Expired commercial listings are a source of opportunity for a range of CRE professionals.
For sales brokers, they represent an opportunity to pick up the listing of a motivated seller who hasn’t yet sold. For buyers, the opportunity lies in finding a seller who has been trying to sell for some time and may be open to a reduced offering. If you’re interested in off-market deals, but not in expired listings – read our piece on how to find off-market opportunities.
Stage 1: Finding Expired Listings
If you have a list of properties or even just one property that has expired, then skip to stage 2 to find out how to find contact information. If you aren’t quite at that stage, there’s plenty of ways to start generating a list. Here’s one technique to find expired listings.
(1) Determine which listings platform you want to use.
There are a range of commercial listings platforms to choose from – totalcommercial.com , commercialsearch.com, loopnet.com and cityfeet.com are just a few. Once you have chosen one, work out what the common URL for a property display is. For example, Loopnet listings always start with the URL http://www.loopnet.com/Listing/.
(2) Go into Google Advance Search
Enter the URL you have found into the site or domain section as we have done in the photo below. Simply put, this means Google is only providing results that have that URL entered.
(3) Find the Common Expired Phrase
On most listings platforms, while hard to navigate to, the expired listings page still exists. Instead, they’ll be a common phrase that signals that this listing is no longer ‘on-market.’ In the case of Loopnet, the phrase is ‘Off-Market’
As seen in the image below, we search for pages that have the term ‘off-market’ within them. Other platforms may have other terms, such as ‘removed’ or ‘expired’. It takes a few general searches to see the pattern on the platform. From here, the majority of results supplied from Google will be expired listings. While some of these will have sold, you can always confirm this with further digging or by using Reonomy’s sales history filter.
(4) Add other filter options
From here, you can optimize your Google search for your target geography, property type or even the original creation date of the listing.
Stage 2: Finding Contact information on Expired Listings
So now you have a few expired listings, the challenge becomes – how do you contact them? Here are a few methods to find information.
(1) Reonomy (pricing varies from $39/mo)
Finding owner info for a commercial property is Reonomy’s bread and butter. Since you now have a list of addresses, you can search via these addresses on the Reonomy platform, which will produce all the information we have on that property. Here’s one example of what that looks like.
As you can see, one portion of this information is ownership info. Here, we go beyond the reported LLC/Trust/LLP and deliver the actual names associated with that entity. We then go a step further and also show the mailing addresses, phone numbers and emails associated with the entity. Clicking into owner info will look like this example.
Using Reonomy, you’re two steps away from having a phone number to call the owner of an expired listing.
(2) Google + Public Records (free, but very time consuming)
Once again, you will need the actual address. From there, you’ll need to search the applicable counties tax records for that property. From this record, you can attempt to find the owner name associated with this property.
With this information, you need to go back to Google search. Type in “First Name Last Name Area Code-” Example: “Paul James 310-“ You can then interchange info with different combinations to source the name and number. Do note, numbers on Google have not been scrubbed for DNC (Do Not Call).
(3) Social Media
Like the above, once you have a name and area, social media can display further contact numbers for users. A Facebook search based on the filters you have already have e.g. Names and Location can bring up users with public contact information. If you have LinkedIn Sales Navigator, you can perform similar searches that will deliver contact info to you on LinkedIn.
Expired listings are seen as an opportunity by only some CRE professionals. For those that do see it as such, the above are but a few methods of finding this information.
To start trying this yourself, trial Reonomy for free.