What is expired prospecting? Expired prospecting is when you actively prospect listings that have come off the market as an expired listing. They have failed to sell for one reason or another. The most common reason is the pricing.
This is a very viable source of listings when done right. What does done right mean? Most agents who are going to be prospecting expired listings and Fsbo prospecting are not going to follow up after the first contact. Even fewer will follow up after the second contact and so on the third and the fourth etc. only about 30% of The sellers you speak with our even possible to set an appointment on that first contact. This is an estimate as some days it’s better than others. However the point being 70% of the people that you were going to meet with you were going to set those appointments and follow up calls. Regardless of how many agents are constantly bugging these people The ones who follow up and build rapport and truly want to help the seller are the genuine agents who end up with the appointment. Follow up is the key, know your Scripts, know your objection handler’s and be diligent in your follow-up. That is the biggest key to expired listings. I cannot stress how important it is that you know your scripts and your objection handler’s, that being said I’ve put together a basic list of objection handler’s and Scripts that you could use to begin prospecting expires today. Expired Prospecting Scripts
Why would someone prospect expired listings? The biggest reason is these are people who have already put their hands up, they have already established that they like to sell their home. All you’re going to do is figure out why they wanted to sell in the first place and see if you can establish that motivation in order to set a listing appointment. Now prospecting expired listings can be very difficult at times if you don’t have the right expired prospecting scripts. The prospecting Scripts you’re going to use for expired listings are much different than the ones you would use for for sale by owner or circle prospecting, because this is a completely different situation, even though for sale by owner’s do you want to sell their home. You’re going to want to set up some report as quickly as possible. Then you’re gonna want to ask some questions make them feel as though they have a great house and it definitely should have sold. Find out the motivation behind selling the home and get that appointment.
Once you’re able to set appointments through prospecting expired listings all you need to do is make sure you have consistent information for reaching the expired listings. There are many programs out there that will help you get expired listing date up. You can check the tools page where I show you a little review on many of those products. There is a way to prospect expired’s without paying for an expired listing service. This is a much tougher wait to do it however it does work it is how I started initially when I had no budget for marketing. You’re going to check websites like 411.com and other information phonebook style websites. And cross-reference those with the expired listings each day. Now this method will require you checking to make sure the listing hasn’t been relisted each time you call that prospect. It is a bit of a tedious task however once you set up multiple listing appointments this way and sold a few listings you will have the marketing budget to get into a better program.
One of the downsides to expired listings is that when you prospect expired’s you’re competing with many other agents who are also prospecting expired listings. This often means you’ll end up competing for the listing at the listing appointment if and when you set that. Make sure you have a strong listing presentation, a strong marketing presentation, and the confidence to go in and get the listing. Many people are going to blow smoke on why the home didn’t sell, most of the time it’s going to be the price. From what I found a vast majority of the expired’s are roughly 15% over market value. This puts them right on the edge where they will get some showings however no offers. Do not be an agent who blow smoke and tells the expired listing that you can get them hundreds of thousands more dollars than the last agent just to list the property. Overpriced listings are unethical and they do not sell. Setting appointments with unmotivated sellers who are going to overprice the property once again is not in your best interest. You want motivated sellers who are open to finding out what their home is actually worth.