Expired listing prospecting is a major listing lead source for many top producing real estate agents. Learn how & why real estate agents prospect for expired listings and depend on expired prospecting as a major source of business.
For starters, there are some misconceptions about prospecting for expired listings. Moreover, there are many real estate agents who are not attracted to this lead generation method whatsoever. However, we have found that agents don’t have to initially enjoy a particular business-generating activity in order to practice it and see amazing results.
Video: Why & How Agents Prospect for Expired Listings
Benefits of Expired Listings
That are a number of benefits to prospecting for expired listings. First, prospecting for expired listings has some of the best conversion ratios in the business. For example, top expired prospectors that can contact 25 owners of expired listings per day can often set 1 listing appointment per day. Further, that 25:1 conversion ratio can enable a real estate agent to go on 250 listing appointments per year – one for each of the 250+ business days from Mondays through Fridays.
Secondly, another benefit of prospecting for expired listings is that it is a low-cost, low-overhead business method. The old adage that it takes money to make money doesn’t apply when prospecting for expireds. Rather, this is a high activity-driven method that costs very little money.
Lastly, prospecting for expired listings is just that, geared towards taking listings rather than converting buyer leads. So expired listings take much less time and enable agents to close more transactions per year. To explain, it takes four times as much time to work with one buyer lead from an online source like Zillow or Trulia than to work with one expired seller. Furthermore, real estate agents that focus on buyers spend a lot of time setting buyer consultations, showing property, organizing inspections, and getting the client qualified with the lender. Although representing sellers is no walk in the park, it’s far less time-consuming, and you can do 3-4 times more business by focusing on expired listings.
PROSPECT: The Real Estate Lead Generation Manual (ebook)
PROSPECT is the ultimate real estate prospecting book for real estate agents looking to master all of the major lead generation methods. For starters, you’ll learn about Expired Listings & FSBO prospecting, your Sphere of Influence, Circle Prospecting, Door Knocking, and much more! Develop all the necessary skills & techniques with this 450-page manual. In addition, you’ll receive a full book of scripts and plenty of tracking tools & materials that are yours to keep and use! In summary, this complete real estate prospecting book will teach you everything you need to know to take your prospecting skills to the next level.