Treating expired listings as highprobability leads

With the seller's information in hand, you're ready to proceed with what I call a high-probability lead. Leads come from many sources: Internet inquiries, ad calls, sign calls, and cold calls. Some deliver possible leads; others deliver probable leads. The difference lies in the likelihood that the leads will convert to business. For example:

il Possible leads convert less than half the time I Probable leads convert far more often.

Working probable leads is much more efficient for a real estate agent, and it's difficult to find a more probable lead than the owner of a home with an expired listing. The owner has demonstrated the desire or need to sell and shows the existence of a problem you can help solve. The problem, of course, is that after waiting out the entire listing period, the owner's home didn't sell. However, the problem, in most owners' eyes, is that the previous agent didn't perform well. In more than 90 percent of the cases, though, the real reason the home didn't sell is because it was overpriced. More than half of the time, these homes go right back on the market with a different agent — why not you?

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