Expired Listings
I have found two realtors that will send me expired listings what is the advantage of having access to these listings what technique would i use if i contact these owners? any one out there take advantage of expired listings?newbie looking for advice. 
Well, if they are not overpriced properties, then you will certainly have a motivated seller, you may get some discounts.
I would take the list and make some calls. Try to take a helpful approach, seeing if you can help them sell a hard to sell property. Until you do this you really don't know what type of leads they will turn out to be.
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shadow4, How did you ask your realtor to send you the listing, I tried it with my realtor and she faltly said it was illegal, All I said was can you give me an expired listing , and she went on and on . I know it is not illegal at all, I just want to double check. As soon as I get the confirmation , I will tell her to take a hike.
From my experience, there is nothing illegal about getting expired listings. You may want to consider using another Realtor that is more familiar with what it is you're doing. Check out you local investor group and there is sure to be someone there that will be more than willing to work with you. Plus, they may even be more knowlegeble about the process than you are and will be able to give you sound advice.
As far as the effectiveness of the listings. I get expired listings at least three times a week, and I call them all. I go onto yellow http://www.book.com and get the phone number or I drive by and knock. Many times the properties are vacant, so knockng on the neighbors door and asking some questions will be helpful. I've yet to get a contract, but with the effort I out out, it's only a matter of time. Just like anything in sales, It's a numbers game.
Hope this helps a little!!!
Chris1220
Teddy,
The advantages are that you have access to listings that most don't. This could be a niche for you. pursue it and let me know how it goes.
Patrick
I simply asked the realtors if they work with investors. they said yes and also invest themselves so I geuss I lucked up. I promised them a referral fee if I can get a www.deal.I do not have good credit so I plan to wholesale the properties. I also have a list of 550 vacant homes in my area plan to send letters to out of town owners. may get a cheap house for the price of a stamp?
Just curious, how did you get the list of vacant properties?
Good luck with your expired listings!
My realtor set it up to email me daily the expired listings. I found it worthless because there was so many. You will likely want to narrow down a crieteria. A big one that I'm finding is VACANT. 90% of the homes i've been looking at are vacant.
I recieved the vacant home list from a friend who works at the city recorders office. they keep a list of vacant homes who grass need cut. it is a list of addresses so i look up the owner by going to the taxes page in my county to see if the owners are out of town then send them a letter asking if they would like to sell or rent thier properties. have just sent twenty letters will let you know what happens?
I find that expired listing means motivated sellers. Now all you have to do is get hooked up with someone who has qualified buyers. I always like to hear other ways to get property listings. You sound like you're on the right track. GOOD LUCK!!!!!!!!!!!
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If you have all those leads why don't you partner up with people in your area. I am going to tell you what I did Jan 1990. I had several houses rented out. I was getting so many calls about properties already rented and if I was looking to sell the ones I had. I made lists of people who wanted a specific number of bedrooms, I then looked at: for sale by owners, real estate listings (current), real estate listings (expired) then I got a good Broker ( my husband) Together with all of these things, we were able to build several businesses. But over the years we have eliminated some companies, but we network with other HIGHLY MOTIVATED people only. Now I run ads, network with only motivated real estate investors and agents, who want to sell their property or sell their listing. I only work with the banks that work for people like me. Since 95% of my business is purchases for low income families with little or even no money to put down. Motivated sellers are my bread and butter. So start working on your network of people. Brokers, First time home buyers for flipped properties this is where the money is. Not only do I purchase the property, rehab ,market, sell , do the mortgage, but I MAKE ALL THE MONEY. So use your resources wisely and keep asking for advise. I wish I had a website like this when I started.
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I just asked for that from my very helpful rea and she flatly broke off our working agreement and suggested I get a RE license if I wanted access to that information as it represents a conflict of interest..
I was even to pay her $500 for any house bought off of it and sign a contract. that was rea #1.
REA #2 said sure, just sign this exclusive buyers agent form and give me 3.5% I told her, For what? Your not showing me houses, negotiating for me, nor involved in this deal whatsoever, why would I pay 3.5% for the results of a 45 second search? I'll offer to pay you $500 for your "effort" and you'll have to sign my contract.
Needless to say, I don't have access to that information thus far. I'm really pretty sick of dealing with these ex used car salesman rookie REA types.
Or maybe I'm just hard to get along with.. dunno.
G
Running expired listings in this area of the country calls for a really good knowledge of values in the area of your selection.
I only run the ones in the near valley and of them I eliminate the ones that are so high as to require a profane comment. I like to get the Big Agency ones that are over but not too far over. The super high are listed just to check the market and hope that some newly arrived rich kid will buy without checking.
I call and make an appointment but you see I am a Real Estate Broker and I use a slightly different approach. I know but in time if you study hard, learn a little english like yes and no. You too can achieve this lofty position.
I tell them for real what the property will sell for within a 30 day time limit. This figure of course is reduced and is designed to sell. I then give them a guarantee to buy the property if it has not sold in that time period. Of course we have to deduct the full commission of 6% and the escrow fees and the termite tenting and repairs, and the inspection fees of the contractor who comes looking for a job and deduct the amount of repairs that costs and the title costs and all of his sales costs.
Now you know what I am going to do. At my captive Escrow Company where the costs are low, and the standby loan at no points or cost and 6% interest cause it only goes on for 12 months or less and etc. etc.
The property owner is now free. He can make plans, buy the new house, divorce his wife and run away with the new idiot child girlfriend whatever..
It is an easy way to handle things. Broker with discounts on title, escrow and loans. You too can buy slightly under the market and full finance the purchase. Now, if you want a pool, a three car garage, a bathroom that looks like it escaped from Rome of the 2nd century you got it. You would be suprised at how many Agents, Actors, Producers, just cannot buy their first little house cause they are newly arrived and their full golden moment has not arrived. When and (big) if, they will of course buy the mansion in Beverly Hills or BelAir.
I can supply them their first little under 4500sq ft house, and not being super greedy I take a small little tiny weeny 10% net markup..
It does help to be licensed. If you are a straight away Investor, the Seller knows you are making a profit. For some strange reason the Seller thinks that I have just made a boo boo and will be lucky to break even. What is it about being a Real Estate Broker that makes everybody think you are not quite all there? I finished the sixth grade.
If you wanted to work on just this you should be able to do at least three a month and the market being active, you have an automatic sale. A simple FSBO
except I have to put a little rider on the sign. "The Owner of this property is a licensed Real Estate Broker, he is lonely and hopes you will come by and buy this under the market one of a kind house."
The End. Calls for cunning? Intelligence? Education? Nope just do.
Lucius
[ Edited by Lufos on Date 02/04/2004 ]
With no much of the confusion that comes with big words and small info, the expired listings are good because the homeowner just might be a bit more motivated to sell the property bellow the true market value. Weed the list out and go after those that promise the greatest potential. When you talk to seller, DO NOT say what you'll pay for their home, let them tell you what will be the lowest price they'll take for the property if you can close fast and pay in cash.
Good luck !
tinman1755 quote:
"I run ads, network with only motivated real estate investors and agents, who want to sell their property or sell their listing."
What does it mean to sell one's listing?
fearnsa,
"Sell one's listing" means that the listing agent of the property is also the agent who produces the buyer for it. The advantage to the agent is keeping more of the total commission because they don't have to split commission with another agent.
However, I would suggest caution for buyers purchasing a property that's the listing of the agent. Dual agency (same agency/agent "representing" both buyer and seller) is legal in many states. I have never been a dual agent because I'm not comfortable with it. I've never figured out how a person can aggressively represent both of the parties in a deal.