Expired listings: an agent’s goldmine

Expired listings can be a gold mine of opportunity for real estate agents. What I like about expirations is that they wanted to sell and they were willing to work with an agent. Many sellers of expired listings are still motivated despite previous setbacks and often relist within 18 months.

How has your mentality towards work changed?

• “They’re mean.”
• “Their price was way too high.”
• “It’s difficult to get them on the phone.”
• “I don’t have time.”

You may fear rejection or encounter resistance when contacting owners of expired listings. However, a mindset focused on service and patience can help you overcome this. Say to yourself, “They really need my help.”

With the right approach, initial resistance can turn into opportunities.

Was the house too expensive? Possibly, or there could be more to it.

• How the house was put on the market.
• Accessibility for viewings.
• Officer’s attempts.
• Condition of the property.
• Location of the property.

Here are some scripts you can use when contacting a seller of an expired listing:

“Mr. Seller, I’m curious: What did your real estate agent tell you as the reason the property didn’t sell?’

“Certainly price is a factor, but there may be a number of other factors that influence marketability. Has your agent discussed these factors with you?

“I am an expert at analyzing why houses aren’t selling and creating a customized plan for a successful outcome.”

“I’m near you today. Would you be willing to show me your home, and in return I will share my feedback on what it would take to help you sell for the highest possible realistic price?”

Seller: “I am currently not on the list.”

“I understand. But in the future you probably will. Wouldn’t it be nice to know what steps need to be taken to ensure this doesn’t happen again?”

“The reason I am willing to take the time to meet with you is because I hope to earn the right to be considered your listing agent when the time comes.”

“Would it work if I came over at four o’clock today?”

‘By the way, I’ll include a list of potential problems that could keep a house from selling, and a list of questions to ask prospective real estate agents that you might consider to ensure you get the right one for the job chooses.’

Seller: “I don’t want to put the house on the market anymore.”

“Okay, I understand. May I ask: If a perfect buyer came along, would you accept an off-market offer?

I have many buyers. However, I don’t know if anyone is suitable. Would you mind showing me the house so I can keep you on my off-market inventory list?

Seller: “Yes, do you have a buyer?”

Your goal is to establish the listing appointment. If they don’t agree, then your next goal is to just get in the door.

A predictable process produces a predictable result. It’s time to create your expired process.

• Finding phone numbers is a challenge. You may have to do some digging and use multiple sources.
• Time block to call them as early in the morning as possible before they get bombed. This should be at least a 30-minute block in your daily schedule.
• If your data source includes emails, email them with a strong subject line that grabs their attention.
  • “Are you okay?”
  • “Can we talk?”
  • “Are you still interested?”
• If you don’t have a phone number or can’t reach them, go to the door.
• Leave a version of your pre-listing package with a covering letter if they are not home.
• Call or return to the door several times on a different day/time until you reach them. Make at least five attempts to connect at the door during a week.

Yes, you will have to be a little more persistent than you are comfortable with. Don’t try to handle their objections over the phone. Make an appointment and stand in front of them.

While many agents may call on the first day, most never call again. Very few will ever knock on the door. You have to call, email, text, knock and repeat!

If you reach them and they tell you they’re not selling and hang up on you, call them back the next day (you might catch them in a better mood), or head to the door. People are often 50% nicer in real life. After extensive efforts to connect in week 1 of the expiration date, continue to contact them at least once a week. Then at least once a month, then continuously. Please note that they will likely appear on the list in the future.

Tips for success when working with gradients

• Don’t let your limiting beliefs get in the way of your opportunities. Continue contacting them until they are re-listed, or tell them you will not contact them again. Create a rundown farm.
• Control your scripts and responses. You will feel more confident and be more likely to make calls.
• Study the market data, trends and relevant information to shine as a market expert.
• Don’t rule out calling people whose price seems extremely high. Maybe they are willing to cut back.
• You may want to search back to capture older, expired, and canceled opportunities. Your timing could be perfect!
• When you have a new buyer, compare them to your expired farm to see if there is a match.
• Collect powerful testimonials from the lapsed people you’ve saved to prove your results to the next lapsed salesperson.

With a well-organized system, you can turn expired listings into a fruitful “expired farm,” nurturing these leads until the timing is right for the seller. By systematically reaching out and making personal connections through visits or phone calls, you demonstrate commitment and reliability, increasing the opportunity to convert these leads into successful sales.

A common refrain among agents is that sellers of expired listings can be defiant or unresponsive. Yet understanding the emotional journey of these salespeople can turn the tide. “Walk a mile in their shoes.” Salespeople may face personal problems, such as feeling rejected or experiencing life problems. Approaching these conversations with empathy and understanding can help you stand out from the competition.

Expired listings offer untapped potential for real estate agents willing to explore and get involved. By maintaining the perspective of building long-term relationships, you can convert hesitant salespeople into valued customers over time. By adopting a mindset of perseverance, combined with an understanding of the seller’s journey, you can turn initial rejections into eventual opportunities.

Debbie is the CEO and founder of Forward Coaching.

This column does not necessarily reflect the opinion of HousingWire’s editorial staff and its owners.

To contact the editor responsible for this piece: [email protected].