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#466309 - 12/11/19 09:17 PM FSBOs and Expireds| Are they worth it?
TheGodson Offline
Member

Registered: 11/24/18
Posts: 16
Loc: Michigan, USA
I've gone after FSBOs and Expireds relentlessly for the past 4 months with no deals. Apparently this is suppose to be the best lead source, but I find that hard to believe when you are competing against 72+ other agents that are all doing the same thing as you and are likely more experienced. I heard of a statistic where agents only follow up 1.4 times on average. I don't really believe this, because I would have gotten some listing by now if that were the case.

Everyone else is following up just as much as I am and I'm having trouble finding a way to set myself apart from everybody else. Maybe it would be more worth my time to just cold call random people in search of business. Then at least I would have less competition and could make some money. I mean, I'd rather be going up against 5 other agents than over 70. Even if it takes me longer to find a lead, it might pay off better.

I have tried personally visiting FSBOs when they are doing an open house and maybe this is the best approach. The phone call just seems like a waste of time, because I just get rejected, whereas when I go to their actual house they give me all the information I need and they don't forget who I am.

Thoughts?

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#466310 - 12/11/19 11:46 PM Re: FSBOs and Expireds| Are they worth it? [Re: TheGodson]
Z06Fanatic Offline
Veteran Member

Registered: 08/06/16
Posts: 560
Loc: US
How many expired/fsbo are you talking to a day

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#466312 - 12/12/19 03:05 PM Re: FSBOs and Expireds| Are they worth it? [Re: Z06Fanatic]
Z06Fanatic Offline
Veteran Member

Registered: 08/06/16
Posts: 560
Loc: US
Here's some better questions

1.How many true conversations are you having with expireds/fsbos per day? Don't lie about these numbers

2.How many appointments have you been on?

3.What's your average price point? Big difference between 100k and 1m

Most of the time when people say expired/fsbos dont work it's because they aren't making that many contacts. You can't speak to 3 expireds a day and expect much to happen.

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#466315 - 12/12/19 07:07 PM Re: FSBOs and Expireds| Are they worth it? [Re: Z06Fanatic]
TheGodson Offline
Member

Registered: 11/24/18
Posts: 16
Loc: Michigan, USA
1) I've talked to 72 expireds total and 69 FSBOs since I started keeping track in October. I actually have a system for determining what counts and what doesn't count as a contact. Basically I have to be on the phone with them. If they hear what I say and hang up, that still counts as a contact. I don't count wrong numbers as contacts though, unless I try and turn it into a sale anyway, in which case it gets counted as a cold call contact and not an Expired contact.

2) I have been on 3 appointments. 2 were with FSBOs in my first 5 calls. I was pretty lucky for that, I know, but ever since I haven't had any success since. One FSBO wanted to price it too high, the other one I didn't have all decision makers present and I think that cost me the sale, because they ended up going with a different agent that charged 2% instead of 3%.

As far as Expireds, I have had 1 appointment. I didn't get that one either, but I feel like I still may have a chance with this one. Obviously it isn't ideal since he didn't sign on the spot, but I'm still following up.

3) Average price point is probably somewhere around 200k. I really just go after anything under the sun. If a porperty is expired and it is at 1.2 mil or 100k I'm still calling.

I usually get about 7 to 12 new expireds a day. Most of the numbers end up wrong or they don't pick up and I probably talk to about 2 to 3 expireds during a day. If the expireds don't pick up, I call them the next 3 days in a row, then wait a week before calling again, then two weeks before calling and leaving a text message. If I don't get in contact with them after those 6 reaches, I put them in my quarterly reaches where I will reach out every quarter until I make contact.


My biggest fear is that I don't have the skills to convert them. I practice the scripts. I feel like I get along with FSBOs better than expireds. With expireds they keep telling me they want to wait until the spring. After checking those listings to see if they are active it appears as though they are truthful and they are still unlisted.

I sometimes squander time. If I set up 200 numbers the previous day, I may be able to get 20 contacts in a day. I originally went for 83 as my goal, but that ended up being so big that I would get discouraged and end up doing nothing for the day. I've had days where it is pretty embarrassing in terms of numbers. I guess I just waste too much time.

For cold calls I have gotten 38 calls in a day. That is my record. I believe I spent about 3 hours prospecting. I know I should probably prospect more, but I think in the back of my mind I feel like it is a waste of time, because I don't really believe I'm going to get a deal.

I accidentally slept in and didn't get up at 6:30 like I planned. Instead I slept in until 11:00ish and I feel horrible about it. It is approaching 3:00 so I should probably hit the phones again, because 3 to 5 are really great times for pick up rates. I could say more, but I don't want this post to get too long so I'll end it here.

