Expired Listing Presentations – Learn how top producing agents conduct and convert virtual listing consultations with sellers of expired listings.
When it comes to expired listing presentations, virtual has quickly become the new normal. Real estate agents are learning to adapt of this new way of generating business. Through the past few months of experimenting with new procedures and scripts for our clients, we know that without a doubt, these virtual meetings are not going away. It’s important to learn the process that revolutionizing the way real estate agents do business.
I had the opportunity to talk with Justin Zimmerman, Director of Content Development at REDX. I was invited to speak to his virtual audience about conducting virtual expired listing presentations. Check out the video below, which also includes some role play on how to go about this process.
VIDEO: Expired Listing Presentations – How to Conduct Virtual Consultations
The two camps: prospect-based and referral-based Realtor
There are two camps when it comes to Realtors. There are those that model their business around their sphere of influence. These Realtors are most comfortable servicing the people they know. They want to help their people, and they hate the idea of cold calling, or any kind of lead-generation activities involving people outside of their sphere.
Then, there are the prospectors. They hate the idea of hassling the people they know and love. They would rather go out and get business from strangers who are ready to buy and sell right now. This includes FSBOs and expired listings. (For more on prospecting, check out our online course, PROSPECT.)
Ideally, as a Realtor, you should be doing both. This is what we teach our clients at Icenhower Coaching and Consulting. Your foundation should be your SOI, but you should also sprinkle in prospecting activities in order to grow that SOI and get more “now” business.
Expired listing presentations during COVID-19
To prospect for expired listings, it has always been a numbers game. Make a certain number of calls to expired listings, get a certain number of appointments made, and get a certain number of listings. Now, since COVID-19 came along, a wrench has been thrown into the way we traditionally get expired listings.
Having a listing presentation is necessary for converting an expired listing. It is hard to pipeline an expired listing because we don’t already have a relationship with this client. This is not someone already in our SOI. They are trying to sell their home right now.
What you must do is set a virtual presentation for the expired listing. Explain that because of COVID-19, you are unable to meet in person, but you can easily provide them with a Zoom (or other video conferencing software) link. It’s actually even better this way because you don’t have to coordinate schedules in the same way as with a traditional listing consultation. Perhaps your potential client is available right now! If you were meeting in person, you would have to schedule a future date, calculate drive time, etc. A virtual expired listing presentation can be any time that works for the client. It’s a lot more flexible!
Do it now
All that said, it is a good idea to try to have the expired listing presentation immediately. This increases your chances dramatically. If you set your listing appointment for later in the week, there is about a 50% chance that your potential client will ghost you. It may even feel easier for a client to cancel an appointment that is virtual vs. an in-person appointment. If the potential client is on the phone with you right now, text or email them a meeting link while you’re on the phone! “Let’s do this right now, it will only take a few minutes of your time.”
If they don’t give you the listing
On average, 50% of expired listing consultations end in you getting the listing agreement signed. For the other 50%, you set an in-person appointment. This is your second appointment with this potential client, which increases your chances of getting the listing exponentially. You already know the client — you have a “relationship” now. You understand what they want and what their hang-ups are. You’ve already likely discussed different objections they have. You can use all of this to your advantage at the second appointment when you are in person.
Even after COVID-19, virtual expired listing presentations will be valuable. Everyone is more familiar and more comfortable with using video conferencing. And, frankly, it’s a whole lot easier to just jump on a video call from the comfort of your own home than running across town to appointments. The client will see it as more convenient too because you can do it right now, and they don’t have to get their home ready.
Differentiation in value
This is a concept that will always be important in the real estate industry. Most people know several real estate agents. You are just one of them. So, what makes you different? What value do you bring to the table that the other agents don’t? This comes into play with an expired listing presentation because in the past, it was all procedural and scripted.
Now, the expired prospecting call itself is an invitation to this greater value proposition. At the end of the call, you are giving them information about their home. You are providing them with education and readiness to help them right now. This sets up a whole new sense of value for real estate agents that prospect for expired listings. This works for FSBOs, too, in the exact same way.
Not only are you providing them with all of this value virtually, right now, from the comfort of their home, but you are also doing it safely. You are showing concern for the health and well being of your client during a global pandemic. You are being socially responsible, and this does not go unnoticed. No one has to get uncomfortable for you to help them sell their home.
You will get more listings thanks to virtual expired listing presentations
Bottom line, this will lead to more business for you. Because you are able to do these expired listing presentations from the comfort of your home, you can do more in a day. This will free up more time for you to take on more listings each year. Learn this new procedure, learn these new scripts, and adapt your business to grow in 2020!