April 23, 2024


Mad about real estate

Expired Listings Marketing Tips for Real Estate Investors

Expired listings marketing is an exceptional tool which can help real estate investors locate profitable properties. Expired listings occur when real estate contracts between buyers and realtors expire. Investors can quickly locate homeowners eager to sell their property by reviewing expired real estate listings provided through the multiple listings service (MLS).

Real estate investors must develop an expired listings marketing plan. The first step requires investors to understand the mindset of sellers. Property owners are often anxious and stressed out when their property listing expires without attracting qualified buyers.

Anyone trying to sell their home is painfully aware that attracting buyers in today’s real estate market is challenging. However, when property owners need to sell their house quick to prevent foreclosure or relocate they want results, not excuses. Investors must develop marketing strategies that will place a “sold” sign in front of the seller’s home.

Investors must commit to frequently checking the MLS database to locate expired listings. When realtors locate promising properties they send out an expired listing letter in an attempt to obtain a new real estate contract. Investors often compete against multiple realtors, so it is important to develop marketing materials that stand above those offered by real estate agents.

Sellers need assurance that investors will provide results. Many investors make the mistake of tooting their own horn by focusing expired listing marketing materials on past successes. While it is important to highlight achievements, marketing materials should focus primarily on addressing sellers’ needs. By providing solutions to fears and concerns, investors can connect with sellers on a personal level.

Property owners need to know that investment companies understand their concerns and have solutions for their home selling problems. While sellers might be impressed that an investor sold dozens of expired listing homes, they want to know how investors plan to sell their home when their realtor was unable to accomplish the task.

Expired listings marketing materials must also address how investors plan to compete in a buyer’s market. Most sellers understand they are in competition with an abundance of reduced price bank owned foreclosure properties. Buyers can easily purchase homes below market value and rarely offer the full asking price for houses even if they are in excellent condition.

One of the most common reasons real estate listings expire is because sellers refuse to lower their price. Investors should focus on providing creative financing options in their marketing brochures and outline how these strategies can help sellers obtain the highest offer for their property. Financing options might include 1031 exchanges, lease-to own, subject to and seller carry back mortgages.

When creating expired listings marketing campaigns it is important to develop several pieces that build upon the last. For example, investors would develop an initial contact letter which introduces their company and summarizes available services.

A few days later, investors send an expired listing postcard offering a complimentary consultation. They would then follow-up with a brochure that addresses common concerns of selling in a buyer’s market. They might wrap-up the campaign by making a phone call which utilizes an expired listings marketing script.

Investors who are not adept at creating marketing materials should enlist the help of a marketing company that specializes in real estate. Another option is to purchase real estate marketing kits which include premade scripts and templates.

Last, but not least, investors must thoroughly understand the process of expired listings to ensure they can deliver on promises made. Expired real estate listings can be a profitable investment niche for those who take time to learn the process and develop strong marketing materials and follow-up plans.