Power Session 8: FSBOs and Expired Listings Lead Generation 36:12:3 Power Session 8: FSBOs and Expired Listings

Power Session 8 In this Power Session … Introduction Who They Are A Limiting Belief The Opportunity Steps for Working with FSBOs Steps for Working with Expired/Withdrawn Listings Putting It All Together Page 1

Introduction Ground Rules Arrive on time. Form groups quickly. Power Session 8 Ground Rules Arrive on time. Form groups quickly. Limit side conversations. Turn off cell phones and pagers. Be comfortable. Respect time. Respect each other. Help each other learn. Respect confidentiality. Have fun! Page 3

Introduction How You Will Learn Learning Methods Manual Classroom Power Session 8 How You Will Learn Learning Methods Manual Models/Systems Exercises/Discussion Stories Classroom PowerPoint slides KWConnect videos Classmates/Instructor (continued) Page 4

Accountability Feedback Loop Introduction Power Session 8 How You Will Learn Accountability Methods Lead Generation Action Plan Accountability Partner/Program 1. Set Goals 2. Do Key Activities 3. Measure Results 4. Evaluate Process 5. Make Adjustments Accountability Feedback Loop Page 4

Introduction EXERCISE Where You Are Today Time: 10 minutes Power Session 8 EXERCISE Where You Are Today Lead Generation Activities My aha’s from these activities The most difficult part of these activities What I will do differently in the next 24 hours Time: 10 minutes Page 5

Learn how to take advantage of a tremendous opportunity! Introduction Power Session 8 Why You Are Here Learn how to take advantage of a tremendous opportunity! You are here! Page 6-7

Introduction What Will Make This a Great Training Experience Page 8 Power Session 8 What Will Make This a Great Training Experience Page 8

Who They Are Most Important Reason for Selling Home as FSBO Power Session 8 Most Important Reason for Selling Home as FSBO Did not want to pay commission 51% Sold to relative, friend, or neighbor 22% Buyer contacted seller directly 12% Did not want to deal with an agent 8% Agent was unable to sell home 3% Seller has real estate license 2% Could not find suitable agent 1% Other 2% Source: “2006 NAR Profile of Home Buyers and Sellers” Page 11

Who They Are Expired and Withdrawn Listings Power Session 8 Expired and Withdrawn Listings What are the main reasons houses do not sell? Page 14

Who They Are Expired and Withdrawn Listings Power Session 8 Expired and Withdrawn Listings Main Reasons Houses Do Not Sell Overpriced relative to the existing market In poor condition Not marketed well Page 14

Who They Are Expired and Withdrawn Listings Power Session 8 Expired and Withdrawn Listings Do Not Call Lists (federal and state) http://www.telemarketing.donotcall.gov Page 15

A Limiting Belief Myth Truth Power Session 8 Myth You can only succeed with FSBOs and expired/withdrawn listings by being aggressive and direct. Truth You can win with FSBOs and expired/withdrawn listings by coming from contribution, establishing trust, and staying in touch. Page 17

The Opportunity 6 Ways to Win with FSBOs and Expireds Get the listing. Power Session 8 6 Ways to Win with FSBOs and Expireds Get the listing. Find a buyer for the house. Help the seller buy a new home nearby. Refer the seller to another agent (out-of-town moves). Meet potential customers by offering to host open houses. Help the seller write up business if the seller finds a buyer (for a negotiated commission). Page 21

The Opportunity Direct Approach Dianna Kokoszka Indirect Approach Power Session 8 Direct Approach Dianna Kokoszka Be straightforward and ask for the business Indirect Approach Jean Grubb Let the seller self-discover the need for your services Page 22-23

The Opportunity Mindset Come from Contribution Power Session 8 Mindset Come from Contribution Ask, “What can I do to help you today?” Offer your expertise. Offer services. Page 27

Steps for Working with FSBOs Power Session 8 Prepare Know what you are going to say. Prepare materials to give them. Create an 8 x 8 customized for FSBOs. Set your goals. Find them. Organize your information on each listing. Page 29

Steps for Working with FSBOs Power Session 8 Prepare Create an 8 x 8 Customized for FSBOs Touch 1 Preview property. Leave FSBO Packet. Touches 2–3 Send postcard or letter each week. Touch 4 Make a telephone call. Tourhes 5–7 Send different postcards or letters. Touch 8 Make a telephone call. Page 32

Steps for Working with FSBOs Power Session 8 Prepare Gene Rivers’ postcard subjects Price 5) Showing Condition 6) Price Reduction Competition 7) Marketing for Just Reduced Marketing 8) What Do I Do Now? Page 33

Steps for Working with FSBOs Power Session 8 EXERCISE Write questions, statements, information of value, or scripts you can use for eight FSBO contacts. Time: 10 minutes Page 34

Steps for Working with FSBOs Power Session 8 Take Action Practice scripts and handling objections so you’ll have confidence in yourself and you’ll know what to say. Page 36

Steps for Working with FSBOs Power Session 8 Follow Up Put leads in your database. Implement an 8 x 8 marketing action plan. Send a thank-you for referrals. Follow up until they list or sell. Page 46

Steps for Working with Expireds Power Session 8 Prepare Know what you are going to say. Prepare materials to give them. Create an 8 x 8 customized for expired listings. Set your goals. Find them. Check the Do Not Call list. Organize your information on each listing. Page 47

Steps for Working with Expireds Power Session 8 Prepare Create an 8 x 8 customized for expireds Day 1 Call and deliver an expired packet. Day 2 Make a telephone call. Day 3 Send a postcard or letter. Day 4 Make a telephone call. Day 5 Send a marketing statistic or special report. Day 6 Make a telephone call. Day 7 Promote your marketing plan. Day 8 Make a telephone call. Page 49

Steps for Working with Expireds Power Session 8 Take Action Practice scripts and handling objections so you’ll have confidence in yourself and you’ll know what to say. Page 50

Putting It All Together Power Session 8 EXERCISE Call FSBO and Expired Listings Instructor demonstrates calls. Agents make calls. Time: 30 minutes Page 57

Putting It All Together Power Session 8 Power Session Aha’s What did you learn and what are you going to implement or do differently? Page 57

Putting It All Together Power Session 8 Your Lead Generation Action Plan Think about the role prospecting to FSBOs and expireds will play in your prospecting activities. Enter your current and future goals on the worksheet in your manual. Page 58-59

Putting It All Together Power Session 8 The 3-Hour Habit Time block 3 hours every workday before noon. No skipping. If you must erase, then you must replace. Allow no interruptions (unless they truly are emergencies). Page 60-62

Thank You for Being Here! Don’t forget your evaluations!