Successful Keys to Working Expired Leads

Working Expired Leads

In today's demanding real estate environment you either lead or you fall behind.  Having the proper tools and information in place will help you to be the leader in your market.

Expired listings, for example, are a terrific source to get and keep you ahead of your competition.  Do not let the fear of rejection stop you, expired listings are a great income source.   Let's take a look at the benefits of prospecting expired listings in today's market.

Expired listings are easy to find, they come up every day.  The MLS provides a steady stream of new expireds to contact and set up listing appointments. 

A majority of the expireds want to sell and are looking for a new agent, for someone who can get their home sold. 

It is important to know 37% of expired listings will re-list with a new agent in the first 30 days and 35% will wait 30 days or more before they re-list with a new agent.

Also keep in mind that 25% of all expired listings become available near the end or around the first of the month.

Unfortunately, many agents give up the opportunity to work these leads because of the time required to find updated owner information which can become an extremely time consuming process, sometimes taking several hours. 

I recommend using a service that does all the hard work of finding the updated owner names and phone numbers, mailing addresses, checking for relisted and sold properties, and cross checking against the DNC. 

We believe our RedX service is one of the best services to accomplish these tasks.  Research normally takes 90 minutes to do on your own only takes about four minutes with the RedX.

The successful way to work expired leads is to create an expired lead system which follows these key principles of prospecting:

• Consistency
• Creativity
• Perseverance

Be consistent, contact expired listings every morning, you must work them a minimum of four weeks straight.  You cannot start and stop or your will lose the momentum you have started. 

Be creative, set yourself apart from your competition, try something new, and create your “expired listing marketing kit.” The marketing kit should include things like information about yourself, your specific marketing plan, some market statistics, a brag sheet, and maybe an article with tips on selling your home. 

Be persistent, sales in any industry is very difficult, understand it is a numbers game, the more you prospect the more success you will find.  Be persistent in your calling. Call them a few times a week. Your goal is to set an appointment. You are trying to be one of the agents they interview.

Focus on working the expireds system every day, work new and past expireds, and follow-up! 

Remember always be consistent, creative, and persistent in prospecting to expired listings and you will reap the benefits of all your hard work.

If you'd like to know more about the RedX service, make sure to watch the Get Expireds and FSBO's in Minutes webinar we did with RealEstateTechnologyExperts.com

by Jared C. Jensen
Director of Business Development, Real Estate Data X-Change 

NOTE TO READERS: Real Estate Technology Experts has negotiated a discount if you want try RedX. The discount will show up when you go to place your order. If you call them, you must mention you are a member, and they may contact us to verify this.