A Step By Step Guide To Winning Expired Luxury Listings
Prospecting for expired listings is a time-honored tradition, and one of the most cost-effective ways to generate new leads. The seller is motivated (if not a bit discouraged), the home has recently been prepared for showings and many agents don’t take the time to make these calls each day.
When it comes to high-end and luxury listings, there’s an even greater opportunity for acquiring expireds. Luxury listings are generally more likely to expire due to longer market times, smaller buyer pools and overpricing. This creates a constant flow of opportunities for you to step in and make your pitch.
With any expired listing marketing, the path to success includes executing a consistent plan, creating a genuine connection with the client and, of course, persistent follow-up.
But with luxury listings there is another, even more important factor: your value proposition: WHY are you a better choice than the last agent, and what are YOU going to do differently?
One area where you can show a very clear, compelling and measurable difference is in your marketing program. Affluent sellers expect the world of their Agents – from home preparation to imaging to advertising – and the Agent that demonstrates the most impressive offering will usually take the prize. Showcasing a program that stands out with multimedia, technology, luxury advertising and international exposure gives you an edge over your competitors.
Not sure where to start? We’ve put together a step-by-step guide to winning those expired luxury listings:
STEP 1: GENERATE YOUR LIST
Improve your odds by keeping these tips in mind:
- Create a spreadsheet and spend 5 to 10 minutes adding newly expired properties daily.
- Narrow your list by removing properties you think you can’t sell quickly. Of course with almost any expired you are going to need to get a price reduction at some point, but focus on listings where the reduction needed seems realistic.
- Review your list at the beginning of each month and remove properties that have been listed with another agent.
STEP 2: CREATE YOUR LETTER
You’ve got one shot at grabbing the seller’s attention. Your letter needs to prove your value, entice the seller and excite them about relisting.
Along with clearly expressing how your marketing program can deliver better results, include some details that reflect your deep understanding of the local marketing conditions and how the previous marketing may have faltered.
RELATED: Need help with a great expired listing letter? Try this free template.
STEP 3: REINFORCE YOUR VALUE PROPOSITION
Be sure to include in your mailing packet some visual examples of what you’ll do differently to sell the home. This is your value proposition, and the stronger it is, the more likely sellers will see you as the best choice.
These materials can include brochures of previously sold homes, testimonials from satisfied clients, and examples of the advertising and marketing that you’ll provide. Professionally printed catalogs or brochures make a strong statement about your luxury credentials, but DIY printing can work in a pinch too.
RELATED: Download a free demo of the LUXVT Marketing Presentation
STEP 4: ASSEMBLE YOUR MATERIALS
Create a visually appealing, upscale set of materials to send the seller.
- Print your letter on nice stationery paper such as linen or high-quality cardstock.
- Have your printed marketing presentation handy, free of any wrinkles, tears or blemishes.
- Include your business card attached to the front of the letter by paper clip.
- Sign your letter personally with a prominent blue marker or pen (you want it to stand out from the black ink of the letter text)
- Use a large 9×12 or 10×13 envelope (a colored envelope with a white label looks very elegant)
- Hand write your envelope or mailing label – this will greatly increase your chances of the letter being opened rather than having it mistaken for junk mail.
- Hand write your return address (and leave off your company name and/or logo)
STEP 5: FOLLOW UP BY PHONE, SOCIAL OR EMAIL
Winning expired luxury listings doesn’t come from simply sending out a letter and hoping for the best. Be persistent and reach out through another point of contact within a few days. If that fails, try another channel like social media or email. Call them in the morning to catch them before their day gets busy. If they don’t answer, you can call again in the evening after their work day.
Not sure what to say? We love Mike Ferry’s phone script for reaching out to expired listings.
Here’s some advice from other top agents on winning expired luxury listings:
“Rather than assuming they and their prior agent “failed” to sell, I ask why they pulled their property off the market in case I find a buyer who would be interested. I’m amazed at how many sellers don’t know that their agent has dropped the ball and let the listing expire. Their initial reaction is that they didn’t take it off. Then I give them the bad news, followed by the good news: that I would be happy to see if we can try some different marketing plans, or even just expose it to my buyer pool and agents I know that might be different from those of the other agent. I do not trash that agent, but just suggest that a fresh approach might just do the trick.”
– Susan Neal, Owner & Principal Broker at Susan Neal Fine Properties
“I’ve approached it (expired listings) by leaving a card that says “call me if you want to know why your home didn’t sell”.
– Patrick Sharples, Sharples Investment Group