A row of homes which are expired listings

Prospecting for Luxury Expired Listings? 3 Critical Game Changers for Getting to “Yes”

the Institute All, How to Work With Wealthy Clients, Luxury Home Marketing Tips, Luxury Home Selling Tips 2 Comments

What if you could reach out to hundreds of potential clients who were already warmed up to sell their luxury listing?

When you work expired listings, that’s exactly what you’re doing.

The problem?

Reaching out to expired listings isn’t exactly a “secret” real estate marketing strategy, and sellers are often contacted by a number of other luxury real estate professionals pitching their services.

So the real question is, how do you get these (often frustrated) sellers to say “yes” to you taking on their expired listing?

The short answer: you need a fresh approach.

Here are 3 tips to get your foot in the door.

#1. Lead With Empathy

Expired listing sellers are often wondering, “Why doesn’t anyone want my home? What’s wrong with it? Should I even do this again?”

The fact is, these folks have likely spent some significant time and money trying to get their home to sell. Even though they’re ready to move on from their home, it can sting to know other homes in the area are selling while theirs is stuck on the market.

And yet, most real estate professionals don’t address these feelings sellers might have right off the bat and go straight into their pitch.

Alternatively, putting yourself in the seller’s shoes can soften your introduction.

Debbie De Grote, founder and coach at Forward Coaching, guides her students to first approach expired listing sellers with an expired listing package. Inside that package, she suggests including an educational resource that explains why the home may not have sold and what to do about it.

This addresses some of those feelings of rejection and lets them know an expired listing could be a result of poor marketing, targeting the wrong buyers, or even the wrong timing.

In fact, at this point, the agent should not be pitching themselves. Rather, they should simply be breaking the ice and helping the seller realize their home does have potential with the right strategy.

The right place to put your credentials and track record instead? Your cover letter. You can also include this in your expired listing package. Remember though, the goal is to get in the door and start the conversation — not to get a hard “yes” the day you deliver your package.

#2. Create a Clear Follow-Up Plan and Stick to It

Dropping off a well-thought-out expired listing package is a great start, but the magic is in the follow up. In this case, aiming to get in front of the seller in person is ideal — but it may not happen the first time you try.

That means you may have to schedule times to go back and knock on their door until you’re able to connect in person, and scheduling times for follow-up calls.

And if you’re wondering what you might say? Debbie suggests just showing up, showing enthusiasm, and being genuinely curious about their home can be beneficial.

She recalls a loose script she used as a new luxury real estate professional in which she’d simply ask the seller if she could see the home.

After the initial ask to see the home and having sellers object that they weren’t listing at the moment, she would ask again if she could see it anyway in case she had a buyer or could think of one after seeing the home.

If they still objected? She’d ask if she ever did come across a buyer, if they would still want to sell. If they said yes, she’d then let them know she’d be in the area anyway, and would ask again if they’d let her come see the home.

When she did visit the home, she’d give them confirmation that their home was a great space. She’d also let them know she didn’t have a buyer at the time, but that she could get it sold if they were willing to sit down and talk.

She recalls this same script landing her ten expired listings in one month — and suggests new and seasoned luxury real estate professionals stick to a script when handling expired listing follow ups.

#3. Don’t Let Your Lack of Experience In a Certain Market or Price Point Scare You

All sellers — but especially ones with expired listings who are anxious to sell — want to know their luxury real estate agent has experience selling homes like theirs in their market.

So, it makes sense that one of the most common questions from brand new luxury real estate professionals is, “What if I don’t have a track record selling luxury homes like the expired listings I’m after?”

Fortunately, there are a few ways to get around this fear.

The first way is to lean on the track record of the company you’re with.

Instead of leaning on your own personal experience in certain price points and markets, make sure you show up knowing your company’s numbers instead. This is also something you can do in the cover letter you include in your expired listing package.

The second way is to co-list.

Will you give up some of your commission? Yes.

However, you’ll get to see how a seasoned luxury professional handles an expired listing from start to finish — and you’ll likely gain more confidence going forward.

Co-listing is one of the easiest ways to get a personal track record under your belt, and it creates a win-win for the agent you’re listing with.

You can ask other agents at your company, or you can do some research and reach out to an agent who inspires you.

In fact, this is one of the most valuable parts of becoming an Institute Member or earning your Certified Luxury Home Marketing Specialist designation.

By joining an elite group of luxury real estate professionals, you open yourself up to opportunities to partner with some of the top performing agents in the industry.

Ready to Give Your Luxury Real Estate Practice An Absolute Advantage?

Becoming a Member of the Institute gives you access to some of the top producers in the industry and done-for-you marketing tools that give you a tremendous advantage.

The Institute also offers a wide range of resources for you to invest in yourself at any stage in your luxury real estate career — even if it hasn’t begun yet.

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