Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? https://whylibertas.com/harris or text Tim directly 512-758-0206
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Your number one job in real estate is to generate new business. Without a steady stream of new listings, nothing else matters. You could have the most polished listing presentation, excel at pre-qualifying prospects, and even be a skilled negotiator and closer—but without leads, none of that matters.
Working with Expired Listings can be a game-changer. When mastered, this lead source can end the feast-and-famine cycle in your business forever. Listings generate more than commissions—they attract buyers, too. That’s why seasoned agents say, “You have to list to last!”
Prevalence of Expired Listings: Approximately 15% to 25% of property listings do not sell within their initial listing period, leading to expiration.
Relisting Rates: Nearly 40% of expired listings are relisted with a new agent within 30 days of expiration.
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Why Expired Listings Matter
- Listing and selling just one expired home per month can generate over $115,000 annually, assuming a $400,000 average sale price and a 20% split with your broker:
- $400,000 sale price x 3% = $12,000 gross commission
- 20% broker split = $9,600 net per deal
- $9,600 x 12 months = $115,200 annually
Now let’s dive into top agents’ secrets about prospecting Expired Listings. These strategies will give you the edge!
- There Are More Expired Listings Than You Think
- Most agents miss opportunities because they don’t monitor Expired Listings consistently. Do you know how to find Expired listings? Use the Daily Hotsheet via your MLS or a system like RedX to find the information for you.
- Action Step: Check the expired opportunities daily, not just occasionally. Cast a wide net to include all areas, price points, and property types—you’ll be surprised at how many opportunities are out there.
- If You Can’t Find a Phone Number, Neither Can Anyone Else
- Many agents stop at online searches when they can’t find the owner’s contact information. This is an opportunity, not an obstacle.
- Action Step: Be the agent who goes the extra mile—knock on their door. Offer not just to relist the property but get it sold. Always have 3 PreListing Packages in your car, ready to deliver to Expireds. 10x your efforts by committing to doorknocking at least 2 Expireds every day.
- Expired Sellers Are Ready to Make Changes
- After the frustration of an unsold home, Expired sellers are more willing to listen to your advice:
- Remedy negative feedback.
- Adjust the price.
- Loosen showing restrictions.
- Improve the pictures and description.
- Action Step: Highlight what you’ll do differently to succeed where the previous agent failed.
- Start with Higher-Priced Expired Listings
- Agents often overlook higher-priced homes, yet these sellers are just as motivated and will sometimes become buyer clients for you.
- Action Step: Target high-end properties first—they’re the same amount of work but offer bigger paychecks.
- Re-Listed Expireds Sell Quickly
- Fact: Many Expireds sell almost immediately when relisted, often due to better pricing or updated marketing.
- Action Step: Create a Google Sheet of the top 20 Expired listings you’re pursuing. Replace them as you list them, they get relisted with someone else, or they tell you they’re not selling anymore. Don’t give up until you’ve made contact!
- Don’t Ignore Older Expireds
- Few agents contact Expired Listings that are 6 months to 2 years old, yet these properties often achieve the original price the seller wanted.
- Action Step: Reach out to older Expireds and withdrawn listings. Be the agent who reconnects them with the market. You may be the only agent calling!
- You Can Curate Your Ideal Inventory
- Pursuing Expired Listings allows you to choose the neighborhoods and price ranges you want to specialize in.
- Action Step: Build your inventory strategically by focusing on areas or price points that align with your goals. That’s what your Google Sheet of Top 20 Expireds is for! Raise your average sale price using this strategy.
- Watch for ExpiredPalooza at the End of Each Month
- The first and last days of the month are prime times for Expired Listings to hit the market.
- Action Step: Plan to dedicate extra time to prospecting around these dates to maximize opportunities.
- Monday holidays are ideal to find sellers at home both on the phone and by doorknocking!
Conclusion: The 30-Day Challenge
Set a goal to contact at least two Expired Listings every workday for 30 days. Track your progress and watch how many listings you secure. Then, rinse and repeat for consistent success.
Pro Tip: Expired Listings are a goldmine when approached strategically. Use these secrets to turn them into a steady source of income—and dominate your market!
You’re welcome! ☺️
REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris’s favorite PROBATE LEAD PROVIDER? Simple, ALL THE LEADS
