Steps to Win Expired Luxury Listings
Expired listings are one of the most cost-effective ways to get leads, especially in a time of low inventory. Luxury listings have a more significant opportunity to get leads. It is more likely to expire because of the long market times, small buyer pool, and overpricing.
It is essential to build trust with your clients and constant follow-up like any expired listing. Since it's a luxury listing, you would need to know why you are a better fit for the clients and what you can bring differently to the table? Here are the steps you should know to get those expired listings.
Generate A-List
By making a list, you'd be organized and on top of the schedules and things to do. One of the best ways to keep track and be organized is by having a spreadsheet, where you can add new expired properties every day.
When creating a list, narrow it down to properties you think will be selling quickly. And assess which one needs a price reduction that would be realistic. And every month, go through your list and cross out properties listed by another agent.
2. Create A Letter
When creating a letter, you should be able to grab the seller's attention. Your letter needs to convince them to relist by proving your value.
Show them what you can do better, give better results, and give them insights into the current market and what went wrong with the previous marketing. Your letter should bring back their excitement.
3. Strengthen your Value Proposition
Your value should discuss what you will do differently to sell the home. Include it in your mailing packet with visual examples. These visual materials can be flyers or brochures showing testimonials, homes you have previously sold, or samples of advertising and marketing that you have done.
It is ideal for your catalogs and brochures to be professionally printed to make a convincing statement.
4. Collect the Materials
Making a visually appealing set of materials for your clients can catch their attention. Use these materials to send them to the seller.
Your letter should be printed on high-quality stationery paper. Make sure that it is free of wrinkles and blemishes. You should personally sign the letter with a blue pen or a market. Attach your business card with a paper clip and place them in an envelope.
It is best to write your envelope to increase the chances of it being opened and place a return address, company name, and logo.
5. Consistently Make Follow-ups
Getting that expired listing is not as easy as sending a letter; you would need to put in the effort of making follow-ups by phone, social, or email.
Be persistent in contacting them within a few days. Try out different outlets to do so. You can give them a call in the morning or in the evening.
These tips will help you snag those expired luxury listings, check out more blogs on expired listings here!
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.