If you are staying on track with your plan, you should have already called at least 125 perspective homebuyers and sellers per week and had the opportunity to knock on 125 or more doors in your target market area. If you still have no business, it's time to add another element to your plan.
     As part of the first newsletter for 2008 we suggested while you were in the MLS searching for your target market statistics to print a list of all expired listings. That list is now 2 weeks old, and if you haven't done anything with it, chances are some other agent has at least tried. So, go back to your MLS and print another updated list of expired listings. Compare the 2 lists to see how many were on the original list and how many are on this new list. Double check to see if any of the homes on the previous list are still on your new list and cross one of them out. This now (on average) should give you 10-50 expired listings.
     Working with expired listings gives you an advantage! You know the homeowner wants to sell their home, but didn't. Why? Do your homework; was it overpriced? You already know how long it was on the market, what the asking price was, and the details the MLS or listing agent wanted you to know. Do a public records search to find out when the home was acquired, what the taxes are and who is the actual owner of the property. This information will give you ammunition when you make contact and can be valuable in overcoming objections.
     The biggest reason a home does not sell is price! Believe it or not, even with a crumbling foundation and a leaking roof, someone will buy it if the asking price is a value in the eyes of the buyer. Convincing the seller that the home they have lived in and spent their hard earned money to remodel, may not be worth everything they believe is one objection that you must learn to overcome or move on.
     Taking an overpriced listing is asking for trouble; but how do you know what is overpriced? What is a fair price? An active sale price is whatever the market states. Look at your area statistics. If $230,000.00 homes have been on the market for 6 months, the market may only value worth $180,000.00. If no one still sees value at $180,000.00 then further market valuation may still take place.
Fewer buyers also can force the value of homes to drop after sellers saturate the market with homes that once did bear market value.
     These could be your expired listings! Of course there may be other factors that caused the listing to expire, but a good real estate agent should never let a listing expire. They should have a professional relationship with the seller and an understanding of market conditions, expectations, and options available for nearly every situation.
     Now, if you've never called a expired listings, we're here to help. This week we're providing you scripts for expired listings and FSBO's. You need to keep in mind if you are contacting a FSBO, check your local MLS to see if the home has been listed in the past. Your seller may have had the home on the market with another agent and decided to try to sell the home on their own.
     You can do it! Gather your best telephone voice and get ready to handle any objection that may come your way! Expired listings and FSBO's are another resource you can tap to help build steady and repeat business.

FSBO SCRIPT ~ EXPIRED SCRIPT

Remember, just because you are targeting a new group of potential customers, don't forget about your other weekly goals. You still need to make 125 cold calls and continue to canvas your market area with your door to door contacts. Don't forget to send the thank you notes to everyone you talk to and make sure you give them your business cards and ask for referrals.
    

Did you miss the first Personal Business Mastery Newsletters of 2008? Catch up on what you missed and build your business success!

■ 2008 Personal Business Mastery (Volume 1)
■ 2008 Personal Business Mastery (Volume 2)
■ 2008 Personal Business Mastery (Volume 3)