Taking Your Business to the Next Level: How To Master Expired Listings

By Jacqueline Smith

Jacqueline Smith started in real estate in 2015 and sold 52 homes her first year in the business as a solo agent. After considering growing her own team, and exploring different team models, she decided to partner with Place in 2017. The partnership allowed her to fast track her growth, and provide better systems and models to her agent partners. Her and her team in Vancouver Washington now close over $165M in annual sales volume, while keeping the quality of the agent and client experience at the forefront.

In today’s competitive real estate market, securing listings can be a challenging task. However, there’s a hidden goldmine of opportunities that many real estate professionals often overlook: expired listings. These are properties that were previously listed but didn’t sell. With the right approach and a touch of empathy, you can turn these missed opportunities into success stories for both you and the frustrated sellers. Here’s how to do it:

1. Schedule dedicated time for outreach. The first step in working with expired listings is to set aside dedicated time for reaching out to these potential clients. Consider making these calls first thing in the morning when your energy levels are at their peak. By doing so, you can focus on this crucial task before the day’s real estate chaos unfolds. It’s essential to approach this task with enthusiasm and a positive attitude, as this will reflect in your conversations with the sellers.

2. Show empathy and understanding. Keep in mind that these homeowners have experienced the disappointment of not being able to sell their properties. This can be an emotionally charged situation for them. As their potential new agent, it’s crucial to exercise empathy and understanding. Avoid taking any frustration or rejection personally. Instead, view it as an opportunity to coach and guide them through the process with a fresh perspective. Building a strong rapport based on trust is key.

3. Implement a robust follow-up system. Not every expired listing will be ready to relist immediately. Some sellers may need a break, time to regroup, or even find a new home before they’re ready to go back on the market. To stay top-of-mind, you must have a robust follow-up system in place. Regularly check in with these potential clients, providing updates on the market and showcasing your dedication to their success.

Here’s an inspiring example: One real estate professional stayed in touch with an expired listing for six months. Despite initial reluctance, the agent kept the conversation going, discussing topics unrelated to real estate, such as golf and weather. When the sellers returned from their winter sojourn, they chose this agent over 30 others who had initially contacted them. This commitment to staying connected paid off with a successful listing and multiple offers.

Working with expired listings may not yield instant results, but with patience and persistence, you can turn these opportunities into wins. Remember, it’s a long game, and your dedication to follow-up will set you apart from the competition. If you’re interested in learning more about working with expired listings and how to refine your approach, feel free to schedule a complimentary strategy call with us. We’re here to help you unlock the potential of expired listings in today’s real estate market.