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There is an expiration date attached to a listing contract when a property owner works with a real estate agent. The timeline for the expiration is typically three to six months. If a property does not sell within that timeline and the owner does not renew the listing contract, it will become an expired listing and be removed from the multiple listing service.

There are various reasons why a listed property stays on the market for months without attracting a buyer. But, truth be told, these expired listings can be considerably valuable to real estate investors. All you need to do is research to discover these expired listings. 

Why Is It a Lucrative Strategy?

Sellers of expired listings are more open to negotiation regarding price, financing options, and repairs to facilitate a sale instead of being rigid on their terms. As a buyer, it has the potential to yield more advantageous purchase terms and more significant profit margins. 

You will also encounter less competition since expired listings are properties that are off the market. It gives you an opportunity to explore and discover quality investment prospects. Regardless of the market situation, there is room for negotiation with expired real estate listings. 

Ways to Find Expired Listings

It is a bit challenging to come upon expired listings since they are off-market properties. But there are some proven ways to find them. 

Look for Aging Listings on the Market

Anticipate the expiration of a listing that has been on the market for a long time. You can know the “age” of listed properties using a search filter. Take note of the details of aging properties, such as their asking price and the seller’s contact information. Once they expire and come off the listings, you can call the seller and talk about the potential deal. 

Use the Multiple Listing Service

Even if listings expire, the MLS keeps a record of them. The catch is that only licensed real estate professionals can access the MLS. So, if you do not have a license, you can partner with a licensed real estate agent to access the MLS and look for expired listings. 

Interact and Connect with Real Estate Professionals

Networking with real estate professionals can be significantly helpful not only because they can give you access to the MLS but also because they can provide you with potential leads. Aside from expired listings, real estate agents know many homeowners with the willingness to sell but have not yet listed their properties. 

The potential of scoring a deal off the market is high when you have a good relationship with real estate professionals. Contact some of them in your area and express your interest in expired listings and off-market deals. 

Look Into Public Records

You can search online county records or contact the county clerk’s office for expired real estate listings. It is possible to find contact information of property owners in these public records and talk with them about a potential deal. While this process can consume your time, there are opportunities you can uncover in this strategy. 

Visit Real Estate Websites

Real estate websites can provide ways to help you find recently expired listings. For example, Realtor.com has a search filter for this purpose. This way, you can contact the seller of an expired listing and discuss the potential real estate transaction. 

Other websites have search features that allow you to know days on the market of certain properties. Before the property comes off the market, you can take note of the listing details and contact the seller. 

Buy Lead Lists and Real Estate Market Data

You can purchase data on expired real estate listings from companies that offer them. Talk with real estate wholesalers who specialize in searching for distressed properties and expired listings. Then, you can buy contracts, leads, and properties from these wholesalers. 

Turnkey sellers are also worth considering. These people buy homes complete with amenities and appliances at a discounted price and resell them for a markup. It is a good strategy to work with turnkey sellers because you will not exert much time and effort in your home search. 

Lastly, you can invest in software solutions that provide real estate market data, such as expired and foreclosure listings. They can be a great resource to find properties that are off the market, especially if you are a real estate investor. 

Final Thoughts

You should consider looking into expired real estate listings aside from the properties that are on the market. These off-market properties offer less competition from other buyers and investors, and they can provide room for negotiation on price and purchase terms. 

Study the different strategies to find expired real estate listings because they can be a significantly valuable resource for your real estate investments.