FSBOS & EXPIREDS
For Sale By Owners- The FSBO
For Sale By Owner. When I ask agents what's the first thing that comes to mind when they hear FSBO, the most common answer is cheap. Hey I don't blame anyone for trying to save $10,000, 15,000, 20,000 Dollars or more. That's a lot of money. I don't consider them cheap at all.
I want you to think about this long and hard. Every other lead generation method spends time and money looking for people that want to sell there home. FSBOs are a group people that are spending money letting you know they want to sell. Yet most people spend the least amount of time and energy in this arena. HELLO! Remember the stat was that 85% of FSBOs list with an agent. Number of agents contacted to sell their home 1 agent, 70% 2 agents 17%, 3 agents 8%, 4 agents 3%, 5 or more agents 2%. So the trick is to get there first.
This is by far the least expensive lead generation as far as hard cost. It does require time, but they all do. Now we did talk about the skills, this is a script intensive category, it also requires massive follow up. Which is probably the two most weakest area of an agent. Remember the most popular script in real estate is "I don't use scripts".
FSBOs require that you be very disciplined, you have to make your calls every day, you have to follow up everyday, you have to be very consistent, you have to master scripts, you have to be very comfortable with rejection.
The most effective way is to make calls and visiting FSBOs face to face. Direct mail can be used, I think if it used as a supplement it can enhance the calling and knocking.
What if you talked face to face with 20 sellers a month, would that improve your business? The answer is absolutely!
What if you talked to 20 per month and only listed one per month. Let's see that's 12 listings. Let's suppose that each one paid $8,000, that's $96,000 per year in GCI.
The reality is that's one FSBO a day, 5 days a week. If you did that, in several months, you would definitely be listing more than one per month. What if you sold 1.5 per month at $8,000 per listing. That would be $144,000 GCI That's real money.
So with that in mind, if you want to add FSBOs to your arsenal, below you will find videos, scripts and role plays that will give you a great start.
My definition of expired listings, someone that wants to sell, they're willing to pay an agent. They just need the right agent to come along and price the property right. We all know the only reason it didn't sell was price.
Expireds are very similar in that they require discipline, scripts and follow up. While they may not require as much as FSBO as they were already listed. They can be a little upset, not at you as much as the whole thing of their home didn't sell, they are a ton agents now bothering them...
While there are a lot of expireds right now, there are some, there will be more to come, a bump in the rate and the wheels will come off of the current condition.
Adding expireds to your arsenal is easy. Below you will find role plays, scripts and videos that will give you the expertise you need.