Saturday, February 19, 2011

Expired Listing Script

By Amie Greere

For REALTORS and brokers, a great source of revenue are expired MLS listings. Prospecting these expired listings might be as innocent as sending the possessor of the estate an expired listing letter, or as blatant as physically knocking on the door. Regardless of how you prospect your consumer, understanding their frame of reference can be vital to your success.

When approaching your target client, it is important to appreciate that they are a motivated seller that has for one reason or another not been able to complete the goal of selling their estate due to their existing listing agent. These prospects have heard the traditional REALTOR presentation and are open to anything that appears unique, different, or more useful than what their existing real estate agent offers.

For these prospects, expired listing script may not be as effective as more direct forms of marketing. Even though these letters are low cost and may be sent out in mass, they repeatedly are received much later than the prospect's window of opportunity. Often a expired mls listing prospects receive numerous offers from different REALTORS and typically sign with their first contact. Consequently, the prospect may perhaps receive the expired listing letter well after they have previously signed with a new real estate agent.

For REALTORS that use expired listings as a supply of business a extra helpful tactic may be to employ listing lead services such as the RedX (Real Estate Data Exchange) or LeadSenders to retrieve the leads in real time. The thriving real estate agent utilizes these tools to identify leads, then reaches out on a daily basis by phone and occasionally in person. Through these services, the real-estate specialist utilizes a first mover advantage to capture the listing ahead of the competition. Repeatedly, this minute advantage is all that the agent needs to get the business.

Statistically speaking, an expired listing lead will re-list their estate with the first agent that makes contact. Again, this suggests that expired listing script might not be the most useful method in which to prospect mls listing leads. In all honesty, the saying that the early bird gets the worm applies to these scenarios, and the thriving REALTOR should adjust their lead generation tactic accordingly.

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