Unfortunately, one of the most productive ways to generate leads in the real estate business isn’t being utilized. It does take some work and may seem a little intimidating at first, but trust us, it’s worth it. By spending about an hour a day, you could potentially generate five to ten new leads a month. What is it? Prospecting expired and withdrawn listings! Let’s discuss how to do it so you can start growing your real estate business!
Different Types of Withdrawn Listings
Before you start looking up withdrawn listings, you should be aware that there are two different types.
Unconditional– this means that when the contract is withdrawn, the previous broker gave up all rights to the property. So, if the property sells, they do not make any commission.
Conditional– this is just the opposite. This means that the broker still has rights and can make a commission once the property is sold. You will need to talk to them to get the details of their conditions.
Why Do Listings Expire or Get Withdrawn?
There are five top reasons why listings expire or get withdrawn:
- The photos- you know the ones. They are the dark, fuzzy photos taken on an iphone. They look horrible and people lose interest immediately when they see them. There is nothing captivating about them. On top of the quality, many agents don’t put any thought into the order in which they load them. Did you know that the #1 thing that sells a home is the kitchen? Don’t put the photo of the kitchen last, put a high quality photo of it towards the front so they can see it.
- The write-up- again, this is a chance to wow the potential buyer so you want a charming description that is going to entice them to keep looking around. Be sure to cover the selling points of the home and keep the reader’s attention.
- The internet marketing- some brokerage’s don’t have access to all of the online outlets so that listing just isn’t getting in front of as many people as it could- it’s reach is limited. Also, many times agents don’t complete their profiles on Trulia, Zillow, etc. so when a potential buyer clicks on a house, it goes to a different agent who ends up steering them in a different direction.
- The Open House- many times agents don’t hold enough Open Houses to really market the house. Be sure to create a schedule and advertise it so you can get people through the door.
- The social media strategy- again, lots of agents are not using social media to its full potential. You can create boosted posts or ads with a pretty small budget and reach thousands of people.
Note- sometimes price is an issue, but often times, it’s the reasons listed above that lead to expired or withdrawn listings.
Before you call the expired or withdrawn listing, do a little bit of research. Take a look at the listing in the MLS and see what was wrong with it. Did it have horrible photos? A bad description? See what information you can glean before calling the prospect. When they answer, explain to them how you’re going to fix the problems you found.
Don’t be scared, most people are happy and polite when you call. Be sure to be professional and enthusiastic. Keep in mind that some sellers may be tired- they just had to keep their house clean for weeks on end with small children. They may want a break before putting it back on the market and that’s ok. Ask if you can call them back in a few weeks and set a reminder for yourself to do so. It’s also a good idea to keep track of how many times you call.
When a listing gets withdrawn or has expired, these sellers are getting a lot of calls from other agents- especially in this current market where there aren’t as many as there used to be. It may be a good strategy to wait a few weeks to let the dust settle and then call them.
There are so many training videos on YouTube- just search “Expired Listings” and “Withdrawn Listings” and you’ll find a ton of information.
There are a few subscriptions that you can use to get the phone numbers of these expired/withdrawn listings so you can save a little time. One is TheRedX and the other is Espresso Agent– check them out to see if they can help you!
At Dalton Wade we believe that today’s buyers and sellers need a trusted resource that can guide them through the complex world of real estate and that’s what we provide to our clients- exceptional service.
We also believe that real estate agents deserve to keep 100% of their commissions. Dalton Wade Agents work on 100% commission, pay a $79 monthly membership fee, pay $79 a closed transaction and are paid at closing! If you’d like to learn more about keeping 100% of your commissions, contact us today!