I do not think it make sense to develop such feature for this.
You can set expiration in category settings if you want.
Yes but the expiration is removing ads after that which means error 404. I see that OLX now uses a page that is not 404 but shows only for ads removed / expired and it says something similar: The ad you try to open is expired or deleted. Search similar ads ( and showing few similar ads by keyword and category ).
Another website I sow is leaving the "dead" ads and on the expired ad with big signs says that the ad is expired. Text of the ad is there, but the images, contact data are hidden and again below are shown similar ads.
It may not make sence for you. For me administrating a lot of client websites is a pain in the ### to mark as expired each ad in order to leave the traffic to the ad so users can visit the "dead ad" to see it is expired and search for another one etc. It is because of SEO not anything else, just SEO. And since for other options there is a bulk mode, why not for this too ?!
Just an suggestion. All options usually should have bulk mode in admin
( Bulk deletion, bulk mark as premium, bulk mark as expired, bulk bump up ad / renew, bulk mark as spam, bulk block, etc )