In this episode, Jimmy Burgess brings us a few tips on how you can generate more real estate sales with expired listings.
- When working with an expired listing, you could be competing against 30-40 other agents, depending on when the listing expires.
- Once a listing expires, the very same day, the owners will get tons of calls from agents asking if they want to relist again. This cycle will go on for about a week.
- When they decide not to relist, the calls they get will dwindle because agents are now moving on to the next recently expired listing.
Focus on the right kinds of expired listings
- Focus on the listings that expired in the last three to 18 months. Go to your MLS and search for listings in that time frame. You also have to check if they’ve been relisted or sold.
- You can also check tax records or the property appraiser’s website to see if the property is off the market.
- When you find these expired listings, you now have the opportunity to turn them into new listings.
What to do once you find expired listings
- Take your listings to your potential buyers and call the owners of those expired listings.
- You can use different apps like Forewarn and Truthfinder to look for phone numbers.
- Call the homeowners and introduce yourself. Ask them their plans, and inform them that you have a buyer looking to buy a new home. Most importantly, explain that their home is the right fit.
- If you can’t reach them via phone call, you can use alternatives like sending an unsolicited video CMA (comparative market analysis). However, it’s recommended you drop a voicemail to let them know that you’re sending it.
- Your goal is to add value to the homeowners who had their homes listed a few months back.
- You can use different platforms when making your CMA videos. Make sure to include a CTA at the end. This can be a simple phrase in the email that would prompt the homeowners to reply.
- The third way to reach out to these homeowners is to set them up on schedule to get valuable information and other updates from you.
- Even if they express disinterest, you can still list them in your video CMAs every three months. When the time comes that they want to list their homes again, you’ll be at the top of their minds.
“How to Generate More Real Estate Sales with Expired Listings” episode resources
- Connect with Jimmy Burgess on LinkedIn and Facebook, as well as his YouTube channel.
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