If you’re like most real estate agents, you’re always looking for new leads. Fortunately, there’s another lead source that is often overlooked by agents: For Sale By Owner (FSBO) properties. While working with FSBOs may not be as simple as working with traditional sellers, doing so can help you grow your business. In this post, we’ll share some tips on how FSBOs can help you capture more leads.
Why bother with FSBO listings?
Some sellers decide to sell their homes without using a real estate agent because they don’t see the value in using one. They may view it as an unnecessary additional expense or maybe they had a bad experience with a realtor in the past. The truth is that selling a home on your own isn’t as easy as many think. Don’t assume FSBO sellers don’t want to deal with you. If you can demonstrate the value you bring as an agent, they may discover the benefit of using your services.
Investigation of these potential real estate leads and understanding the unique dynamics of each FSBO listing is essential for real estate agents to take full advantage — but the effort can be very worthwhile in the end!
Where can you find FSBO Listings?
For Sale by Owner (FSBO) homes are often marketed in more traditional methods such as signs, flyers, and newspaper ads. They can also be found on social media postings. When cold-calling FSBO prospects, it may be a good idea to create a script to follow. Introduce yourself and tell them the company you work for. Ask questions regarding the property, such as the size of the bedrooms, the number of bathrooms, if there is a basement, and other features of the home.
Inquire about the price of the home and ask how they arrived at that amount. Ask what methods they are using to market the home and if they would be interested in meeting with you to discuss effective alternatives. Explain that you could take some pressure off of them by helping sell their home. Request a brief, no-obligation meeting so you can demonstrate the value of using a real estate agent. People will often be willing to meet with you to hear what you have to offer. This provides an opportunity but be able to recognize and accept if they are not interested and be willing to move on.
How to frame the conversation
When you initially call the seller, it is important to frame the conversation around the home. Once you have a meeting with them, continue to focus on the property. Ask for a tour, learn the features and ask questions. Find out as much as possible when you meet with the seller. People love talking about themselves and you should express an interest in the seller as well as the property. If you are confident in your sales approach, you will be able to demonstrate the value of your services and land a new listing in the process.
Be prepared to negotiate
When attempting to gain a listing from a FSBO, it is important to remember that the seller is looking to save money on commission so you must be willing to negotiate. Sellers are usually open to this process because they want their property sold in a timely manner with limited hassle. Remember to be fair to the seller and yourself. You may be willing to lower your fee to save the seller some money but you don’t want to end up losing money in the process. Don’t be afraid to walk away if you can’t reach an agreement.
Searching for FSBOs is a great way to generate leads, but it’s important to remember that you’re dealing with private individuals who are trying to sell their property without the help of a real estate agent. When contacting a FSBO, be sure to introduce yourself and explain your interest in their property. Ask if you can schedule a time to come see the property, and be prepared to negotiate on price – remember, they’re looking to save money! If you’re not able to reach an agreement, don’t be discouraged – there are plenty of other properties out there. Thanks for reading!
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