Agents are constantly looking for new ways to gain an edge, generate leads and close more deals. One of the most powerful lead sources? Failed and expired listings. These are properties that were once listed on the market but didn’t sell.
Let’s explore why failed and expired listings are among the best lead sources and how you can find them.
They’ve already tried to sell
Unlike cold leads or owners who are unsure about selling, expired listings represent homeowners who have already tried. They’ve decided to sell, gone through the listing process and endured the stress of showings and negotiations—only to have the deal fall through or the listing expire without a sale.
That alone sets them apart from most prospects. It means the seller has already invested time, energy and often money in trying to sell their property. That level of commitment often translates into high motivation, making them more receptive to a strong plan and a capable agent who can get the job done.
There’s often a story behind the expiration
Listings don’t fail randomly. Maybe the home was overpriced. Maybe the photos were lackluster. Or, maybe the agent dropped the ball when it came to marketing or communication. By identifying what went wrong the first time and offering a clear correction strategy, you position yourself as the expert who can reap better results.
You’re not starting from scratch
Since the home was already listed, you already have a base of information—photos, listing history, days on market, price changes, and more.
This makes your prep work faster and allows you to tailor your marketing and listing strategy. However, keep in mind that these materials didn’t lead to a successful sale. So, although they can make a good base, they may need to be tweaked and improved to make the property more appealing.
For example, if the previous agent didn’t include professional photos, you may do that differently. Or, if the listing description didn’t appeal to potential buyers, you may want to spruce it up.
How to find expired and failed listings
So, how do you locate these high-potential leads?
The most efficient tool for the job is PropStream—a comprehensive real estate data platform that lets you search for failed and expired listings quickly and accurately using convenient filters.
Using PropStream, you can:
- Identify leads with either our “Failed Listing” Lead List or our “Expired” MLS Status filter
- Perform a skip trace to collect contact info for the property owners
- Research property details and mortgage status
- Create custom marketing campaigns that can be sent out within the platform
This insight helps you stand out immediately when reaching out. Instead of generic pitches, you can speak directly to the seller’s past frustrations and show how you’ll deliver better results.
With the right tools like PropStream and a clear value proposition, you can turn missed opportunities into your next closed deal.
Activate your 7-day free PropStream trial and enjoy 50 free leads!
