In This Chapter
^ Converting expired listings into new listings for your business ^ Securing for-sale-by-owner, or FSBO, listings ^ Staying targeted, competitive, and resilient f
■ f you've been in the real estate business for any time at all, you've probably already sensed that many agents have a preconceived negative impression of expired listings and for-sale-by-owner listings, or FSBOs. These agents act as if these listings represent second-hand goods that aren't worthy of their interests and abilities. These same agents may also look down on fellow agents who work expired or FSBO listings. As a result, they turn their backs on tremendous revenue potential and literally thousands of annual listings. And that's great news for agents like you who can reap great success by converting expired and FSBO listings to new listings for your business.
I honestly believe that agents who work, or have worked, expired and FSBO listings with successful outcomes are the best salespeople in the real estate industry. They prove they're skillful in sales, time management, prospecting, lead follow-up, presentations, objection handling, and closing. They know how to put their sales skills to work to book appointments, make presentations, and persuade potential customers to become clients. As a result, they make more money and have more listings than agents who don't work these two areas.
Even though both expired listings and FSBOs are great sources for generating listings, these must not be the only revenue streams you spend your time generating. You must have at least three areas from which you create leads, revenue, and listing opportunities. Expired listings and FSBOs can be time-consuming if done correctly, but they're certainly worth it. You have to find a mix that works well with the amount of time, effort, and energy you plan to spend working these and other areas of business generation. The truth is that you can't attack ten different lead generation models as once. You have to select the best handful to use to generate your listing business.
If you like the idea of being a successful agent who works these areas, read on. This chapter reveals why and when to pursue expired and FSBO listings and how to convert others' past real estate sales failures into your own success stories.
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