In the dynamic world of real estate, discovering untapped opportunities is the key to success. One avenue worth exploring is expired listings.
Tip: An expired listing is a property listing that has reached the end of its contractual agreement between the seller and the listing agent without resulting in a sale.
When a property listing expires, it signifies more than just a missed opportunity—it unveils a unique set of circumstances that allow savvy agents to help an owner in need move on to their next property. Let us share three reasons why pursuing expired listings can be a strategic move for agents.
Pro Tip: Find expired listings on PropStream using this search formula: Failed Listings Quick List + 90 days minimum on the market + 3 years minimum of ownership. Watch the tutorial here.
Homeowners with expired listings have shown selling motivation
Expiration status is one of the strongest indicators of selling motivation, as the homeowner went as far as to list the property and work with an agent. This process typically involves keeping the property “show-ready,” performing renovations to increase equity and meeting with an agent repeatedly, among other steps.
This effort shows they are serious about selling; they may just need the right agent to help finish the job.
The homeowner will likely want to work with a different agent
When an agent impresses their client with expertise that leads to a successful sale, that homeowner will likely refer the agent and work with them again.
However, if the listing expired and the previous agent failed to complete the sale, the homeowner will probably want to find someone new when they’re ready to relist their property.
Pro Tip: These prospects may be weary of working with an agent again. To reassure them that trusting you is worth their time, perform extensive property and market research, educate yourself on the homeowner’s background and have a powerful pitch ready. Your pitch should include a theory on why the sale didn’t go through previously and what you’ll do differently for a better outcome.
Expired listing leads can be more cost-effective
Leads on premade lists can cost anywhere from a few dollars to a few hundred dollars per lead, sometimes with an additional monthly fee for platform usage. Additionally, there is no guarantee of the conversion potential, and your competitors may have the same leads, leaving you to find a needle in a haystack.
However, when you perform your own research guided by specific criteria (e.g., expired listings) using a lead generation platform like PropStream, you can collect more targeted leads (10,000 per month!) for one low monthly fee.
Along with searching a broader range of expired listings, PropStream users can apply additional search filters to find the most motivated sellers (e.g., combining expired listings with signs of financial distress or life events like pre-foreclosure, bankruptcy, senior ownership, divorce, etc.).
Try PropStream for 7 days free and enjoy 50 expired listing leads!