The salesperson who taught me about expired listings explained it is an instinct that you develop over time. They started out adding new listings to their Watchlist and checking back periodically to see if they had sold, expired, or been withdrawn from the market.
They noticed certain types of property were less likely to sell, which helped them figure out what to look for.
Ethics
Follow the guidance from REA
You can...communicate with a vendor if they are looking to purchase a property or to find out when the sole agency expires.
What you'll Need
To find expired listings in New Zealand you need to follow:
- Foreign listings
- Latest sales
As a bonus you'll gain market knowledge. Here's how we built an expired listings tracker.
Foreign Listings Hotsheet
This system records every available listing by suburb. Tip: the DIY version is to save a search for your suburb on Trade Me Property.
Agency Duration
Use a spreadsheet to predict the expiry date (90 days approx). Do not assume the listing has expired though. An listing agreement may have been renewed or the property could be under offer.
Check Availability
Keep a record of the listing ID so that you can go through and check if listings are still online (note that listing classifieds may renew automatically). In Trade Me, withdrawn and sold listings will be under your Lost tab.
Latest Sales
You'll start to notice what's sold and what hasn't by checking REINZ stats, Homes.co.nz, and even for sale signs.
Ultimately prospecting expired listings boils down to your personal preference and as they say, everything works!
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