How to Find Expired Listings on the MLS Quickly
A quick guide to pulling expired listings and filtering high-potential leads.
Austin Beverigde
Tennessee
, Goliath Teammate
Are you struggling to find expired listings on the MLS? You’re not alone. Many real estate professionals and homebuyers want to tap into this hidden market, but navigating the MLS can be tricky. Fortunately, there are effective strategies to streamline your search and uncover these valuable opportunities.
Quick Answer: To find expired listings on the MLS quickly, start by accessing your local MLS database with an active membership. Use the search filters to set the status to "Expired" and refine your search by date range, property type, and location. Save your search criteria for future use, and consider setting up alerts to stay updated on new expired listings.
Understanding Expired Listings
Expired listings are properties that were listed for sale but did not sell within the listing period. They can be a goldmine for buyers and real estate agents looking for motivated sellers. Understanding how to find these listings can give you a competitive edge.
Steps to Find Expired Listings on the MLS
1. Access Your Local MLS
First, ensure you have access to your local MLS. This typically requires a membership, which may involve a fee. Once you’re logged in, you can start searching for expired listings.
2. Use Search Filters
Navigate to the search function and apply filters. Set the status to "Expired" and adjust the date range to capture listings that have recently expired. You can also filter by property type, price range, and location to narrow down your results.
3. Save Your Search Criteria
Once you’ve set your filters, save your search criteria. This will allow you to quickly access the same search in the future without having to redo the filters each time.
4. Set Up Alerts
Many MLS platforms allow you to set up alerts for new expired listings that meet your criteria. This can save you time and ensure you don’t miss out on potential opportunities.
Tools to Help You Find Expired Listings
1. MLS Software
Your MLS software is your primary tool. Familiarize yourself with its features, as different platforms may have unique functionalities that can aid your search.
2. CRM Systems
Customer Relationship Management (CRM) systems can help you keep track of expired listings and manage follow-ups with potential sellers.
3. Market Analysis Tools
Using market analysis tools can provide insights into why certain listings expired, helping you approach sellers with tailored strategies.
Realistic Examples
Before and After: Finding Expired Listings
Imagine you’re a real estate agent who typically only looks at active listings. By incorporating expired listings into your strategy, you discover a property that was listed for $300,000 but expired after 90 days. After reaching out to the owner, you learn they are still motivated to sell and are open to offers. You negotiate a deal for $275,000, saving your client money and closing a successful sale.
Checklist for Finding Expired Listings
Access your local MLS with an active membership.
Set the search filter to "Expired".
Adjust the date range to capture recent expirations.
Filter by property type and location.
Save your search criteria for easy access.
Set up alerts for new expired listings.
Review market analysis tools for insights.
Common Mistakes to Avoid
When searching for expired listings, it’s easy to make mistakes that can hinder your success. Here are some common pitfalls:
Not using filters effectively: Without proper filters, you may miss out on relevant listings.
Ignoring the importance of follow-ups: Many sellers of expired listings are still motivated; don’t hesitate to reach out.
Failing to analyze why a listing expired: Understanding the reasons behind an expired listing can help you tailor your approach.
FAQs
What is an expired listing?
An expired listing is a property that was listed for sale but did not sell before the listing agreement expired. These properties can often be purchased at a lower price as the sellers may be more motivated to negotiate.
How can I contact the owner of an expired listing?
Once you find an expired listing, you can typically access the owner's contact information through the MLS. If it's not available, consider reaching out through public records or local tax assessor databases.
Are expired listings a good investment?
Yes, expired listings can be a great investment opportunity, as sellers may be more willing to negotiate on price and terms. However, it’s essential to understand why the property didn’t sell initially.
Can I find expired listings without an MLS membership?
While it’s more challenging, you can look for expired listings through public records, real estate websites, or by networking with real estate agents who have MLS access.
How often do listings expire?
The frequency of expired listings varies by market, but a significant number of properties do not sell within their listing period, especially in slower markets or during economic downturns.
