Actionable Strategies to Convert Expired Real Estate Leads Into Sales
Real estate agents can generate steady seller leads by watching expired listings on the MLS. The most effective method, however, requires a more comprehensive approach to data sourcing and lead nurturing.
Owners of expired listings are often frustrated and skeptical of real estate agents. It’s crucial to have a proven follow-up process that positions you as a hero and makes them want to work with you.
Send an Expired Listing Letter
Many real estate agents spend hours flipping through paper documents and online lists of expired listings to find accurate contact information. This time-consuming process is not only expensive, but it also has a low conversion rate of just 1-3%.
An effective marketing campaign is the key to converting unused real estate leads into clients. Instead of traditional cold calling, try using a modern alternative, such as an automated email or text campaign that is less costly and more effective than a generic direct mailer.
Expired and FSBO leads are homeowners who tried to sell their homes in the past and failed for various reasons, such as lousy market conditions or working with an ineffective realtor.
Your goal is to convince them that you are the agent who can help them sell their home quickly and successfully. You do that by sending them a letter that makes your pitch.
A well-written letter can make all the difference when converting expired listing leads into clients. Include important information like your name, address, phone number, and website.
In addition, you should write a personal message that expresses empathy for their situation and reassures them that you are ready to help them move on with their lives. You can even hand-deliver the letter for an extra special touch.
Make a Call
Many agents hesitate to use the phone for their expired real estate lead conversion strategy, but that’s a mistake. Phone calls are among the most effective ways to convert leads into clients, but you must be prepared and willing to do the work.
The right auto-dialer, tried-and-true scripts, and objection handlers will be vital to your success. You must also be consistent and persistent in pursuing your prospects—especially during slow real estate seasons.
When you call a prospect, it’s essential to connect with them in a way that makes them feel comfortable and welcome. Aggressive salespeople turn many people off, so you must be able to convey that you’re a professional and that your goal is to help them sell their property.
If you’re uncomfortable contacting your leads directly, consider partnering with a broker who can provide you with a real estate CRM with customizable nurture campaigns. This will save you hours searching for public records or the MLS contact information.
You can then use that time to create a marketing presentation that will wow your prospects and lead them into listing appointments. Maintaining a one-to-one relationship with your options will make them more likely to remember and recommend you.
Send a Marketing Presentation
The golden rule is to follow up within five minutes of receiving a real estate lead’s contact information, or they’ll forget about it. After that, your chances of converting the pointer to a client decrease dramatically.
That’s why it’s so crucial that you have the best real estate lead nurturing system for your business in place. It should have a way to track all of your leads and give you a clear view of their progress – and that includes those who don’t convert right away.
Separating your lead segments by quality and buying or selling criteria is also a good idea. That way, you’ll be able to keep in touch with prospects most likely to become clients.
If you decide to reach out to an expired lead, make sure to start with a conversation based on compassion. You want to validate their frustrations and reassure them that you understand their feelings – but avoid sounding pushy at all costs. Once you’ve established some trust, you can move on to a more solution-based discussion about how you can help them with their home-buying or selling goals. That might include introducing them to one of your recommended mortgage lenders or sending them an email with free home valuation software.
Send a Text
Agents often stall converting leads because they need an actionable plan. The solution is an easy-to-use real estate CRM system that allows them to automate their follow-up and nurture sequences so they can catch up regarding lead conversion.
It’s also essential for agents to use a real estate text messaging system that allows them to send relevant, human-to-human texts from any device. This ensures that their sphere and prospects always get valuable information and are protected from irrelevant messages from an automated robot.
For example, if an expired listing lead has contacted you about selling their home, it’s a good idea to follow up with a simple text asking them how their home-buying process is going and if they have any questions. This is an excellent opportunity to establish a personal connection and show the potential client that you care about their experience with your company.
Another way to convert unused real estate leads into sales is by leveraging your business relationships and introducing a buyer’s agent or lender to the seller. However, the team must be on the same page to do this effectively. This can be accomplished with an integrated real estate CRM that offers group texting.
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