Expired listings are properties that didn’t sell within their contract period on the MLS. They represent a great opportunity for real estate agents to connect with motivated sellers who are likely to relist. Here’s a quick guide to get started:
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Why Focus on Expired Listings?
- Around 10-15% of MLS listings expire annually.
- Agents can convert up to 20% of expired listings, compared to only 2-3% for cold leads.
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Common Reasons Listings Expire:
- Overpricing (70% of cases).
- Ineffective marketing (15%).
- Property condition issues (10%).
- Market conditions (5%).
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How to Access Expired Listings on MLS:
- Log in to your MLS account.
- Use filters like Listing Status = Expired, date range, and location.
- Set alerts for new expired listings.
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What to Look For:
- Properties with consistent price reductions.
- Homes that stayed on the market longer than local averages.
- Listings with poor marketing or presentation.
Accessing the MLS System
How to Access MLS
To access the MLS, you’ll need a valid real estate license and membership with the National Association of Realtors (NAR). Once you’ve completed the required training, you’ll receive the login credentials needed to get started.
Here’s what you’ll need:
- License verification: Proof of an active real estate license.
- NAR membership: Membership in good standing with the NAR.
- Training completion: Fulfillment of any mandatory training sessions.
- Account setup: Setting up your MLS account with the provided credentials.
Once you’re in, you can use the system’s tools to search for expired listings that have strong potential for re-listing opportunities.
Using MLS Search Features
Modern MLS platforms come equipped with advanced tools to simplify the process of finding expired listings. For instance, the FLEX MLS system ensures security with a 6-digit PIN required during login. After logging in, you’ll have access to a variety of search features designed to refine your results.
Key search filters include:
| Search Parameter | Description |
|---|---|
| Listing Status | Focus on expired properties. |
| Date Range | Narrow results to a specific timeframe. |
| Location | Pinpoint listings in particular areas. |
| Property Details | Filter based on property features. |
These filters help you zero in on properties that may have expired due to pricing or marketing issues, as discussed earlier.
To maximize the potential for re-listing these properties (and tap into that 10-15% annual transaction boost), make use of tools like:
- Saved searches for quick access to refined results.
- Daily alerts to stay updated on new opportunities.
- Map filters to focus on specific neighborhoods.
- Custom displays to organize and analyze data effectively.
These features allow you to address the challenges that led to the original listing’s expiration, giving you a better chance of success.
MLS Expired Listing Search Months Back
Locating Expired Listings on MLS
Once you've mastered the MLS search features (as outlined earlier), it's time to refine your approach by setting clear search criteria and evaluating listings effectively.
Setting Search Parameters
Start by selecting the 'Expired' status on MLS. Narrow your search to a timeframe of 30 to 90 days for a good mix of recent options and viable opportunities.
| Timeframe | Advantage |
|---|---|
| 0-30 days | Fresh leads with immediate potential |
| 30-90 days | Ideal for balanced follow-up opportunities |
| 90-180 days | Suitable for building a longer-term pipeline |
Reviewing Expired Listings
After generating your list of expired properties, focus on identifying those with the highest potential. Here are the key factors to analyze:
- Price History: Look for properties with consistent price reductions, which often indicate overpricing (remember the 70% overpricing issue discussed earlier).
- Days on Market: Compare the time a property sat on the market to local averages. Longer-than-average durations can signal opportunities.
- Property Condition: Check listing photos and descriptions for signs of maintenance issues or neglect.
- Previous Marketing: Evaluate the quality of the listing presentation and promotional efforts. Poor marketing is often a missed opportunity.
Using a scoring system can help prioritize properties with better conversion potential. For example, homes with reasonable price adjustments, good condition, but weak marketing efforts are often the most promising.
Red Flags to Avoid:
- Properties with multiple expired listings under different agents.
- Homes without any price adjustments despite long market times.
- Listings with restrictive showing instructions.
- Properties significantly overpriced compared to recent comparable sales.
Once you've pinpointed promising properties, use mobile apps and third-party tools (covered in the next section) to streamline your outreach and follow-up efforts.
