Agents who have success with expired listings

10 Replies

looking to connect with agents who have success with expireds. I'm researching this avenue and could use all the help I could get

I have never had success with expired listings so I'm definitely not the one to help. That being said, I'm anxious to hear what others say.

As an example, we put my own parent's house on the market, about $100k more than what it was really worth since it was about a year before they were really ready to list anyway.  Our thought process was, if someone comes along willing to pay it, they're ready to move!  Anyway, it of course expired.  The day it expired, before 9am, I think she had around 15 phone calls and two or three agents knock on her door.

It's a pretty fierce avenue to go down and I just don't know how anybody gets an expired listing short of luck.

They did.  Not to get too much into it but I actually didn't end up taking the listing.  My dad has Alzheimers and was going downhill quickly.  That house was on a canal in South Florida and it became a huge danger.  Since my license is in the state of Florida but not there locally, I had them relist with one of the best companies on the island to make sure it got sold immediately.

Marketing to expired listings works, but it takes money (unless you want to pick up the phone and call).

I sent out a 3-step mail campaign.  First was a postcard mentioning I was going to be sending them a home seller's guide.  The next one was the home seller's guide, and then I followed up with a mini trash can.

I was getting just over 6% response and did get listings.  Not all listings sold though, but it does bring in response.

If you go the cold calling route, start off with, "Hi, this is Deborah with ABC Realty, and I noticed your house expired off the MLS. How come you think it didn't sell?" Then take it from there.

Good luck!

A better strategy may be to mail to listings at 150-days to hit them a month before they (6-month listings) expire.  Can anyone speak to trying that?

My concern with expireds is that they rode that listing all the way into the ground and probably had an agent telling them it was too expensive and suggesting price drops to get it sold, but NO, that seller STUCK TO THEIR GUNS.  Why?  Because they aren't really that interested in selling their house!  There is a class of seller (the "unmotivated" category) that just puts their house out there at a high price to see if there are any bites.  I'm guessing that applies to a high percentage of expired listings.

"Sales" and getting listings, deals, whatever is about human behavior.  People who actually need/want to sell, in a reasonable time frame, are your best targets, and I just don't see that being the behavioral model of an expired listing.  Am I wrong?

@Dev Horn  

I'm with you.  Listings expire because they are simply over priced for their condition/location....period.  They have never seemed to be a sensible target for me.

@Dev Horn  I think you are correct and that is why as Agents we also have to exhibit discretion in deciding who we will represent.  Contacting a Seller prior to the listing expiration(knowingly doing so) in some jurisdictions can be unethical/illegal/a no-no.  Whoever(Agents) is having success with expireds, Good Job and Awesome.

Originally posted by @Dev Horn :

A better strategy may be to mail to listings at 150-days to hit them a month before they (6-month listings) expire.  Can anyone speak to trying that?

If you are a Realtor, it is a violation of the code of ethics to market to listings with another agent.

Originally posted by @Chris Farrugia :
Originally posted by @Dev Horn:

A better strategy may be to mail to listings at 150-days to hit them a month before they (6-month listings) expire.  Can anyone speak to trying that?

If you are a Realtor, it is a violation of the code of ethics to market to listings with another agent.

Excellent point, Chris.  The guys I know that do that do it BUY the houses (investors) not list them.

You can generally put something at the bottom of your marketing piece that says

" This flyer not meant to solicit properties currently listed for sale by another brokerage" or something to that affect.

This kind of gets you off the hook.

Now taking expired listings means nothing if you can't get them to reality. I focus on commercial real estate.

I can tell you about a decade ago when I was doing residential that I saw brokers and agents signs all the time where people would keep relisting over and over. You can have 30 listings and have only 5 sell. The rest take away most of your commission from the 5 sales. The sellers will blame you for overpricing even if they say it was them in the beginning. You will develop a rep with other brokerages for listing overpriced junk and marketing it to them.

If you take an expired listing explain to the seller that they get the most exposure the first few weeks on the MLS and that it's important the property show well and have a good co-op fee at or above market to the selling broker. If they want to try a high price only go a few percent above market and have built in price reductions already agreed to in the listing agreement.

Before going through almost anything the first step is MOTIVATION. Why are they selling?? When they first listed was the motivation weak and now after expired has something changed??

Job relocation, death, divorce, illness, growing family, inherited estate, over leveraged on a mortgage, job loss, etc. are all HIGH motivators to do something.

Testing the market, wanting a bigger house, etc. are weak and non-starters.

No legal advice given.

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