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Expired Real Estate Listings; Buyers and Investors Have Accesss To Them, Too

Aug 21, 2008
Expired Real Estate Listings have been the near exclusive domain of real estate agents for as long as I can remember. Top producing agents know that expireds don't require a lot of effort to get, yet yield a high return on their time and money invested in marketing them. And all you have to do to find them is log into your MLS system, enter the dates that you're interested in and presto - there they are.

But the days of exclusivity may be drawing to a close, as buyers and investors are competing for those same expireds. They too are starting to realize that expireds offer special opportunities for them as well, but instead of listings they get to bid on properties that are all of a sudden off the market and may be reduced by at least the cost of the real estate listing fee, which is no longer in effect because it expired, too.

But buyers and sellers are at a distinct disadvantage when it comes to expired listings- they don't have easy access to the MLS system. They can't just log into the MLS system - they don't have access to it.

Instead, they have to be a little more innovative. Some sign Buyer Broker Agreements, whereby they hire and pay agents to help them buy real estate. And since the agents will get paid by the buyer they can then expand the properties shown to their prospective buyers to include expired real estate listings, fsbos and even properties that are actively listed in MLS systems.

Suddenly, buying options for buyers and investors expand threefold. Agents are now free to show them almost any property on the market and the Buyer Broker contract ensures that they'll get paid.

The concept is a little unorthodox, and is not utilized by many, but those that do know about it are finding that there are more buying options than they would otherwise have.

My first Buyer Broker experience was as an agent and it was a wonderful experience. At the time I was struggling to pay gas to usher clients around town to look at houses, only to have them walk away without buying anything, or go on to another agent and buy something.

And what was so good about it is that I got a pretty sizeable non-refundable retainer fee, so if they had walked away I would have felt adequately compensated for the time spent with them. But I didn't have to worry about that because they ended up buying a home and I got a full fee for my services.

So, listen up buyers and investors. If you're looking for a great deal you might want to seriously retaining an agent to search expired real estate listings for you, which can in some instances be as good as buying foreclosures. Sellers are pretty motivated to get their properties sold and are likely to be very happy to work with your agent to negotiate a sale.

And for you agents out there, a Buyer Broker contract to find expireds can open up a new channel of possibilities. So, what are you waiting on?
About the Author
Visit Real Estate Marketing Talk to learn more about expired real estate listings and other lead generating strategies.
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