Expired listings can be a good source for obtaining new listings in your real estate business. Ideally you want to have an approach to pursue expired listings that is both creative and effective in getting the property owner's attention so that he or she believes that you are definitely the agent they now want to list with. Keep in mind that the owner previously listed their property for several months with someone who told them that that the property would be sold by now. The owner may want to know what makes you any different than this other agent at this moment in time.

Something else to keep in mind regarding expired listings applies when you have a prospective buyer or lessee for the property and the owner has not re-listed the property with anyone. If you had previous discussions with the former listing agent regarding the property during the listing period you may still consider cooperating with this agent on the transaction. After all, would you even have known about the property being available were it not for the fact that this other agent listed it and placed it in the multiple listing service? Perhaps the former listing agent also provided you with information that will be helpful in you successfully completing a transaction with your client on the property.

What we're talking about here is common courtesy among agents and treating people in the same manner that we would like to be treated ourselves as an agent. And of course, each situation is different and deserves to be evaluated independently. If the former listing agent is someone whom you feel has treated you inappropriately in the past, you may decide to act differently than if the former listing agent is someone you like and respect.

Obviously the amount of money you make in the transaction will be affected by your decision. At the same time, so might your reputation as an agent among your peers in your territory.