If you are a REALTOR, leads from expired MLS listings are generally a great source of revenue. Getting an expired listing to sign with you are usually the result of a benign communication such as a listing letter, or as blatant as a door knock and face to face meeting. Regardless of how you prospect your client, understanding their frame of reference are generally chief to your success.

As you evaluate the mindset of the potential buyer, it is necessary to understand that they may possibly still be motivated to sell the home, but may feel that they have been burned by the REALTOR listing process. These prospects have heard the traditional REALTOR presentation and are open to anything that appears unique, different, or more useful than what their current real estate agent offers.

For prospects of this sort, expired listing letters may not be as useful as more direct forms of marketing. Even though these script are low cost and might be sent out in mass, they regularly are received much later than the prospect’s window of opportunity. It is not uncommon for an expired listing to receive five or more phone calls from aggressive real estate agents on the day that their listing expires. Consequently, expired listing letters are frequently received late.

For REALTORS that use expired listings as a supply of business a more useful tactic might be to employ listing lead services such as the RedX (Real Estate Data Exchange) or LeadSenders to retrieve the leads in real time. The successful real estate agent utilizes these tools to identify leads, then reaches out on a daily basis by phone and occasionally in person. Due to these services, the real estate professional utilizes a first mover advantage to capture the listing ahead of the competition. These tools provide real estate agents with a significant advantage over their competition.

In general, an expired MLS listing lead will sign with the first REALTOR that makes contact. Once again, this suggests that expired listing letters may possibly not be the most effective method in which to prospect mls listing leads. Faithfully, the proverb that the early bird gets the worm applies to these scenarios, and the successful REALTOR must change their lead generation tactic accordingly.

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