There are a few prospecting activities that real estate agents can do routinely that will make a huge impact on their business. Unfortunately, although they are simple, they are tasks that most agents hate to do. They’re prospecting withdrawn, expired and FSBO’s (For Sale By Owner). But, if you invest a little bit of your human capital (time + energy) each day (only 1 hour), you will reap the benefits! Let’s take a closer look in this blog.
The Basics- Terminology
- Withdrawn listing- seller asked for their listing to be withdrawn from the MLS prior to the contract expiration. There are two types:
- Conditional withdrawn- this means the commission will still go to the previous broker. Tip: Don’t prospect these- you won’t get any commission.
- Unconditional withdrawn- the commissions involved in this sale will not be tied to the previous broker. Feel free to prospect these listings.
- Expired listing- the contract with the previous broker/agent has ended.
- FSBO (For Sale By Owner) listing- this is when a homeowner tries to sell their house on their own.
Two Biggest Reasons Houses Don’t Sell
There are multiple reasons why houses don’t sell, but there are two common ones that we see all the time:
- Poor marketing
Before You Call the Prospect
Before you pick up the phone to call a potential prospect, be sure to do some research first. Look at the listing in the MLS- how are the photos? Are there any remarks in the comments? Was the listing sent out to all the real estate sites? Where there any Open Houses listed? Take notes of what you see and create a strategy that you know will sell the house quickly.
Making the Call
You’ve done the research, you’ve created a strategy- now it’s time to call. Don’t be scared, people really are quite pleasant for the most part. Let them know how you can help them and that you genuinely want to help them sell their house. You’re there to fix their house selling problems and this is how you’re going to do it:
- Better/stronger photography- professional photographer, no iphone photos
- Remarks tied into comments- people have limited time- you’ll grab their attention there
- Internet marketing- you’ll ensure that their listing goes out to hundreds of real estate sites
- Open House schedule- you’ll create a schedule and get foot traffic to the listing
- Social media- you’ll create ads that will drive traffic to the listing online
If you need scripts, email Phil at email@example.com
How FSBO’s Market The Listing
Some FSBO’s just out right don’t like realtors and that’s why they’re trying to sell their house themselves. Some (the majority) are just trying to save money. But, because of their lack of experience, they’re not doing a great job at marketing the listings and getting eyes on it. You may want to consider coming down on your commission- it will help you get the listing, but it also creates a chance for you to meet buyers (Open Houses) and conduct more transactions.
Here is what FSBO’s can do:
- Yard Sign
- Yard Sign + Craigslist
- Yard Sign + Craigslist + Zillow
- Yard Sign + Craigslist + Zillow + MLS
Tip: Try to find out which combination they are doing before you call them.
They’re also not great at:
- Adding remarks to comments
- Internet marketing
- Conducting Open Houses
- Social Media
- Showing the house
Explain to them that you’re going to:
- Negotiate better
- Get more eyes on the listing
- Promote it better
- Decide on the right price
Plan of Attack
Commit to spending one hour a day calling these prospects. Be sure to remember that you don’t have to get the appointment on the first call. Sometimes people just aren’t ready, so keep at it. Grow that relationship and when they’re tired of trying to sell their house, you’ll be the first one they call! It takes discipline and execution, but it does work! Just an FYI- it takes about 100 calls to get 1-2 appointments.
There are a ton of videos on Youtube explaining how other agents approach prospecting Withdrawn, Expired and FSBO’s, be sure to check them out. There are a few subscriptions that you can use to get the phone numbers of FSBO listings so you can save a little time. One is TheRedX and the other is Espresso Agent– check them out to see if they can help you!
At Dalton Wade we believe that today’s buyers and sellers need a trusted resource that can guide them through the complex world of real estate and that’s what we provide to our clients- exceptional service.
We also believe that real estate agents deserve to keep 100% of their commissions. Dalton Wade Agents work on 100% commission, pay a $79 monthly membership fee, pay $79 a closed transaction and are paid at closing! If you’d like to learn more about keeping 100% of your commissions, contact us today!