When people are getting their property listed for sale, they usually enter an agreement with a real estate agent that the home will be listed for a specific duration (like 6 months). However, the property might end up not getting sold within that period. If the listing is not renewed, it becomes an expired listing. Real estate listings expire due to reasons such as overpriced homes, inexperienced real estate agents, poor staging, an oversupply of similar homes, and poor real estate marketing.
Expired listings are a great source of quality leads for top real estate agents. Since property owners are motivated to sell, realtors can negotiate a good price and close quickly. However, the first thing you need to do is learn how to find expired listings. The good news is that prospecting expired listings is a low-overhead, low-cost business strategy. In addition, this type of listing has been proven to have higher conversion ratios compared to other prospecting methods.
Though door knocking and cold calling could help in getting expired listings, you need to have a more strategic approach for successful real estate lead generation. Here are 7 effective ways of finding expired real estate listings:
1. Get expired listings on the MLS
Many hot real estate agents use the Multiple Listing Service for real estate lead generation by looking for listings that are due to expire in less than a month. To find expired MLS listings, all you need to do is go to your MLS dashboard and select locations that you want to search by town or city. Next, enter the expiration date of your search (four weeks or less) to identify listings that will expire soon. Once you have some soon-to-expire properties, figure out a way to get in touch with the seller and find out if they would want to relist their home with a new agent. Of course, be sure not to get in touch with the seller until the day after the listing has expired. Still, with this strategy, you can be one of the first agents who makes contact. Just keep in mind that perusing through the MLS for expired listings can be a very time-consuming and stressful task.
2. Check public records
Searching through public records is another effective, but time-consuming method of finding expired listings leads. This will require visiting your location’s record archive, such as the county courthouse or city hall, and asking for access to listing records. Please note that it can take hours flipping through online lists or paper documents before getting one lead. Though this real estate lead generation method is very time-consuming, it is free and can be a source of valuable information about a home and the owner. A real estate agent can confirm details such as divorce proceedings, purchase price history, time on market, and estate references.
3. Consult other real estate agents
At times, real estate agents in your network will have several expired listings that they are open to sharing for a commission or fee. Others would be willing to do a kind of exchange to receive other valuable listings. This is why you need to stay in touch with other agents in your area to grow your real estate business.
Related: The Ultimate Guide to Real Estate Networking for Agents
4. Buy expired listings
An efficient and cost-effective strategy for real estate lead generation is to simply buy the information. Though many real estate agents might not like the idea of buying expired listings, it saves you the trouble of having to scrape for information from the MLS and public records. There are several platforms online where you can purchase expired leads based on parameters such as property type, your target housing market, and your goals as a real estate agent.
Related: Is Buying Real Estate Leads Worth It for an Agent?
5. Use Mashboard to gather expired listings phone numbers
Mashboard is the best way to get information on property owners that have expired listings. Real estate agents who find expired listings through the MLS need a way to get phone numbers and other information on property owners in order to get in touch with them. With Mashboard, you get access to the names, phone numbers and email addresses of property owners in the location of your choice. Schedule a demo now to learn what else Mashboard can offer you.
6. Create an expired listings script
Having a pre-written script will make emailing or calling expired listings easier. The script should begin with a short introduction, which explains the reason for your communication. You can then mention some reasons why you think the property did not sell, and what you would do differently if the listing was renewed with you. Finally, ask for a meeting where you can present your real estate marketing strategy to the seller. The expired listing script should be long enough to cover all the important points without losing the seller’s attention.
7. Create a template for an expired listings letter
At times, real estate agents looking for expired listings struggle to get in touch with property owners via email or phone. Some owners are not willing to talk to an agent after failing to sell their property previously. In such cases, agents can reach potential sellers by sending a letter through their mailbox. This letter should be written using the same formula as the expired scripts. Make sure the letter is written on a professional letterhead and signed personally. To capture the attention of the seller, share unique real estate marketing ideas and end it with an invitation to meet to discuss the issue further.
8. Use social media ads for marketing to expired listings
You can use social media ads to promote yourself as a real estate agent and encourage owners to relist with you. In your social media ads, mention properties that you have sold in difficult-to-sell areas or in slow buying seasons. Use hashtags such as #expiredlistings to attract the right audience and offer complimentary reports such as home valuations. For more accurate targeting when generating real estate leads, use Facebook ads.
Related: 22 Real Estate Social Media Marketing Ideas
Conclusion
Anyone can learn how to get expired listings. However, this type of listing can be very tricky to acquire because property owners are wary of going through the same selling process. The tips mentioned in this article will make the process of securing and relisting expired listings much easier for the experienced and new real estate agent.
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