Curtis Fenn, President of RedX, the leader in providing real estate agents with expired listings phone numbers and email addresses for two decades, discusses best practices for prospecting for expired listings in a low inventory market.
RedX is the leader in providing expired listings phone numbers and email addresses to real estate agents. This is the perfect time to talk about expired listings, as we are in such a dynamic real estate market coming into Summer 2022. Interest rates are going up, prices continue to rise, and everyone is freaking out. What does this mean for expired prospecting?
In this video, RedX president Curtis Fenn sat down with me and talked about best practices for expired listings in a low inventory market.
VIDEO: Expired Listings Phone Numbers & Email Addresses
Expired listings is the “old reliable” of prospecting
As the market changes, the opportunity to prospect for expired listings has not changed much. It’s still there, and still a huge opportunity for real estate agents. For this reason, I like to call expired prospecting the “old reliable” of real estate prospecting.
2021 was the hottest year in the history of the United States for the amount of home sales. Arguably, it’s never been easier to sell a home than in 2021 — the hottest market of all time.
If you look at the data, you’ll see there were 10 million listings in 2021. Of that 10 million, about 35% of people that wanted to sell their home didn’t. Further, almost one half of that 35% (people that couldn’t sell their home) didn’t sell because their listing expired. That makes 1.49 million expired listings last year alone!
People who want to sell their home right now
It’s ironic. Most real estate agents ignore expired listings, and yet these are people that we know want to sell their home right now. Realtors would be more comfortable talking to someone who is thinking about selling in the next year or two than go after an expired listing.
Expired listings are the clients that really need our help. They are trying and failing. They have not reached their goal.
Why do listings expire?
Many Realtors assume that the reason a listing has expired is due to pricing issues. However, there are many other issues at play. The data shows that there are a number of reasons a listing expires.
- Overpricing (attracts fewer offers)
- Price decrease (makes the listing look less desirable)
- Pulling the house off market for a short amount of time (makes a buyer question what may be wrong with the listing)
- Too many days on the market (makes the listing look less desirable)
- Status change (is confusing and makes the seller look fickle)
Any of these factors can contribute to an expired listing.
Data on expired listings
Of the 1.49 million homes that expired in 2021, 20% relisted with a new agent right away. Of those, sellers that had fresh, new marketing had a higher chance of selling the second time around. Rather than messing with statuses or decreasing the price, edit the marketing of the home.
Change your limiting mindset
Many Realtors use the excuse that “expired listing prospecting doesn’t work well in this market.” This is just laziness, and a limiting mindset. Expired listing prospecting works in every market.
Getting expired listings phone numbers
There is no better use for your time than prospecting for expired listings. It has the best return in terms of prospecting activities that you can do.
Each year, besides January, July is the best time to go after expired listings. RedX is predicting that the expired listings are going to be at a very high level this summer. In other words — time to get after it!
Using expired listings phone numbers to prospect
There has never been a better time to start prospecting for expired listings. You can use a service like RedX to get these expired listings phone numbers. (Use our ICC affiliate link to receive promotional pricing if you are an ICC client!)
Year to date, expired listings are up 39% in 2022 over 2021. If you start to look at the reasons why, you will see that 2021 was a weird year. What needs to happen here is education. You must educate your sellers on pricing and strategy.
FREE DOWNLOAD: Expired Listing Script
Today we are giving you a FREE DOWNLOAD of one of our top expired listing scripts. This script will help you as you reach out, using your expired listings phone numbers, and make contact with expired listings. This conversation can be uncomfortable when you’re starting out with expired listings. Follow this script and soon it will come more naturally!
Want to learn more?
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