When a property listing expires, it can feel like the end of the road for the seller. As a real estate agent, you should view it as a golden opportunity. These homeowners have already made the emotional and logistical decision to sell. Yet, for some reason, the first attempt didn’t work out.
With the right approach, expired listings can become some of your highest-converting leads. Here’s what you need to know.
Why Expired Listing Leads Are So Valuable
Unlike cold leads, expired listings have already shown a strong intent to sell. They’ve likely invested in staging, photography, and possibly renovations or repairs. The major hurdle for most sellers is deciding to move. They have already crossed this bridge.
While an expired lead may be hesitant to commit to a new agent, there are still fewer hurdles to selling. As such, they are more motivated than brand-new prospects who aren’t even sure they want to sell.
Common Reasons Listings Expire
Understanding why a listing expired can help you position yourself as the solution. Some common causes include:
- Overpricing the property
- Poor quality photos or marketing
- Limited online exposure
- Ineffective agent communication
- Market changes
When you identify the issue, you can show the seller how you plan to fix it. For instance, some homeowners may overvalue their properties. Agents who are overly eager to get a listing may not be honest about the pricing issue. Having an honest but respectful conversation with the seller demonstrates your willingness to give sound advice.
How to Research Expired Listings
Before making contact, do your homework:
- Review MLS data for the property’s listing history
- Check old photos and marketing materials
- Look for pricing patterns compared to similar homes
- Study neighborhood market trends
Preparing thoroughly allows you to approach the homeowner with specific, relevant suggestions.
Approaching Expired Listing Leads
First impressions matter. Your initial outreach should be professional and empathetic. Focus on the seller’s needs, not just on winning the listing. Everyone, including the person you are contacting, knows you want the listing.
The Mike Ferry Expired Listings Script is a proven framework for starting the conversation in a way that builds rapport and earns trust. Don’t just memorize the script. Make it your own. If it sounds like you are reading from a script, prospective clients may tune you out.
Timing Your Contact
The first 24-84 hours after a listing expires are often the best time to reach out. The seller is likely frustrated and seeking solutions. They are also going to get hammered with calls. While that may sound like a reason to wait out the initial rush, you don’t want to miss your opportunity.
Quick, proactive contact shows initiative and positions you as the professional who can get the job done. That’s what it’s all about in the few days following a listing expiration. You need to show the prospect that you are competent, professional, and focused on delivering positive outcomes.
Marketing Strategies That Win Expireds
To stand out, demonstrate a clear and actionable plan. Consider offering:
- Fresh professional photography and videography
- Enhanced online listings with targeted ads
- Updated pricing strategy backed by market data
- Expanded syndication to real estate portals
- Consistent feedback and communication
The more you can differentiate your services from the previous experience, the better. Clients need to see right away that you are going to do things differently from their last agent. If they believe this, they are more likely to trust you with their listing.
Leveraging ArchAgent’s Expired Listing Lead Service
Finding and organizing expired listing data can be time-consuming. ArchAgent’s expired listing leads deliver fresh, qualified contacts directly to you. You can focus on outreach instead of research. With up-to-date phone numbers, addresses, and listing history, you can streamline your prospecting efforts and get in front of sellers faster.
Once you start sourcing quality expired listing leads, be consistent with your outreach efforts. The aforementioned script is a great tool for making contact and starting new relationships off on a positive note.
Keep in mind that it will take some practice to perfect how you deliver the script. With that in mind, you may want to record your cold calls. Just make sure you follow your state’s laws regarding consent.
Follow-Up Is Crucial
Even with high motivation, expired listing leads may not relist immediately. The hassle of keeping their homes spotless and ready for showings can be exhausting, especially if a homeowner has lots of activity without any promising offers.
With that in mind, you need to be consistent. Focus on value-driven follow-up, such as market updates and success stories. That way, you can stay top-of-mind until they’re ready.
Turning Expired Listings Into Success Stories
With preparation and empathy, you can turn expired listing leads into some of your most loyal clients. Show sellers exactly how you’ll succeed where others fell short and transform their disappointment into a successful closing.
Steve Cortez is a seasoned real estate professional with decades of experience and owner of ArchAgent. ArchAgent brings together the tools and resources the country’s top real estate agents rely on in a single package for a low cost.