Expired MLS Listings
Does anyone have experience using Expired Listings as their source of leads? If so any input would be greatly appreciated. In particular, what contact method do you use to approach the owner and how successful has this been for you.
Thanks
Not very successful. The sellers are not motivated or flexible enough. Flyers, signs, and ads work best. Good Luck.
We agree also other realtors (promising better results) are banging on the door to renew the listing. One method is to call the seller the day of the expiration and say, "If you entertain my offer and terms you don't need a realtor nor pay the commissions." They may call you back.
Eric & Rosa
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I think expired listings are great.... the realtor has already proven thier results, now you have the opportunity to take a different approach and prove you can produce results....with whatever creative technique you desire....
Expired listings can be a great source if you get to them in time. The problem I find is if you are trying to find distressed sellers it’s sometimes to late. When a home owner gets into trouble their first instinct is to list the house with a realtor. By the time their listing expires and your letter gets to them the bank may already have the house. The other problem I tend to run into is that a lot of the calls I get are from unmotivated sellers. Just be sure to screen the calls well so you don’t waste a bunch of time. Market to expired listings but don’t stop running ads and putting up signs.
Another thing to think about with expired's.
RE Agents are bound by the new telemarketing laws. Investors on the other hand are not selling anything. We are buying, therefore, the way I see it, we get to call without the restrictions.
I have had success with expired listings, and reccommend you as an investor get MLS access, this will take making a GOOOD DAMN FRIEND out of an agent, appraiser, or other RE professional, or have a spouse or family member get licensed in your state and subscribe..
The expired listings AND current listings are an EXCELLENT SOURCE of deals, it is an issue or marketing, direct mail and phone.. This data is invaluable down to the owners phone numbers, whether or not the property is vacant, etc. All from the convenience of your easy chair, you know so much, if you have spare time you can start calling owners of expired listings, or of listings close to expiration, put some creative offers on the table, and let them come to you..
If you have actual mls access yourself, not a realtor maybe giving you some info they'll pulling, you will have good success with the MLS!! An example, in MY area ONLY 1/3 to 1/2 of listed propertys sell... Thats 50%+ of the whole listed market that is potentional deals, HUGE HUGE HUGE HUGE.. Some markets like So. CA (my home area) virtually every listed property sells FAST, so the MLS would not be very successful for finding creative deals.. It all depends on your market and how well listed propertys are selling and how quickly..
Oh yeah, MLS access is GREAT for doing your own cma's! Great to know market value b4 you buy.. I'll run LOW comps to show sellers (that's fair) and when I sell I'll show lists of HIGH comps to support my sales price, sellers and buyers alike enjoy seeing the reports of comps, address, all features, sales price, etc..
Okay, enough of my babble..
Chris
Thanks cky,
good idea.
i have a good buddy whos an agent. Wont hurt to ask.
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