As a real estate agent, following up with potential leads is crucial to your success. One type of lead that you may come across is an expired listing, which refers to a property that was previously listed for sale but did not sell for various reasons. While expired listings can be a valuable source of leads, it's important to understand whether they should be your top priority in your follow-up efforts. Here are three key takeaways to keep in mind:

1. Definition of Expired Listings: Expired listings are listings that previously had an intention to sell but did not sell for various reasons.
2. Following Up with Expired Listings: Following up with expired listings is important, but it should not necessarily be at the top of your priority list. Visiting expired listings as soon as they go expired and adding them to your follow-up binder are effective strategies.
3. Time Investment: Following up with expired listings can take years, so it's important to continue checking back on them when you're already in the farming area.

To illustrate these takeaways, consider the following examples:

Example 1: You receive an alert that an expired listing has become available in your farming area. Your best chance of landing the listing is to visit the property as soon as possible. If you can't make it there right away, make sure to add it to your follow-up binder so you can check back on it later.

Example 2: Following up with expired listings can take years, but it can be worth it in the end. One agent followed up with an expired listing for three years before finally landing the listing. It's important to continue checking back on expired listings, even if you've already visited the property once.

In conclusion, while expired listings can be a valuable source of leads, they should not necessarily be your top priority in your follow-up efforts. However, visiting expired listings as soon as they go expired and adding them to your follow-up binder can be effective strategies. It's also important to remember that following up with expired listings can take years, so continue checking back on them when you're already in the farming area.

If you're interested in learning more about real estate follow-up and lead generation, we recommend "The Conversion Code: Capture Internet Leads, Create Quality Appointments, Close More Sales" by Chris Smith and "The Millionaire Real Estate Agent" by Gary Keller.

Finally, we invite you to sign up for our door knocking master class for realtors. This comprehensive training program includes 72 videos with some of the best advice from around the world on door knocking and real estate follow-up. Whether you're a seasoned agent or just starting out, this program can help you take your follow-up efforts to the next level. Click here to learn more and sign up today.