Expireds: the Overlooked Lead Source Every Agent Should Revisit
Why expired listings are one of the most underused and high-ROI lead types today.
Austin Beverigde
Tennessee
, Goliath Teammate
As a real estate agent, you’re always on the lookout for fresh leads. However, many agents overlook expired listings, thinking they’re a lost cause. But what if I told you that these expired listings could be a goldmine? With the right approach, you can turn these overlooked properties into valuable opportunities.
Quick Answer: To tap into expired listings, start by researching properties that didn’t sell in the last 6-12 months. Reach out to the owners with a personalized message explaining how you can help them sell their home. Use tools like MLS and local real estate websites to find expired listings and maintain a consistent follow-up strategy.
Why Expired Listings Matter
Expired listings represent potential sellers who may still be motivated to sell their homes. These homeowners often feel frustrated and may be open to new strategies or agents. By approaching them correctly, you can offer solutions that previous agents may not have provided.
Steps to Connect with Expired Listings
1. Research Expired Listings
Use your local MLS or online real estate platforms to find listings that expired without selling. Focus on homes that were on the market for a reasonable period but didn’t sell for various reasons.
2. Analyze the Reasons for Expiration
Understanding why a property didn’t sell is crucial. Was it overpriced? Did it lack marketing? Knowing the reasons can help you tailor your approach when contacting the owner.
3. Craft a Personalized Message
When reaching out to the homeowner, personalize your message. Acknowledge their previous efforts and offer a fresh perspective on how you can help them achieve their selling goals.
4. Follow Up Consistently
Don’t expect immediate responses. Follow up regularly but respectfully. This shows persistence and dedication, qualities that many sellers appreciate.
5. Utilize Marketing Tools
Consider using marketing tools like email campaigns, social media ads, or direct mail to reach out to expired listings. Visual content can help grab their attention.
Costs Involved in Targeting Expired Listings
The costs can vary based on your approach. Here are some potential expenses:
MLS access fees
Marketing materials (postcards, flyers)
Email marketing software
Advertising costs for social media
Tools to Help You Find Expired Listings
Several tools can streamline your efforts:
Multiple Listing Service (MLS)
Real estate websites
CRM systems for tracking leads
Email marketing platforms
Realistic Examples of Success
Consider the story of a new agent who focused on expired listings. After identifying several properties, they reached out to the owners with a tailored marketing plan. Within weeks, they secured a listing and sold the home at a competitive price. This success built their confidence and reputation in the local market.
Checklist for Reaching Out to Expired Listings
Identify expired listings in your area.
Analyze the reasons for expiration.
Craft a personalized outreach message.
Follow up consistently.
Utilize marketing tools effectively.
Common Mistakes to Avoid
Avoid these pitfalls when targeting expired listings:
Being too aggressive in your approach can turn potential clients away. Focus on building a relationship.
Failing to personalize your message can make you seem generic and untrustworthy.
Neglecting to follow up can lead to missed opportunities.
Not researching the property can result in offering solutions that don’t address the homeowner's needs.
FAQs
What are expired listings?
Expired listings are properties that were on the market but did not sell before their listing agreement expired. These homeowners may still want to sell, making them a valuable lead source.
How can I find expired listings?
You can find expired listings through your local MLS, real estate websites, or by networking with other agents. Many platforms allow you to filter listings by their status.
What should I say when contacting expired listings?
When reaching out, acknowledge their previous attempts to sell and offer a fresh perspective on how you can help them. Personalize your message to show you understand their situation.
Is it worth pursuing expired listings?
Yes, pursuing expired listings can be very worthwhile. Many homeowners are still motivated to sell and may appreciate a new approach that addresses their concerns.
How often should I follow up with expired listings?
Consistency is key. Aim to follow up every few weeks, but be respectful of their time and space. A gentle reminder can keep you on their radar without being intrusive.
