Why is it that so many real estate agents possess such a strong aversion to prospecting for expired listings? The people on the other end of the phone have just had their listing agreement with another agent expire, and they likely still want to sell their home. Yet many agents still view this as a cold call simply because they do not have a personal relationship with the homeowner. Let’s look at how so many top producing agents have overcome this fear of the unknown and made a career out of expired listings.
THEY ARE NOT COLD CALLS
Real estate prospectors would much rather call expired listings than their own client databases because people they know don’t necessarily want to sell their homes. Expired listings are the low hanging fruit because they already have their hand up wanting to sell. Isn’t it worse to call all of your friends, family and clients just to keep in touch than it is to call people that actually want to sell their home?
In the following video top agent John Harris reveals some of the prospecting scripts and dialogues he uses when he contacts homeowners of expired listings by telephone:
ANYONE CAN PROSPECT FOR EXPIRED LISTINGS
You don’t need a large database of past clients or people you know to succeed in real estate if you prospect for expired listings. In fact, prospectors’ businesses are totally independent and transportable as they can relocate to any geographic location and instantly start generating business after a move.
EXPIRED SELLERS ARE GREAT CLIENTS
Expired homeowners have already tested the market, so they are no longer overly optimistic about their list price. This also makes them much more willing to make necessary improvements to their homes. Also, since an expired owner’s chief complaint with the first agent is always a lack of communication, by comparison the second agent appears to provide amazing customer service.