Are you frustrated by a recently expired listing or in need of new leads as a realtor? Whether you’re a seller, investor, or realtor, it’s important to know what an expired listing is on the MLS as well as how they differ from withdrawn listings.
Keeping an eye out for these listings may mean an easier time negotiating lower prices, the chance at discovering a new client, or more.
Read on to learn the difference between expired listings and withdrawn listings as well as the best way to navigate them!
What Are Expired Real Estate Listings?
Expired MLS listings have been on the market without any activity. This period of inactivity stretched beyond the contract period that the realtor and seller agreed upon, causing the listing to expire. At this point, sellers will reevaluate the marketing for their listings and often decide to either go the FSBO route or find another agent.
Many realtors gain new leads by focusing solely on expired listings since most sellers will still be motivated to sell their home. Since the sellers have been trying to sell their house for months, this also means they’re desperate for any kind of offer. This makes expired listings especially valuable to investors, as they’re normally more willing to negotiate and come to a lower price.
How to Find Expired Listings
If you’re wondering how to find expired real estate listings, there are a number of methods you can take. Here are a few you can try today:
Searching the MLS
If you have a real estate license or you’re working with a buyer’s agent, this is the most straightforward way to find expired listings. Many MLS systems give you the ability to filter the results by recently expired. However, you’ll need to find the seller’s name and number and not the current realtor’s if you’re interested in prospecting for a new client.
Using Public Records
If you’re not able to access the MLS, the next best place is to look up expired listings in public records. This can be the most time-consuming method because you’ll need to travel to your local city hall or county courthouse in order to request listing records. If you find them online, you’ll still need to spend hours navigating through them.
However, you’ll be able to find all the information you need on the property as well as the sellers through this method.
Utilize Social Media
Some real estate websites or their social media accounts will give you an idea of the date new listings were acquired. This can give you an idea of when they’re due to expire. You can also create social media ads that speak to your target audience of people who’ve recently experienced an expired listing.
Navigating Expired Listings as a Seller
If you’re a seller that’s experienced expired MLS listings, it may feel like you’ll never be able to get your house sold. However, there are several avenues you can take in order to drum up interest in your property again.
First, consider whether you’re motivated to sell as well as your initial reasons for putting your home on the market. If you can’t find any reasons or don’t feel motivated to begin the process again, this may be a strong indication that it’s time to take a break. On the other hand, if you’re still a motivated seller, your first step is to speak with your agent.
Consider the buyer feedback they collected and what you can do to increase the curb appeal or value of the property. You may also want to do another comparative market analysis to get to a better price. However, if you don’t feel as if your current realtor is up to the task, this is the point when you find another.
What Are Withdrawn Listings?
Withdrawn listings happen when sellers change their minds about selling their home. They request for their realtor to withdraw the listing from the MLS, though it may still appear for a time.
Here are a few reasons why someone might withdraw:
- The reason for selling, such as a job change, disappeared
- They want to make renovations or upgrades to increase their value
- The home was priced too high and on the market for months
- The sellers need a break from selling for personal reasons
If you’re still interested in the property, it may still be worth contacting the realtor about it–the contract between the realtor and the sellers will still be in effect. They may be able to give you more insight into why it was withdrawn and whether the property will be back on the market in the future.
Taking Advantage of Expired Listings
Whether you’re a seller, realtor, or investor, expired listings can be the beginning of something great. Sellers can reevaluate their motivations for listing as well as the overall marketing plan. Then, they can either give their realtor one more chance or find another.
Realtors can benefit from expired listings as another prospecting channel. Sellers may still be motivated to sell–they need another realtor to take the reins and creating a selling plan that works.
Lastly, investors are in a better negotiating position when it comes to expired listings because sellers are more desperate to sell. Since they want to get the property off their hands, they’ll be willing to settle for lower prices than they normally would.
Have you experienced a recently expired listing and don’t know what your next steps to take are? Our signature, 7-point home selling plan will get you back on track. Contact us today for real estate services in Nassau County, NY!