Expired listings are a huge listing lead source for many successful real estate agents. There are some popular misconceptions about prospecting for expired leads, though. Many agents refuse to do this type of lead generation because it requires cold calling, which can be uncomfortable for some. However, expired leads are proven to be great for business, and agents typically see fantastic results if they give it a shot. Here are three reasons you should prospect for expired listings.

1. They have stellar conversion rates.
Prospecting for expired listings has stellar conversion ratios. It’s proven that for every 25 sellers you contact in a day, you can typically score at least one listing. This 25:1 conversion rate can enable a real estate agent to list 250 expired properties per year if they make cold calls on a regular basis.

2. It’s a low cost, low overhead business method.
It doesn’t take money to make money when you’re prospecting for expired leads. Instead, it takes time, energy, and effort….but costs very little cash up front.

3. Focus on listings instead of converting buyer leads.
Expired listings enable agents to close more transactions each year. It typically takes 4x as long to work with one buyer lead from the web than to work with one expired listing seller. In addition, representing sellers is far less time consuming than representing buyers and setting up showings, organizing inspections, and seeking out appropriate properties. If you want to be quick and efficient and you have the drive to be persistent with cold calling, expired listings might just be for you.

*ExpLiMO provides high quality leads on a daily basis and offers a unique opportunity for Manhattan and Brooklyn real estate agents to prospect for expired listing leads and grow their business exponentially.