As a real estate agent, finding new listings is a constant challenge. Expired listings can be a great opportunity for real estate agents to find new listings. In this article, we will discuss when it is appropriate to contact the homeowner of an expired listing and how to make the most out of this opportunity.

Key Takeaways:

1. Always isolate expired listings in your farming area during your daily MLS study.
2. Contact the homeowner of an expired listing as soon as possible, within the acceptable time frame set by your regulatory board.
3. The best time to contact an expired owner is as soon as possible.

When a homeowner lists their home with an agency, you are not allowed to contact them directly. However, once the listing expires and a certain amount of days have passed, you can get in contact with the owner. It is important to check with your regulatory board in your province or state for what the acceptable amount of time is when you are allowed to contact expired listings. Always play within the rules and do not upset other agents.

The best time to contact an expired owner is as soon as possible. Check MLS frequently and set up an auto search to always be the first to get to those expired listings. The sooner you get to an expired listing, the greater your chances of turning that lead into a listing for yourself. Expired listings can be your greatest chance of getting a "yes" because you already know that they want to move and had previously listed their home.

Examples:

1. If you are farming an area and come across an expired listing, immediately make contact with the homeowner within the acceptable time frame set by your regulatory board. Be sure to mention that you are familiar with the property, explain why it did not sell, and offer your services to get it sold.
2. If you are new to real estate and trying to build your listings, consider focusing on expired listings. They already have a motivation to move and are actively looking to sell their home, making them a great opportunity for new agents.

Definitions:

1. Farming area: A specific geographic area where a real estate agent focuses their marketing and lead generation efforts.
2. MLS study: The process of researching and analyzing the Multiple Listing Service (MLS) to identify new leads and opportunities.
3. Regulatory board: An organization that sets and enforces rules and regulations for a specific industry or profession.

In conclusion, contacting the owner of an expired listing can be a great opportunity for real estate agents to find new listings. Always isolate expired listings in your farming area during your daily MLS study and contact the homeowner as soon as possible within the acceptable time frame set by your regulatory board. Don't miss out on this opportunity to expand your business.

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