You may or may not have found thousands of horrible expired listing scripts in your time as a real estate agent. Maybe you used some of them, maybe they worked, or maybe you’ve given up on expired listings all together. I’m here to give you some #REALTALK on expired listing scripts and we’re starting with seven to help you break the ice and get through to frustrated sellers, without sounding like a cornball.
When a seller goes through an entire listing period and their home doesn’t sell they end up deflated and frustrated. Most of the time they’re going to be upset with their previous agent but they may take it out on agents in general. For this reason, a lot of real estate agents don’t even attempt to contact expired listings. Adding expired listing scripts to your arsenal can help you greatly when you do decide to contact disgruntled sellers. The problem is that there are thousands of scripts out there for you to find for free. And most of them are complete garbage.
They’ve already found another agent
If they tell you that they’ve already found another agent to re-list their home, you need to ask one question. Have they signed a contract with the new agent yet? If they have then wish them well and make sure they know your door is always open. If they haven’t yet signed with another real estate agent then you can steam ahead…
“Wonderful, I’d love the opportunity to earn your business as well. You may be surprised to know that I specialize in homes that haven’t sold the first time on the market. You should know that sometimes even the perfect house will expire on the market.”
“If you were to get news from your auto mechanic that you needed a new transmission that will cost you about $5,000 would you sign on the dotted line or would you get a second opinion? I know even just one price reduction can be a matter of $5,000 so let’s schedule a time for me to swing by so I can show you why many sellers decide to hire me over other agents. Would 5pm or 6pm this evening work for you?
The first phone call
“Good morning, I’m looking for Mr./Mrs. _________. This is ________ with __________. As I do every morning, I’m reviewing market activity over the past 24 hours and I see that your home is no longer for sale. It was a beautiful home and I’m so sorry that is was on the market for ____ days without selling”. (Be quite and wait for a response; they may tell you exactly what the other agent did wrong).
“Your home is in a favorable area so I’m assuming you may still be interested in selling for the right price”. (Be quite and wait for a response).
“Would you like to know why your home didn’t sell”?
“Would you be offended if I swing by later this week to drop off a comparative market analysis an day synopsis on why your home may not have sold? Great, would Friday or Saturday work best”?
“I understand that you may still be upset about the outcome of your listing experience. Most of my clients feel the same way. I’m so sorry that you’re in this situation and I would love to provide you with a bit more information to arm yourself with than the other agent may not have given you. I’d be happy to swing by on Friday or Saturday to just drop off my findings”.
This is by far the best script I’ve ever heard/seen. Watch it. Lots of times. And use it!
When you get voicemail
“Good morning Mr./Mrs. _________. I’m sorry to see that your home has expired without selling. I’d love the chance to speak with you about why it didn’t sell and why many other sellers have chosen me over other agents after their home has expired. I look forward to the opportunity to earn your business. You may reach me at __________. Talk to you soon”.
They’ve decided to take it off the market
“Oh, I see. If your home had sold where were you planning to move? Oh wow, that seems like a great plan. If I can make that plan a reality would you consider selling again? Could I swing by for about 10 minutes on Thursday at 5pm to show you why so many sellers choose me to sell their home when theirs has expired with another agent”?
If you’re getting some objections to the above scripts it’s best to start asking questions about their situation and listen very carefully. Here are a few to get you started.
What in your opinion was the reason your home didn’t sell previously?
This will be the easiest question to ask and will produce the most useful information for you if you properly expand on it. If the seller is very angry they’ll likely say something like, “The agent didn’t do their job”, or something of the sort. Don’t let this throw you off; just proceed with something like, “That’s understandably very frustrating and I can’t blame you for being upset. I would love to tell you how different my marketing plan is”.
Did you receive any offers during the listing period?
If they received offers and they’re willing to share information with you about details then be a good listener. Things to pay attention to are:
- How many offers did they receive?
- How did they respond? Counter offers or Rejections?
- What were the sticking points that prevented an agreement?
How many showings occurred during the listing period and what feedback did you receive?
If the home got minimal showings it may have been over price, under marketed, or both. Lots of showings and no offers could mean a lot of things so feedback is very important. If they did receive feedback, did they make adjustments or ignore it? If they didn’t receive feedback that’s another strike against their previous agent that you can use to your advantage.
Before you contact the seller and fire off your shiny new expired listing scripts, you’ll want to access the situation. If an expired listing shows certain red flags right off the bat maybe it’s not worth your precious time.
Red flags to watch out for:
A short listing period.
Short listing periods are usually a sign that the seller wasn’t motivated or all that reasonable. If the listing period expired at least 50% sooner than most in your area make it a point to ask the seller what the reason was. The last thing you want to do is get yourself into a situation where you’re spending marketing dollars on a listing you can’t sell in time.
What was the market doing during their listing period?
Were homes similar to there’s sitting stale or selling quickly? Take a look at days on market for comparable homes an pay close attention to popular neighborhoods, school districts, and staging. All of these things will be talking points if you get the chance to list the home and re-price it.
Was it over priced?
Speaking of re-pricing… it would be a good idea to run a quick CMA on the home prior to speaking with the seller. If it truly was overpriced this could be because the previous agent bought the listing, (priced it at whatever the seller wanted just to get the listing) or it could mean the seller isn’t realistic about the market. Be sure to have recent market sales data handy when bringing up this touchy subject.
Was the MLS data wrong?
Checking to see what the listing information was is a simple task to complete prior to speaking with the seller. You’re essentially looking for mistakes that the previous agent made so you can point them out and reassure the seller that mistakes like that won’t fly with you.
What is your biggest challenge right now when prospecting expired listings?
Latest posts by Jenna Martindale (see all)
- The Facebook Marketing Blueprint for Realtors - January 2, 2018
- 5 lead generation strategies that actually work - May 4, 2017
- Why Building a Successful Real Estate Business is So Hard - March 25, 2017