Why now is the time to go after FSBO's and Expireds

2007 brought on a ton of Expired's as seller's were chasing too few of buyer's and not realizing that they needed to price their property to sell. And FSBO's now more than ever needed agents again as the hey day of putting a sign in your front yard was over and it required marketing muscle now more than ever to get a property sold. With that said however, agents who attempted to work these segments of the market found grief and aggravation in either trying to get a listing sold or a seller to realize how to price their property right.

This year NAR estimates that their will be 500,000 less agents working in the industry than last year. How does that work for you??? Less competition. So, if you want the "FASTEST SOURCE OF BUSINESS" opportunity, working FSBO's and Expireds can be a very lucrative market to go in to but also you need a game plan.

In all of my coaching, I always ask my agents, "what actions can I do now that would make the most difference in my business?" And what is my answer???? Prospecting, Prospecting, Prospecting.

While I believe you can build a business with people you know, you also need to add to that database of people by contacting the one's who have already raised their hands by letting the world know that they want to sell their house. That said, I will always tell agents that they need to find a way of looking outside their met database and to go after a market of FSBO's and Expireds.

The issue you can have with this market is that they "might" not be realistic with their price. If you sharpen you skills and are ready to show them where their home is positioned in the market, you will ultimately be the agent of choice in getting their home sold.

As a reminder though, I want you to keep this in mind before you work this segment of the market.

1. It is a numbers game. You should realistically expect to only get in touch with 15-18% of the Expired or FSBO seller to even get an appointment. Keep that in mind and don't get down when you hear more No's than Yes from these people.
2. Know when to say NO. If they are not realistic on price, be prepared to walk away. Be polite and hand them your card and say, "Please contact me if your property does not sell" Set your standards and keep them.
3. Have Empathy if they are an Expired. Most Expireds have been through the ringer. After all, the home selling process is no fun. They have probably had showings with no offers, they have had endless open houses with them out of the house and they have had the pain of making sure their home is in show condition daily even though no one showed up.
4. Be the agent there first. Usually the early bird gets the worms. And in this case, being the first agent on the scene will usually get their attention to see that you are serious about selling their home and that you can get the job done.
5. Set yourself apart! Set yourself apart from all the other agents. Drop off your marketing package in a bright colored envelope if you don't catch them at home. Then follow up with a phone call asking, "Did you get my package in the purple envelope?" Be prepared to have a marketing package like no other in what you are going to do to get there home sold.
6. Be persistent. Most agents give up after the first week. Here are the stats: 50% give up after week 1, 70% after week 2, 90% after week 3 and nearly 100% after week 4. Don't give up, never surrender until they sign or say GO AWAY.
7. Be prepared to discuss with them the four reasons why properties don't sell. They are:

• Price
• Promotion
• Presentation
• Location

Finally, have a plan and work it. Make it easy on yourself and make it reachable. Make a daily called the 5,5,5 plan. Call 5 Expireds, 5 FSBO's and 5 Drop bys. If you do this, you will see your business grow steady and even.

Happy Production!