Expired MLS Listings: How to Turn Old Listings Into New Deals
Use your local MLS to find hidden opportunities in past listings.
Austin Beverigde
Tennessee
, Goliath Teammate
Are you frustrated by expired MLS listings that seem like missed opportunities? You’re not alone. Many real estate professionals struggle to find value in listings that have already been taken off the market. However, with the right approach, these old listings can be transformed into new deals.
Quick Answer
To turn expired MLS listings into new deals, start by researching the reasons behind their expiration. Reach out to the previous sellers to understand their situation, and offer solutions that address their needs. A personalized follow-up can reignite interest and lead to a successful negotiation.
Understanding Expired MLS Listings
Expired MLS listings are properties that were listed for sale but did not sell before the listing agreement expired. These listings can be valuable opportunities if approached correctly. Understanding why a property didn't sell is crucial to successfully converting it into a new deal.
Reasons for Expiration
Overpricing: The property may have been listed at a price higher than market value.
Poor marketing: The listing might not have been marketed effectively.
Timing: The market conditions may have changed during the listing period.
Condition of the property: The home may require repairs or updates that deterred buyers.
Steps to Revive Expired Listings
1. Research and Analyze
Start by researching the expired listings in your area. Look at the listing history, price changes, and any feedback from showings. Analyze the market conditions during the listing period to understand what went wrong.
2. Reach Out to Previous Sellers
Contact the previous sellers to discuss their experience. Ask open-ended questions to uncover their reasons for selling and any frustrations they encountered. This will help you tailor your approach to meet their needs.
3. Offer Solutions
Once you understand the sellers' concerns, present solutions. This could include adjusting the price, enhancing marketing strategies, or suggesting home improvements. Your goal is to show them how you can achieve a successful sale.
4. Create a New Listing Strategy
Develop a fresh marketing plan that addresses the issues from the previous listing. Highlight the property's strengths and make sure to market it effectively across various platforms.
5. Follow Up Regularly
Persistence is key. Follow up with the sellers regularly to keep the conversation going. This will show your commitment and may lead to a renewed listing agreement.
Realistic Examples
Before: The Overpriced Listing
A home listed at $500,000 in a neighborhood where similar homes sold for $450,000 expired after six months. After contacting the seller, the agent discovered the owner was unaware of the market shifts. By suggesting a new price of $450,000 and enhancing the listing with professional photos and staging, the agent successfully relisted the property, leading to a sale within weeks.
After: The Successful Deal
In another case, a property was taken off the market because it needed significant repairs. The agent reached out to the seller, who was overwhelmed by the process. By offering a renovation plan and a lower initial listing price, the agent was able to attract buyers looking for fixer-uppers, resulting in a successful sale.
Checklist for Success
Research expired listings in your area.
Analyze market conditions and listing history.
Contact previous sellers and ask about their experience.
Identify the reasons for the listing's expiration.
Propose tailored solutions to address seller concerns.
Create a new marketing strategy for the property.
Follow up regularly with the sellers.
Common Mistakes to Avoid
When working with expired listings, avoid these common pitfalls:
Ignoring the seller's past experience: Failing to understand why the property didn’t sell can lead to repeating the same mistakes.
Overpromising results: Be realistic about what can be achieved to maintain trust with the seller.
Neglecting market research: Without current market data, your pricing and marketing strategies may be ineffective.
Rushing the process: Building a relationship with the seller takes time; don’t pressure them into a quick decision.
FAQs
What are expired MLS listings?
Expired MLS listings are properties that were listed for sale but did not sell before the listing agreement expired. These listings can represent missed opportunities for both sellers and agents.
How can I find expired MLS listings?
You can find expired MLS listings by accessing your local MLS database, which typically has filters for expired listings. Additionally, some real estate websites provide access to this data.
What should I say when contacting sellers of expired listings?
When contacting sellers, start by introducing yourself and expressing understanding of their situation. Ask open-ended questions about their experience and listen carefully to their responses to better tailor your approach.
Is it worth pursuing expired listings?
Yes, pursuing expired listings can be worthwhile as they often represent motivated sellers who may still be interested in selling their property with the right approach.
How long should I wait before following up with an expired listing seller?
It’s best to follow up within a week or two after the listing expires. This keeps you fresh in their mind and shows your eagerness to assist them.
