The problem this is causing: The fast-moving nature of sales on the market has caused some agents to work their expired lists to the bone. Further, new or lower-skilled agents are struggling with FSBOs and expireds because there is little room for them to produce business by focusing on this tactic.

Solution: Agents that want to focus on FSBOs and expireds as a lead generation source must hone their script skills to be competitive in this market. Many are also zeroing in on homes in this category to specifically target. For instance, they are pinpointing FSBOs and expired listings to a certain price range and market area to call on. Other homes in these categories that don’t meet their criteria are struck from the follow-up list and are not paid attention to.

Challenge 2: Successful conversion requires a high level of skill.
What is happening: Agents who are skilled are outcompeting fellow agents, winning listings with FSBOs and expireds. Some agents are not developing the skills that would help them overcome 90 percent of the pushback that are given to them by independent-minded homeowners and others who may have had poor experiences working with an agent in the past.

The problem this is causing: Typically a good source for listing business, FSBOs and expired listings in this market are becoming a hostile environment for many agents. Most agents give up too soon when trying to connect with FSBOs and expired homeowners because they have an uncomfortable initial conversation and are hesitant to call again.

Solution: Agents who excel with FSBOs and expired listings make a point to role-play, practice, and have good scripts that can overcome the objections of the homeowners that they come into contact with. Further, they recognize that most of the conversion is happening in the follow-up process, so they are committed to remaining in contact with these homeowners. They don’t give up if they haven’t gotten an appointment on the first or second try. Rather, top agents who focus on FSBOs and expireds often commit to having at least three conversations with a potential seller before taking them off their list.

Challenge 3: FSBO and expired lists contain unusable phone numbers.
What is happening: Phone numbers of FSBO and expired homeowners are difficult to come by. Lists containing information on expired listings often leave outdated home phone numbers, the MLS often deletes contact information the moment a listing expires, and FSBOs are selling too fast for agents to identify credible contact information. By some estimates, roughly 20–30 percent of phone numbers on expired lists are unusable.

The problem this is causing: When contact infor mation is not readily available or correct, it can be difficult for an individual agent or small team to successfully lead generate an effective FSBO or expired list.

Solution: Agents that want to succeed with lead generating FSBOs and expireds must commit the time necessary to do their homework and pinpoint the most effective methods for finding proper contact information.

Challenge 4: FSBOs exclusively use the Internet to market their home.
What is happening: Many FSBOs are opting not to put “for sale” signs in their yard. Instead, they are exclusively listing their properties online.

The problem this is causing: While agents can find FSBOs to target online, the lack of signage in the front yard can indicate that a homeowner is not truly committed to selling their home. Rather, they list it online with an unrealistic price in hopes that they will find a buyer interested in paying that amount but are not personally motivated or serious about selling their home. These FSBO listings can create more work for agents who connect with these homeowners with the same due diligence as other FSBOs.

Solution: When calling online FSBOs, agents must ask the right questions to uncover the home owners’ motivations for selling. They must truly listen to the answers they are given so that they do not spin their wheels with an uninterested seller.

The information in this article is from the 3L Blueprints: Leads, Listings, Leverage eBook. Download your FREE copy from KellerINK today to read more.