, but also friendly and respectful. - Focus on your qualifications and why you'd be a good fit for the seller and the property. - Ask the seller questions about their situation and desired outcome.
- Follow up with the seller after your initial conversation. When you contact the seller about an expired listing, you want to be as aggressive as possible. You want to start the conversation as soon as possible and show the seller that you're ready to buy the property as soon as they are.
While you don't want to come off as pushy, you want to be assertive and make sure the seller knows you're serious about buying the property.
Reach Out to the Seller
Now that you've understood the seller's motivation, researched the property, and developed a strategy, it's time to reach out to the seller. The best way to reach out to the seller is through email, as it's a more professional and low-pressure way to communicate.
When you send the email, make sure you include the following information: - A brief introduction of who you are and what your real estate company does. - An explanation as to how you came across the seller's listing and why you're interested in it. - An overview of what you've learned about the seller and the property, including any price reductions or features that stand out. - A synopsis of why you're a good fit for the seller and the property.
- An offer to meet with the seller to discuss the sale further. Make sure your email is short, direct, and to the point. You don't want to overwhelm the seller with too much information, so keep it short and sweet.
Your goal with the email is to start a conversation with the seller and let them know that you're interested and ready to move forward.
Follow Up with the Seller
Once you've sent the initial email to the seller, you need to follow up. Following up will help you stay on the seller's radar and make sure they remember you. You want to follow up with the seller a couple of times, but don't overdo it.
You don't want to come off as a nagging salesperson, but you also want to make sure the seller remembers you're interested. At a minimum, you should follow up with the seller once after their initial response, and again shortly before you plan to move on and look at other properties.
In your follow-up emails, you want to keep it short and sweet just like with your initial email. Ideally, you want to include the following information in your follow-up emails: - A short update on your progress in finding a property.
- A brief explanation of what you've learned about the seller and their situation. - A reminder that you're still interested in the property. With your follow-up emails, you don't want to go into a lot of detail or repeat the same information that you've already sent.
You just want to provide a quick update and a reminder that you're still interested in the property.
ExpLiMO provides high-quality leads daily and offers a unique opportunity for Manhattan and Brooklyn real estate agents to prospect for expired listing leads and grow their business exponentially.