Three Reasons to Work Expired and FSBO Listings

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Any new agent with aspirations to climb all the way to the top tier of success in residential real estate should consider working expired and FSBO listings for three good reasons:

i They're easy to find. You don't even have to ask the owners if they're considering selling. All you have to do is notice the For Sale By Owner ads or signs or scan the MLS files for property listings that expired without buyer offers. It's hardly rocket science.

i They exist in any kind of market condition. You read that correctly. If you're skilled at converting expired and FSBO listings, market conditions will have little bearing on your income and overall success. Here's why: In a market that is experiencing sluggish sales, buyers are in control and listings move slowly, if at all. As a result, a large number of listings expire each day, week, month, and year, providing you with a near-endless supply of conversion opportunities. On the flip side, when the marketplace is robust and listings are moving briskly, sellers enjoy quick sales, high list-to-sold ratios, and multiple offers. In this environment, an abundance of FSBOs sprout up. Consumers, due to what they see and read in the media, think selling a home is easy. So, they devalue the services of real estate agents and try to sell on their own.

Agents who work expired and FSBO listings can make their businesses bulletproof by simply shifting their listing emphasis to fit market trends — focusing on expired listings in sluggish markets and on FSBOs in brisk markets.

i Working expired listings and FSBOs provides the best training an agent can get. No question about it, if you're going to convert four, five, or even six expired or FSBO listings a month, you're going to become a great salesperson. I'm not going to whitewash the truth: You'll work hard getting there. But, the rewards — in terms of self-discipline, time management, sales skills, personal confidence, and, last but certainly not least, a whole lot of money — make the effort well worth the investment.

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