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#466320 - 12/13/19 02:40 PM Re: FSBOs and Expireds| Are they worth it? [Re: TheGodson]
Z06Fanatic Offline
Veteran Member

Registered: 08/06/16
Posts: 560
Loc: US
Originally Posted By: TheGodson
1) I've talked to 72 expireds total and 69 FSBOs since I started keeping track in October. I actually have a system for determining what counts and what doesn't count as a contact. Basically I have to be on the phone with them. If they hear what I say and hang up, that still counts as a contact. I don't count wrong numbers as contacts though, unless I try and turn it into a sale anyway, in which case it gets counted as a cold call contact and not an Expired contact.

2) I have been on 3 appointments. 2 were with FSBOs in my first 5 calls. I was pretty lucky for that, I know, but ever since I haven't had any success since. One FSBO wanted to price it too high, the other one I didn't have all decision makers present and I think that cost me the sale, because they ended up going with a different agent that charged 2% instead of 3%.

As far as Expireds, I have had 1 appointment. I didn't get that one either, but I feel like I still may have a chance with this one. Obviously it isn't ideal since he didn't sign on the spot, but I'm still following up.

3) Average price point is probably somewhere around 200k. I really just go after anything under the sun. If a porperty is expired and it is at 1.2 mil or 100k I'm still calling.

I usually get about 7 to 12 new expireds a day. Most of the numbers end up wrong or they don't pick up and I probably talk to about 2 to 3 expireds during a day. If the expireds don't pick up, I call them the next 3 days in a row, then wait a week before calling again, then two weeks before calling and leaving a text message. If I don't get in contact with them after those 6 reaches, I put them in my quarterly reaches where I will reach out every quarter until I make contact.


My biggest fear is that I don't have the skills to convert them. I practice the scripts. I feel like I get along with FSBOs better than expireds. With expireds they keep telling me they want to wait until the spring. After checking those listings to see if they are active it appears as though they are truthful and they are still unlisted.

I sometimes squander time. If I set up 200 numbers the previous day, I may be able to get 20 contacts in a day. I originally went for 83 as my goal, but that ended up being so big that I would get discouraged and end up doing nothing for the day. I've had days where it is pretty embarrassing in terms of numbers. I guess I just waste too much time.

For cold calls I have gotten 38 calls in a day. That is my record. I believe I spent about 3 hours prospecting. I know I should probably prospect more, but I think in the back of my mind I feel like it is a waste of time, because I don't really believe I'm going to get a deal.

I accidentally slept in and didn't get up at 6:30 like I planned. Instead I slept in until 11:00ish and I feel horrible about it. It is approaching 3:00 so I should probably hit the phones again, because 3 to 5 are really great times for pick up rates. I could say more, but I don't want this post to get too long so I'll end it here.


So you've made about 140 contacts, 3 appointments. For expireds 3 appointments for 140 contacts is really not that far off from the long term - maybe I could pull 5 appointments off those contacts on average. That really isn't that many contacts to draw any conclusions especially this time of the year - you can easily do 140 contacts in two weeks, and if your pick up rates are really high you can do that in one week. What I would say is go hard for a couple months - make 500-750 contacts then judge your results. Your sample size is small, this time of the year is also much tougher with people waiting until Spring.

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#466431 - 01/12/20 08:57 AM Re: FSBOs and Expireds| Are they worth it? [Re: TheGodson]
TheGodson Offline
Member

Registered: 11/24/18
Posts: 16
Loc: Michigan, USA
Finally success. I got a listing with an expired. A crap ton of them appeared after new years. I actually got massively sick toward the end of December and that affected me badly. Also, I spent a lot of time on the new listing and essentially didn't prospect for an additional week.

My total Expireds and FSBOs are 121 and 83 respectively, not including follow ups.

Getting this listing has boosted my confidence. The expireds are getting friendlier or I'm getting better. Either way, I'm going to massively be upping my numbers fairly soon.

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#466438 - 01/13/20 02:25 PM Re: FSBOs and Expireds| Are they worth it? [Re: TheGodson]
Z06Fanatic Offline
Veteran Member

Registered: 08/06/16
Posts: 560
Loc: US
Originally Posted By: TheGodson
Finally success. I got a listing with an expired. A crap ton of them appeared after new years. I actually got massively sick toward the end of December and that affected me badly. Also, I spent a lot of time on the new listing and essentially didn't prospect for an additional week.

My total Expireds and FSBOs are 121 and 83 respectively, not including follow ups.

Getting this listing has boosted my confidence. The expireds are getting friendlier or I'm getting better. Either way, I'm going to massively be upping my numbers fairly soon.


Nice job. So roughly 200 contacts? That's something that could be done in 2 weeks if you put the hours in. Say 5 contacts an hour - 40 hours of work. 40 hours of work for whatever your average commission is is probably a great hourly.

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