While many sources continue to talk about scarcity and rising prices, in many areas the housing market is softening.
Trulia found that 70% of the largest metro areas saw a slight increase in for-sale listings with a price decrease. San Francisco had the most, with a 3.07% increase in price reductions, even though the city remains a hot market.
It’s not that home prices are declining – far from it – but that in some areas homes aren’t selling as quickly. In fact, there is also an increase in expiring listings. I know it’s anecdotal, but in my neighborhood I’ve seen homes go through three Realtors® due to expiration.
Are you ready to take advantage as the market softens?
Be Ready to Be Unique to Win an Expired Listing
If you reach out to an expired listing, you certainly aren’t the only one. Be ready to handle some frustration – not just because you’re the 1,000th agent to call, but because an expired listing is frustrating in itself.
Be ready to show right away how you’re unique and what you can do differently. Ask questions and talk about why the home didn’t sell. Talk about what fresh approach you can provide and why that matters.
Remember that although the market is softening somewhat, competition for expired listings is still fierce. You’ll need to be prepared to stand out.
Consider a Face-to-Face Meeting
Door-knocking is still effective, especially with expired listings. They tend to be inundated with robotic calls, but have almost no one put in the effort to show up in person.
Consider dropping by the home on a weekend and asking some questions. You may even offer to take them out to coffee to discuss what happened with their listing.
When you go door-to-door with expired listings, you’ll show a higher level of professionalism and care than your competitors. Not only will that help you stand out, it will do a lot to ease the mind of someone who feels burned by real estate agents.
Take Your Time and Mail an Expired Listing Postcard
Sometimes hitting an expired listing immediately isn’t the right answer. A lot of times someone who is frustrated and disappointed needs time to cool off before they’re ready to hear another offer.
One great strategy is to forgo the immediate call and instead send an expired listing postcard. It will take a couple of extra days to arrive, and it gives you a chance to make an impression in the mail. You can choose to follow up with a call a day or two later, asking if they received your postcard.
If you’re afraid you’ll order expired listing postcards and then run out of time to send them, I understand. That’s why Printerbees offers mailing services as well! We can print the postcards and send them to your list of expireds for you.
Are you ready for a softening market? Do you know how to stand out to expired listings? Whether you decide to call, visit in person, or send an expired listing postcard, it’s time to get ahead of the game.
Don’t wait until everyone else is also focusing on expired listings. Get your strategy in order now. If you need postcards, mailing help, or more information about marketing to expired listings, just let me know – I’m here to help!
Are you focused on expired listings? Why or why not? Share in the comments!