How do you get expired listings leads?
Most agents do not realize how easy it is to get expired listings leads. Many will buy leads from a company, which is fine, but the reality is you can get your own expired listings leads. So let’s talk about the different ways you can get expired listings leads and set up structure so you can manage it effectively.
On this topic, I’m not going to talk about how to market to expired listings leads, that’s another blog I recently posted. Instead, let’s talk about the process of obtaining those expired listings leads.
- You can go to a company like Landvoice, which is a great way to procure expired listing leads. Landvoice will tap into your MLS and pull a list of all expired listing leads in the areas you designate. They then keep your list updated and maintained. They will attempt to append an email and phone number on those expired listings leads so you have a way to contact them. It’s a great system for list management and keeping a list clean and fresh.
- If you don’t want to go to the expense of using a company like Landvoice (or another company like them), then you can do what one of our clients does who earns about $250,000 a year marketing to expired listings and he does it by himself. It’s easy.
This is what he does: He has his MLS set up in areas where he wants listings. He gets his MLS to send him an email notification every time a listing expires. So every day he gets a handful of listings coming through that have expired. Then he reviews each of those listings and determines if it’s a home he wants to target or not. If it is, he adds that information to an excel spreadsheet. If it’s a home he doesn’t want to target, he discards it. Now he has a constant source of expired listings coming through in email.
Then, once a month, he reviews all of the sales that are going on in that community because his MLS also sends him an email notification telling him when a new listing has occurred. He’ll match that new listing against his expired listings list and if he finds that address on his excel spreadsheet, he deletes it. This way he keeps a completely clean, updated excel spreadsheet and he now has a clean list of all homes that have expired going back three years or more. He uses this as a marketing list in a postcard campaign. An interesting comment, one of his many expired listings had been expired for almost two years.
He has also listed homes that have been expired for 3.5 years. There is a lot of value in staying in touch over a long period of time. So if you are going to start an expired listing campaign, our recommendation is to pull a list of all the expired listings that have not relisted for the last two years and start with that. Set up your MLS to notify you every time a listing expirees and every time a new listing occurs in the communities you want to target and manage it yourself or with an assistant on an excel spreadsheet.
Isn’t that easy?
What is the difference between doing it yourself and going to a company like Landvoice?
If you want the contact information so you can follow up by phone or email, go with the Landvoice system. If you plan to market to them and let them respond to you, then go with the manual system. They both worth, it’s merely a matter of which way you prefer to market. As I wrote in my previous blog, there are two ways to follow up with your expired listings leads. The first way is to beat your head against the wall and get them to try to list to you. The second way is to wait for them to call you. So check out that blog and figure out which way you prefer to operate and take the best course to make that happen.
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