Listings that expired more than a year ago may offer opportunities. Owners who didn’t sell for some reason may not realize how much equity they’ve gained since then.
NEW YORK – Real estate professionals often use lead generating platforms, but there are other ways to find leads.
Experts say that expired listings can help agents find leads who may be unaware that the market is currently competitive, notably leads that expired a while ago. By contacting listings off the market more than one to two years, they may discover a wealth of new prospects to contact, incubate or convert to new sales.
Rather than ask these homeowners why their property didn’t sell or if they plan to move, however, agents should consider talking about the increase in property values over the past year, noting that some property values increased over 30%. They should also have data ready to back up their comments.
If owners aren’t aware of their equity increase, agents should recommend that they contact their insurance carrier to be sure they’re not currently underinsured. They also should offer other options that include putting their dead equity to work by acquiring an investment property or using those funds for major home improvements.
Another great source for leads can be clients abandoned by agents who left the business – an opportunity to reach out with a letter, follow-up call or a visit to those addresses in order to let them know that they want to “adopt” them since their previous agent is no longer available to help.
Even before an agent leaves the business and abandons their prospects, other agents can approach them and ask about assuming their client book to ensure the connections are fresh.
Source: RISMedia (05/18/22) Murphy, Terri
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