Did you know that between October 2020 and October 2022 around 600,000 unique property listings withdrew from the market, only to return by December 2022? Within as little as 24 months, 46% of the withdrawals returned to the market with fresh motivation to sell.
In the last two years, almost half of properties returned to the market after initially withdrawing, but what does that mean for agencies? It’s vital that agents use this to their advantage, acquiring new instructions from properties especially from those who weren’t already listed with their agency. By targeting the withdrawn listings in your area, you could increase your rate of new business and make 2023 your best year yet!
Sending regular updates and targeted letters from your agency can help influence the vendors to re-list with your agency. In a recent study carried out by Spectre, it was found that the ‘Withdrawal’ letter trigger had a success rate of over 1 in 10, highlighting that letters directed to withdrawn properties had one of the largest success shares out of all the top triggers.
Prospecting to withdrawals doesn’t need to be overwhelming, keep these three major things in mind when sending your next targeted campaign.
Utilise your prospecting software.
Don’t let your competitors beat you to it, use your prospecting software to swiftly seek out withdrawals in your area and get in contact with the vendor. Take time to understand the reasons why the vendor has withdrawn from the market. Uncover whether the vendor withdrew because of low interest, difficulty finding an onward purchase or something else and use it to tailor targeted letters and off-market campaigns.
Consistency is key.
Tailoring your marketing strategy and making considered decisions which focus on off-market properties is always important - especially when it comes to withdrawals. It’s vital to map out a structured strategy that has consistency, ensuring you’re not just contacting potential clients once, but multiple times.
Sending consistent communications to withdrawn properties is the perfect way to keep your agency at the forefront of every vendor’s mind, and it can be done in just a few simple steps…
- Decide which time-frames are suitable for reaching out to vendors. Do you want to contact them as soon as they withdraw? Or do you want to wait a little longer until you send the first message?
- After deciding the frequency of your communications, you’ll need to write a series of engaging letters which will be sent at each trigger point. Not sure how to write an effective prospecting letter? Check out our simple plan below.
- Don't discount the design of your letters either. Try thinking about how you can get your letters to stand out visually.
- Instead of just placing a logo at the top of your letterhead, think about layout and maybe consider adding a QR code to access an instant home valuation to strike while the lead is hot.
- Once you’ve crafted your range of letters, send them out via post at each time trigger and wait for their response.
Try sending postcard marketing campaigns.
When it comes to postcard marketing, the options are endless. Send eye-catching postcards to withdrawn properties; they can be made with your agency’s branding and logo, or you could get a little more creative with more visual forms of marketing to capture the attention of prospective vendors. Likewise you can send seasonal designs with promotional offers throughout the year or even a 20:20 to showcase your success.
For more prospecting hints and tips, speak to the team here at Spectre, the UK’s leading instruction generation tool, and we will guide you to success.
