The 4 Keys to Conquering FSBOs
Most sellers who choose to take the “for sale by owner” route eventually hire a real estate agent to complete the sale of their home. Therefore, it’s important not to write them off as a lost cause, but instead to become the agent that the homeowners call if or when they decide they don’t really want to do everything themselves. Follow the tips below to become the go-to agent for former FSBOs.
1. Take the “Help” Approach
Remember that the owners of a FSBO are probably getting dozens of calls from agents trying to take over and sell their home for them, so try to offer them some useful information instead. Offer them guidance or advice about how to sell their home without an agent. Be genuine and help them realize the value of your assistance.
2. Have a Program
Instead of expecting owners to either sell their home on their own or have you do everything, offer a compromise program. For example, give them a chance to have your guidance and get their listing in MLS for just 1%. That means they still have to handle all of the calls, negotiations, and scheduling for their home sale. Providing them this alternative allows owners to get a bit of help without giving up their autonomy. However, it will also expose them to the difficulties of managing a home sale, which is why you should also offer an upgrade program where they can have you do the work for 2.5%.
3. Be Different
Think outside the box to stand out from your competition. Consider again that homeowners trying to sell on their own are probably being contacted by many agents, so if you want them to consider you, you need to prove to them that you’re not just part of the crowd. I know a Realtor who stops by with a basket of small gifts when he asks clients to give him a chance. It’s different and makes him seem more personable and less like just a random faceless agent calling. Be creative and find an approach that works for you.
4. Be Consistent
Persistence and patience are the key to so many things in life. Don’t give up on clients after one brief phone call. Contact potential clients from different angles such as calling, sending a postcard, or by email. Be consistent without being overly pushy, and then be patient and see what comes of it. If they are constantly reminded of your name, it is much more likely that when they decide to go with an agent, yours will be the first name to pop into their heads.
Always keep in mind that homeowners initially chose the FSBO path most likely because they desired the freedom and profitability of selling their home on their own. Once they decide to hire an agent, they will want someone who respects that decision and comes across as wanting to help rather than wanting to take over. Remember to be patient, consistent, and stand out from the crowd if you want to turn “for sale by owners” into for sale, by you.