By far one of the best prospecting opportunities in real estate are FSBOs or For Sale By Owners!
Why you ask?
Here are some of the top reasons I believe you should be actively marketing to potential clients who are attempting to sell their own home.
Hmmmm… see some potential here?
Keep in mind these people just want to save money. Most of them know someone who was successful at selling themselves.
Think about it, you can’t blame them for wanting to try and save money. Can you?
So why tell them they can’t?
Why tell them they are nuts for trying?
Isn’t that being a bit hypocritical?
What about this?
Why don’t you try and help them sell themselves?
Aren’t you in the business of helping people buy and sell homes?
A mentor of mine Mark McKee shared the secret to “FSBO success” is reciprocity!
You got to give to get!
Mark discovered that helping them was the most profitable act. He hoped they sold on their own with his help more than listing with him.
When they sold on their own with his help he discovered they referred him on average 5-6 pieces of business in the following 12 months in return for his help
Are you thinking about this?
If they sell then they will more than likely buy. Will they buy from the agent who helped or the agent who hindered?
If they are unsuccessful and list, will they list with an agent who helped or an agent who told them they can’t and discouraged them from trying?
Which agent are you going to be?
Statistics show on average a FSBO will try to sell on their own for 10 weeks. This means your system must consist of a follow up time of at least 10 weeks.
We begin like any other important secret in real estate prospecting and that is “Show Up”.
We all would agree we are at our best face to face.
So get face to face and bring them a package with tips and information on selling their home themselves.
Go to the door and let them know you are in the business of helping people buy and sell homes and you would like to give them this valuable package to help them sell their own home.
At this point their defenses are probably lowered so you could ask them “if I bring a buyer for your home would you pay me a portion of my fee?”
If they agree (which they usually will) ask if they would mind giving you a quick tour of their home so you are prepared for potential buyers you may have.
While you are touring ask if they are ok with you taking notes, measurements and photos. Tell them this will allow you to keep record of what is on the market outside of the MLS system. Then mention you can return in a few days with some complimentary feature sheets of their home to use.
Ask them “How does that sound?”… how much negative feedback do you think you will get from this approach?
Keep in mind the initial visit is soft… helpful… low key and no pressure.
It is all about the strong consistent follow up with the FSBO.
Your follow up plan is simple. Plan to return every week.
I call them FSBO Fridays.
Each week you return bring them one item to help sell their home professionally.
You can choose so many different things for the seller when you follow up. Be sure to keep track of your homes and which items you bring each week so not to double up on items by mistake.
Keep in mind all this work and effort would only be going into a FSBO who gave me the right response to these very important initial meeting questions…
Measure their commitment to another agent and measure their motivation. No Mo, No go!
Time to put this into action… go to the classifieds, online by owner sites and seek out your prospects. Lets get some listings and sales in the near future by helping vs. hindering!
Strength and Courage,
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FSBO – For Sale By Owners – Awesome Real Estate Prospecting Opportunity