Working Expired Listings and their results

Hello all,

I have never pursued this lead type but understand that it is promising so I would like to get advice from some of you that are experienced with this before I spend a ton of time and money.

Has anyone had any success working expired listings and what really is the biggest challenge you have with them?

Thanks in advance!

Just remember, there is usually a reason that a listing becomes expired. And most of the time it is because it is priced too high. But like any other strategy out there, if you do it enough, sooner or latter you will get a hit.

I would make a deal with some local realtor to pull all the expired listings in an area that you want to work in. In return I would either pay that realtor a marketing fee for each deal they find for you that you buy, or maybe let them list it for you once you are ready to sell.

Again, you will be contacting many individuals, and some that are being contacted by others. But if you set this process up on auto pilot and use this as just one marketing strategy among others then it’s only a matter of time before you find a great deal.

I was wondering if you all can explain what a expired listing is

An expired listing is a listing, where the listing contract between the seller and the real estate agent has expired (they all have a begin date, and an end date), and therefore shows as “expired” in the MLS.

Also, just to add a little more info, you need to have access to the MLS in your area to get timely information on what has expired.

I’ll add something also… just the fact that they are expired listing, does not mean they are deals. You are looking for motivated/desperate sellers when you market. The fact that this list is expired list does not mean anything other than you may have better luck finding someone who is motivated.

I guess what I am trying to say is don’t think since these are expired listings the sellers must be motivated. Expired does not indicate motivation… it is just one way to look and see if any of them is motivated.

What are you looking for anyway? sub2/lease/rehab/wholesale?

Thanks everyone for responding. I appreciate all the feedback.

I spoke to a investor yesterday that told me that some of real players that work the MLS do well obtaining deals. She also has done it herself firsthand and states that it works. She said it is time consuming but I plan on hiring someone full time to do this.

I am strictly a wholesaler. I am investigating how to do this process from A to Z so if anyone has any input please let me know.

Thanks in advance.