BrokerageIndustry News

Expired listings a goldmine for agents

Part 1: Prospecting in a buyer's market

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

(This is Part 1 of a two-part series.) Why do listings expire? Normally it's because they are overpriced. You may be reluctant to confront these sometimes-unrealistic sellers, but learning to prospect expired listings can keep your income strong for years to come. Even as the Web continues to grow in importance, focusing on the basics is still the name of the game. The term "right now" business refers to expired listings, for-sale-by-owners, referrals, and tenants in occupied listings. Each of these represents the best type of real estate lead -- the person who needs to buy or sell a piece of property now. In contrast, Web leads take six to 18 months to incubate. While Web leads purchase faster once they decide to take action, incubating them can often be difficult. Even though traditional leads interview more agents and/or look at more houses, they lack the long incubation period that Web leads require. Because the sellers are often angry that their property hasn't sold, many agents...