If you're a real estate professional, you know that finding expired listings is a valuable skill that can significantly enhance your industry value. These listings, often overlooked by many agents, can provide you and your potential clients with unique opportunities. In this article, we will explore seven effective strategies to help you find expired real estate listings in 2023 and boost your success in the industry.
What Are Expired Listings, and Why Are They Important?
Expired listings refer to properties that haven't been sold within a specific agreed-upon period between the seller and the listing agent. When homeowners list their properties for sale, they enter an agreement with a real estate agent for a certain duration. However, if the property doesn't sell within that period, it becomes an expired listing. There are various reasons for listings expiring, such as overpricing, inexperienced agents, poor staging, an oversupply of similar homes, and ineffective marketing.
Expired listings offer several benefits to real estate agents:
- They have higher conversion rates from lead to client.
- They lead you to more motivated sellers.
- They provide a more affordable lead generation strategy.
- They require less effort compared to working with buyers.
- The sellers are more likely willing to work with a new agent.
Knowing these advantages, it's crucial to learn how to find expired listings to maximize your success as a real estate agent.
1. Get Expired Listings on the MLS
The Multiple Listing Service (MLS) is a valuable resource for finding expired listings. By searching for listings that are due to expire within the next month, you can be one of the first agents to make contact. Simply visit your MLS dashboard, select locations you want to search, and enter the expiration date of your search. Once you've identified soon-to-expire properties, reach out to the sellers after the listing has expired.
While this strategy can be time-consuming, it's worth the effort given its effectiveness in generating leads.
2. Check Public Records
Searching through public records is another effective method of finding expired listing leads. Visit your location's record archive, such as the county courthouse or city hall, to access listing records. This method can be time-consuming, but it offers valuable information about a home and its current owner, such as purchase price history, time on the market, and estate references.
Although it may require more effort, don't overlook the potential of public records in finding expired listings.
3. Consult Other Real Estate Agents
Building and maintaining relationships with other real estate agents can lead to valuable leads. Stay in touch with agents within your network, as they may be willing to share their expired listings for a commission or in exchange for other valuable listings. Keep their contact information and exchange business cards to ensure you don't miss out on potential opportunities.
Being professional and maintaining good relationships will increase people's confidence in you, making them more likely to provide you with leads.
4. Buy Expired Listings
Consider purchasing expired leads from platforms that offer high-quality and reliable information. While some agents may be hesitant about buying expired listings, it saves you the time and effort of scraping information from MLS and public records. Look for platforms that allow you to filter leads based on property type, target housing market, and your goals as an agent. Ensure you perform due diligence and choose a platform that provides quality data.
Buying expired listings can be a cost-effective strategy for real estate lead generation.
5. Create an Expired Listings Script
Having a pre-written script can make contacting expired listings easier. Start with a short introduction explaining the reason for your communication, mention reasons why the property didn't sell, and highlight what you would do differently. Finally, ask for a meeting to present your real estate marketing strategy. Ensure the script is concise yet covers all the essential points to keep the seller's attention.
If you find it challenging to write a script, consider using websites that offer script-writing services or ask a fellow agent to help you improve yours.
6. Create a Template for an Expired Listings Letter
In cases where owners are not open to phone or email communication, send a letter through their mailbox. Use the same formula as the expired scripts, including a good introduction, your professional opinion, the services you provide, unique marketing ideas, and an invitation to meet. Ensure the letter is written on a professional letterhead and sign it personally.
Sending a physical letter can be an effective way to reach potential sellers who are hesitant to engage with an agent after a previous unsuccessful attempt.
7. Use Social Media Ads for Marketing to Expired Listings
Utilize social media ads to promote yourself as a real estate agent and encourage owners to relist with you. Mention properties you have sold in difficult-to-sell areas or slow buying seasons in your ads. Use relevant hashtags like #expiredlistings to attract the right audience and offer complimentary reports, such as home valuations. Facebook ads can provide accurate targeting options, while Instagram is suitable for reaching millennials and GenZ.
Social media ads can increase your online visibility and help grow your network.
Next Steps
Learning how to find expired real estate listings is only the first step. To be successful in converting these leads, you need to take further action:
- Use real estate comps to your advantage by comparing expired listings with current market prices.
- Develop specific strategies for finding expired listings based on your local market conditions.
- Expand your network and make as many contacts as possible to increase your opportunities for success.
By implementing these strategies and committing to consistently growing your network, you'll be well on your way to spotting those expired real estate listings and achieving success as a real estate agent.
In conclusion, finding expired listings may not be easy, but with commitment, consistency, and the right tools like Mashvisor, you can unlock the potential of these listings and elevate your real estate career.
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