Using Technology to Improve Efficiency
Expanding on earlier manual strategies, technology can significantly enhance your approach to expired listings.
MLS Mobile Apps and Tools
Today's MLS mobile apps offer features like:
- Flexmls Mobile: Real-time updates and geofenced alerts.
- CoreLogic Matrix: Custom dashboards tailored to expired listings.
- Rapattoni: Quick one-click CMA (Comparative Market Analysis) generation.
Push notifications allow agents to act swiftly on new opportunities. Top agents leverage these alerts to contact sellers within an hour of a listing's expiration. These tools save time and help achieve conversion rates of up to 20% with expired listings.
Third-Party Tools and Services
Additional tools can enhance MLS data by offering:
- Timelines for tracking expired listings.
- Automated valuation model (AVM) comparisons for pricing insights.
- Direct dial systems to streamline owner outreach.
- Filters and automated systems for contacting property owners.
How Stantem's Data Services Can Help
Stantem's historical pricing data is a game-changer, addressing the 70% overpricing issue that often leads to expired listings. With nationwide coverage and county-level accuracy, it’s a powerful resource for identifying promising opportunities.
Here’s what Stantem offers:
- Custom data queries to match specific expired listing criteria.
- Bulk export options for large-scale analysis.
- Automated alerts for newly expired listings.
- Access to historical transaction data to refine pricing strategies.
Agents using Stantem's automated pricing alerts have reported over a 60% improvement in conversions. Combining Stantem’s data with MLS tools allows agents to quickly pinpoint overpriced listings and act with confidence.
Example Integration: Use Stantem's GraphQL API with your MLS mobile app to validate pricing against historical data instantly. This lets you respond quickly to expired listings with accurate pricing recommendations.
Conclusion: Using Expired Listings Effectively
Key Points
Expired listings offer a great opportunity to connect with motivated sellers who are likely to relist when approached the right way. To succeed in this area, you’ll need a mix of MLS expertise, technology, and a personal touch in your outreach.
Top agents achieve conversion rates of up to 20% by combining MLS data with automated tools like Stantem's API. Case studies show this works because it focuses on motivated sellers and uses a structured approach to lead generation and follow-up.
Next Steps for Real Estate Success
To build an effective strategy for expired listings, consider these actions:
- Combine MLS data with tools like Stantem's API for real-time pricing checks.
- Set up automated alerts to follow up quickly.
- Use historical pricing trends to guide targeted outreach.
- Offer tailored value propositions to expired listing owners.
- Keep an eye on market trends to refine your approach.
The key isn’t just finding expired listings - it’s about having the right tools and a smart strategy to turn them into successful sales. By blending MLS access with advanced data tools and sticking to a systematic outreach plan, you can grow your real estate business through expired listings.
Stantem’s nationwide data services make it easier to identify and convert expired listings efficiently, saving time and boosting accuracy. This streamlined approach leads to better results and more consistent lead generation from expired listings.
FAQs
Does MLS show expired listings?
Yes, MLS includes expired listings, accessible through specific search filters and options. Many MLS platforms provide an "Expired Listings" feature that lets users:
- Search by expiration date, property type, and location.
- Keep track of properties nearing expiration.
- Narrow searches to specific areas.
What is the best source for finding expired listings?
The Multiple Listing Service (MLS) is the go-to platform for locating expired listings. According to the NAR 2024 Tech Survey, 78% of top agents pair MLS with automated tools to improve their success rates [1].
Here’s why MLS stands out:
| Feature | Why It’s Useful |
|---|---|
| Data Accuracy | Direct and reliable property info. |
| Update Frequency | Updated daily for fresh insights. |
| Search Options | Advanced filters for precise results. |
| Historical Data | Full property history included. |
| Market Insights | Local trends and comparable data. |
For even more robust results, agents often combine MLS with third-party tools like REDX, Vulcan7, or Stantem's data services. Tools such as Stantem's API add features like automated valuation checks and historical pricing trends, offering deeper market insights for expired listing opportunities.
