Just a little food for thought: FOLLOW THE MONEY!
In a Seller's Market, listing is the name of the game. In a Buyer's Market, selling is the name of the game. It's as simple as that.
A Buyer's Market, like we're experiencing today, is a good time for agents to target renters, investors, relocation... for NON-CONTINGENT BUYERS! They are money in your pocket (assuming you have an exclusive buyer-broker contract), because they control the market right now. Send mailings to apartment complexes, to "residents" of homes owned by absentee owners you identify through public records, hold home-buyer seminars, and contact local real estate investors (check the tax records to identify individuals who own multiple properties in your market). Focus your farm mailings on attracting buyers right now, rather than sellers. (You might get both - a buyer wuth a home to sell.) Buyers are the name of the game in a Buyer's Market! (That's why they call it a Buyer's Market.)
Of course some listings will sell, but... A Buyer's Market is no time to invest your limited resources in FSBO's, expireds, and other listing efforts, just so you can invest more of your limited resources, i.e. time and money, trying to keep your angry and frustrated sellers happy - maybe for months on end - without a sale. Now don't get me wrong - if a listing falls in your lap, take it! I'm just talking about the highest and best use of your prospecting time.
You want to work smarter, not harder. That's why knowing WHO and WHEN are just as important as knowing HOW.