5 Necessary Skills for the Agent Who Wants to Snag FSBO & Expired Listings
Taking on FSBO listings as well as expired listings can seem intimidating for any real estate agent. That being said, these listing types are a section of the market that’s worth tapping into. Over time, a majority of FSBO homeowners who aren’t having luck eventually come around to the idea of getting an agent’s help, while many expired listings end up sitting on the MLS, waiting to be swooped up by another agent.
Both of these scenarios mean more potential closings—if you’re willing to put in the effort.
But, how exactly does one get these FSBO and expired listings? Having access to experts in this undervalued area of real estate can mean more clients and more money for you, without having to deal with the competition that comes with “normal” listings.
Here are some skills real estate brokers and agents need to have in order to snag these opportunities:
1) Get Your Hands On a Good Script
When dealing with FSBOs and expired listings, it’s not enough to just wing it. You should do your research and look for a good script that’s been shown to deliver results with these types of listings. Remember: Always tailor the script to the situation surrounding the listing.
For example, it’s important that your FSBO script should include questions to help you understand why this seller decided to go around using a real estate professional. And, ultimately, it should include follow-up questions on how you can address their specific concerns in general. By getting to know their needs (how soon they want to sell, what they’re looking to sell for) you can decide not only if the listing is a good fit for you, but if you’re the best agent for them.
The same goes for expired listings. By using the right script, you can get to the bottom of why this listing has expired, and determine how you can help this person get more eyes on their property than they had before.
2) Practice, Practice, Practice
Once you know you have a great script, it’s time to put in a little practice. Stand in front of the mirror and start repeating your script until it becomes second nature. Get your spouse or grab a friend and have them role-play a call with you so you can get an idea of some hurdles that may come up during an actual conversation with a potential client. Knowing what kind of objections that may arise—and, having an idea of how you’ll respond to each one—will give you a leg up if and when this situation occurs in real life.
It may feel awkward at first, but taking the time to practice your script will help you come across as less robotic and sales-y and more natural and authoritative—both of which are pluses if you’re trying to win over FSBO and expired listings.
3) Utilize the Software Available
No matter how confident you are in your abilities, you can make your work and life a whole lot easier by taking advantage of the real estate software out there. Software that offers quality prospect contact information and accurate data can save you a significant amount of time as you set out to get FSBOs and expired listings.
Espresso Agent is one such software provider that offers its users expired listings, FSBOs, and neighborhood search data. This data will help you find exactly who to contact and how so you can spend less time searching for leads and more time using that great script you have along with all the practice you’ve put in. In addition to their CRM system and delay-free dialer, this software allows you to make the most out of a potentially lucrative part of the market others may be ignoring.
4) Build a Relationship of Trust
Once you’re in contact with a seller or snatching an expired listing, it’s time to build that relationship. When working with FSBOs or expired listings, understand that agents and brokers are already at a slight disadvantage. In the case of the former, these homeowners already have preconceived notions about working with a real estate broker or agent, which led them to try and sell on their own. In the case of the latter, an owner may feel discouraged or has lost trust based on their experience with their previous real estate broker or agent, which obviously didn’t result in a sale.
To be successfully snagging either of these listings, you should put in the extra effort to show that you genuinely want to help and are on the homeowner’s side. Part of this is simply taking the time to listen. Get to know their specific needs and goals so you can personalize the relationship and prove that you’re different than agents who may have let them down in the past.
5) Don’t Be Afraid (and Don’t Forget) to Follow Up
Following up is an essential part of snagging an FSBO or expired listing, or any listing for that matter. Especially because it’s difficult to bring on a lead from this demographic to begin with, they’re not going to be sold from the get-go. Be open to various forms of communicating with this potential client, and make sure you have the data and testimonials to demonstrate your abilities. Consistent email marketing campaigns may do the trick. Though following up can be exhausting, it could be that one extra effort that leads to you closing on a deal that would have otherwise fallen by the wayside.
By following up, you’re staying at the top of a homeowner’s mind and you may find yourself slowly winning over those difficult leads because of your persistence when others have already given up.
Tapping into the potential of FSBOs and expired listings can take your real estate success to the next level. If you’re looking to start working with these leads to close more deals, remember to do your research beforehand, and take advantage of the time-saving service platforms like Espresso Agent, which has many built-in tools to allow you to get to these leads first before your competitors. Lab Coat Agent readers can now save 40% off their first 3 months plus get a BONUS FREE expired drip campaign script from Lab Coat Agents’ own Tristan Ahumada to help with follow up – Click Here To Learn More.