Prospecting Expired Leads is a fundamental skill for real estate agents as they are the hottest leads in the industry. In this article, we will explore a step-by-step approach to converting Expired Leads into listings. You will discover how to understand the mindset of expired listings, craft effective scripts, and overcome common objections.
Mastering these strategies is key to filling your pipeline with homeowners looking to transact now and consistently winning listings from Expired Leads.
Understanding the Expired Lead Mindset
Put yourself in the shoes of an expired listing. You’ve gone through the stress of putting your house up for sale, hiring an agent, staging your home, getting ready for your next move and it doesn’t sell. Then they get hundreds of phone calls from agents looking to sell their property. Their anger and frustration is justified.
That’s where you come in. These homeowners often believe their home didn’t sell because of the market or they have lost faith in agents altogether.
A lot of these homeowners are still interested in selling. But what they need is an agent who can address their concern, offer a new strategy, and guide them through a better selling experience. If you understand their mindset and address those concerns, these leads will be more likely to list with you.
Step-by-Step Guide to Converting Expired Leads:
1. Preparation Is Key: Gather All the Facts
Before making contact, it’s important to gather as much information as possible about the expired listing. This includes details like the original listing price, time on the market, previous marketing strategies, and any feedback from buyers during showings.
By showing that you understand what went wrong before, you position yourself as a knowledgeable advisor.
A simple and quick way to access all of this information is with REDX Expired Leads. Each lead comes with all the relevant property information inside the platform so you can spend more time connecting with Expireds instead of researching them.
2. Use an Expired Listing Script: What to Say and How to Say It
The first conversation with an Expired Lead is your chance to make a connection and demonstrate your value. It’s important to be both empathetic and strategic. Here’s a script that a lot of top Expired prospectors use:
“Hi [Homeowner’s Name], I noticed that your home was on the market recently but didn’t sell. [Pause] Make sure you give your prospect some time to sit with this information and maybe even share further details with you [Pause] I understand how frustrating that can be. I’d love to learn more about your experience and share a few ideas that might help you get the results you’re looking for this time around.”
This script opens the door to a conversation without being pushy. It acknowledges the homeowner’s frustration while positioning you as a resource with a fresh perspective. Follow up with a new pricing strategy or targeted marketing plan to demonstrate your expertise.
3. Timing Your Follow-Up: Finding the Sweet Spot
Timing is everything when it comes to reaching out to expired listings. Make contact soon after a listing expires to show your proactive approach, but avoid overwhelming the homeowner with constant calls. A strategic follow-up schedule might look like this:
- Day 1: Initial call to introduce yourself, show empathy, and offer value.
- Days 2-5: Daily calls to follow up, provide further insights, and reinforce your unique strategy.
- Day 7: Wrap up the week with a final check-in call, ensuring you’ve established contact and offered solutions.
- Weeks 2-3: Follow up every 2-3 days if you haven’t yet connected, adapting your approach based on any prior interactions.
- Week 4: A final follow-up call or email to offer ongoing support and stay in touch until they’re ready.
The key is to stay consistent without being pushy, allowing the homeowner to see your persistence and professionalism.
For an easier way to automate your follow-up reminders, use REDX Expired Leads inside the Vortex platform. This will help you keep track of your leads and ensure you don’t let one fall through the cracks.
Overcoming Common Seller Objections
When working with expired leads, you’ll likely encounter objections that need to be handled with care and professionalism. Here’s how to address some of the most frequent concerns:
- “You’re the 15th agent to call me!” Acknowledge the frustration of receiving so many calls and then pivot to how you can specifically assist them. For example: “Wow, I can understand how that would be frustrating! I’m actually surprised you picked up! Since we’re already talking, would it be alright if I asked you a quick question? Had your property sold, where were you planning to move to next?”
- “Why didn’t my home sell?” Focus on specific factors like market conditions, pricing, or outdated marketing strategies instead of criticizing the previous agent. For example: “There could be a few reasons it didn’t sell. I noticed the listing price might have been a bit above the market average, which could have limited interest. I’d suggest a new pricing strategy paired with a more targeted marketing plan to attract the right buyers.”
- “How are you different from my previous agent?” This is your chance to emphasize your unique approach. Here’s a script that highlights your value:
“I appreciate you asking that question. I can’t speak to everything your previous agent may have done, but one thing I focus on is a highly customized approach. For example, I create a tailored marketing plan specifically designed to reach the right buyers for your property. In fact, let me share how I recently helped a homeowner in a similar situation—[briefly describe a success story here, e.g., how a fresh strategy brought in more qualified buyers]. Beyond the marketing, I make it a priority to keep my clients fully informed every step of the way, so they’re never left wondering about progress. I’m confident that with my proactive approach and consistent communication, we’ll get your property sold. Would it be worth meeting to go over my specific plan?”
- “I don’t want to relist right now.” Some homeowners may feel burned out from the process and need time before they’re ready to relist. Respect their timing, but keep the door open for future opportunities. For example: “I completely understand, and there’s no rush. If it’s helpful, I’d be happy to share a market update with you over the next few weeks so you can see how conditions are changing. That way, you’ll have the latest information when you’re ready to move forward.”
Use a Platform to Simplify the Process
One of the biggest challenges in working with Expired Listings is staying organized and managing multiple follow-ups. This is where a platform like Vortex can make an impact on your success. It helps you streamline your prospecting by giving you the best contact information for each lead and the tools to track your interactions. It’s also free with the purchase of any of our lead products.
Vortex gives you detailed information on the leads you call all in one place so you can customize your approach and track all of your conversations. You can also set dispositions for each lead to make sorting and following up easier.
This allows you to spend less time researching and organizing so you can spend more time connecting and converting Expired Leads into listings.
Conclusion: Building a Consistent Expired Lead Strategy
Selling expired listings isn’t just about making a quick call and hoping for the best—it requires a strategic approach, patience, and the right tools. By understanding the mindset of expired lead homeowners, crafting thoughtful scripts, addressing objections with empathy, and using tools like REDX’s Vortex platform to stay organized, you can turn expired leads into listings for your business.
With consistency and a personal touch, you’ll not only secure new listings but also build relationships that can lead to referrals and long-term success. If you’re ready to elevate your expired lead strategy, explore how REDX can help you streamline your approach and close more deals.
