Expired Listing Lettters | RedX | RedX Real Estate Leads

If you are a real estate professional, expired listings can be one of the most effective sources of leads and new business. Prospecting these expired listings can be as innocuous as sending the owner of the property an expired listing letter, or as blatant as physically knocking on the door. Regardless of your approach however, it is important to understand where the owner of the property is in the sales cycle and what buttons to push in order to convert the expired listing into new business.

As you evaluate the mindset of the prospective customer, it is important to know that they are a motivated seller that has for one reason or another not been able to achieve the goal of selling their property through their existing listing agent. These prospects have heard the traditional REALTOR presentation and are open to anything that appears unique, different, or more effective than what their current real estate agent offers.

For these customers, expired listing letters may not be the most effective way to communicate. Although these letters are low cost and can be sent out in mass, they often are received much later than the prospect’s window of opportunity. It is not uncommon for an expired listing to receive five or more phone calls from aggressive real estate agents on the day that their listing expires. As a result, the prospect may receive the expired listing letter well after they have already signed with a new real estate agent.

For REALTORS that use expired listings as a source of business a more effective approach may be to employ listing lead services such as the RedX (Real Estate Data Exchange) or LeadSenders to access the leads in real time. The successful 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 professional utilizes a first mover advantage to capture the listing before the competition. Often, this small advantage is all that the agent needs to get the business.

Statistically speaking, an expired listing lead will re-list their property with the first agent that makes contact. Once again, this indicates that expired listing letters may not be the most effective method in which to prospect mls Listing Leads. Truly, the adage that the early bird gets the worm applies to these scenarios, and the successful REALTOR must adjust their lead generation strategy accordingly.

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Expired Listing Letters

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