BIC TIP #1188: Like a Fine Wine, Expired Listings Get Better With Age
Plenty of brokers build their business plan around expired listings. Every morning they open the MLS, pull the listings that expired today, and race every other agent in town to the seller. Stephen Long, The Notorious BIC, says the real opportunity may be sitting further back on the shelf. Like a fine wine, seasoned expired listings often get sweeter with time.
Today’s Expireds Are a Crowded Room
A listing that expired this morning is about to get a flood of calls, letters, and knocks on the door. The seller is frustrated, overwhelmed, and probably not thrilled with real estate agents at the moment. You are one voice in a very noisy crowd.
Now compare that with a listing that expired one, two, or even three years ago. Almost nobody is calling those owners. The competition is thin, and the seller has had time to cool off and reflect.
They Already Raised Their Hand
Here is the key insight Stephen shares from experience: those older expired sellers already told the market they were willing to sell. They were also willing to work with a real estate agent. Something got in the way at the time.
Maybe it was interest rates. Maybe it was the pandemic. Maybe it was a job change, a family situation, or a price that did not match the market. Whatever the reason, the motivation that put the sign in the yard may still be there, just waiting for the right timing and the right broker.
Go Old School to Reach Them
Stephen is a big fan of the handwritten note. Look up the owner’s mailing address on the tax card, since the owner may no longer live at the property, and send a personal note asking whether they are still interested in selling.
A handwritten note stands out in a mailbox full of glossy postcards. It is personal, low pressure, and memorable. As always, follow your firm’s policies and any applicable do-not-contact rules when you prospect.
The Practical Takeaway
Do not stop at today’s expired list. Dig back into the MLS archives for listings that expired one to three years ago, find the owners through the tax records, and reach out with a thoughtful, handwritten touch. Some of those sellers are ready now, and they are waiting for someone to ask. Be their next listing agent.
This BIC Tip is general real estate education for licensees and consumers, not legal, tax, or financial advice. Rules and forms change, so verify current NCREC rules, MLS rules, and standard forms, and consult a North Carolina attorney or qualified professional about your specific situation. See Disclaimers & Disclosures.
