Finding Expired Listings on MLS: A Guide for Real Estate Agents

Finding expired listings on the Multiple Listing Service (MLS) can be a valuable source of leads for real estate agents. These homeowners have already shown interest in selling their property, but their previous listing was unsuccessful, often leaving them motivated for a fresh approach. In this post, we’ll guide you through the process of locating expired listings on the MLS and offer tips to convert them into new clients.

Why Focus on Expired Listings?

Expired listings represent a unique opportunity for agents:

• Motivated Sellers: Homeowners with expired listings still want to sell but need a better strategy.
• Less Competition: Not all agents are comfortable reaching out to expired listings, creating less competition for those who do.
• Potential for Quick Deals: Many of these homeowners are eager to sell, which can lead to faster deals.

The key to successfully working with expired listings is knowing how to find them on the MLS and approaching homeowners effectively. Explore more strategies in How to Get Expired Listings Phone Numbers and Contact Information.

How to Find Expired Listings on MLS

Locating expired listings on the MLS can vary slightly depending on the system used in your region, but here’s a general step-by-step guide:

1. Log into Your MLS Account

• Use your credentials to log into the MLS system in your area.

2. Set the Search Criteria

• Select 'Expired Listings': In the search filters, select the option for “Expired” or “Expired/Withdrawn” listings.
• Choose the Date Range: Specify the timeframe for when the listings expired. For recent leads, set the range for the past 30, 60, or 90 days.
• Filter by Area or ZIP Code: Narrow down the search to a specific city, neighborhood, or ZIP code to find listings within your target area.

3. Review the Results

• Analyze Listing Details: Look at key details such as the original list price, days on the market, and any price changes during the listing period.
• Identify Patterns: Note if there are recurring issues, such as overpricing, poor photos, or a lack of marketing, which you can address when reaching out to homeowners. Learn more about identifying patterns in What You Need to Know About Expired Listings in Real Estate.

4. Export the Data

• Export the Results: If your MLS allows, export the data into a CSV or Excel file to organize and manage your outreach more efficiently.
• Add to Your CRM: Import the data into your CRM system to track follow-ups, call attempts, and responses.

5. Prepare for Outreach

• Review Listings: Before making contact, review each expired listing’s history to tailor your pitch.
• Create a Plan: Develop a strategy to address the specific issues that may have caused the listing to expire, such as pricing adjustments, improved marketing, or staging suggestions.

Tips for Converting Expired Listings into Clients

1. Use a Personalized Approach

Homeowners are often wary after a failed attempt to sell. Make your outreach as personal as possible:

• Mention Specifics: Reference the homeowner’s property and highlight changes you would make to improve the listing’s chances of selling.
• Address Concerns: Be ready to answer common objections, like, “Why should I list with you?” or “What will you do differently?”

2. Offer a Free Market Analysis

One of the most effective ways to engage homeowners with expired listings is to offer a free market analysis:

• Explain the Value: Let homeowners know that this analysis can help them understand the current market and what their property could realistically sell for.
• Use the Data: Use the information gathered from the MLS to create a detailed analysis, highlighting any adjustments needed to relist successfully. For more outreach strategies, check out How to Write Effective Expired Listing Letters and Postcards.

3. Follow Up Consistently

Many agents give up after one attempt, but success with expired listings often requires consistent follow-up:

• Set a Follow-Up Schedule: Use your CRM to schedule regular follow-ups, whether it’s through calls, emails, or direct mail.
• Vary Your Approach: If phone calls aren’t working, try sending a personalized letter or email outlining your marketing strategy.

Overcoming Common Objections with Expired Listings

Objection 1: “We’re Not Ready to Relist”

Response: “I understand. Many of my clients felt the same way after their listing expired. However, they found that a fresh approach made a big difference. I’d love to share some ideas with you whenever you’re ready.”

Objection 2: “We’re Thinking of Waiting for the Market to Improve”

Response: “That’s understandable. However, the market is currently favorable, with demand outpacing supply in many areas. I’d be happy to provide a free market analysis to help you decide the best timing for relisting.”

Objection 3: “We Didn’t Get Enough Interest Last Time”

Response: “That’s often due to a lack of effective marketing. I specialize in creating a strong online presence for listings through professional photography, virtual tours, and targeted advertising. I’d love to show you how I can relaunch your property with a new strategy.”

Conclusion

Finding expired listings on the MLS is an essential skill for real estate agents looking to tap into a motivated pool of sellers. By following a step-by-step approach and using effective conversion strategies, you can turn these listings into successful sales.

For more tools to manage your lead generation efforts and streamline your outreach, try RobinFlow’s #1 Lead Generation Platform, designed to help agents automate tasks, organize leads, and close more deals. Learn more at RobinFlow.