Are you a real estate agent looking for ways to increase your business? If so, then you should consider targeting people who are selling their homes for sale by owner (FSBO). While it may seem like a daunting task to convince these folks to list with a professional like you for an additional fee, there are different ways that you can add value to the process and convince these sellers that you can truly help. So let’s jump into it and discuss some of the best strategies for converting FSBOs into listings.
Home Pricing Expertise
As a real estate Agent, you have a lot of local market knowledge to offer FSBO sellers that they may not be aware of. For instance, you are likely an expert at pricing homes, which is something that many FSBO sellers struggle with. Many FSBOs sit for sale for months or even years longer than listings with Agents, it’s your job to help guide the potential client to understand why.
Additional Marketing Tools
In addition, you have significantly better ways to market a listing, which can further help the home sell more quickly and for top dollar. Many times, the client will net more at the end of the sale even after paying you a commission since you helped them negotiate that top price. Licensed Agents can put complete detailed listings into their local or regional MLS and almost instantly have the detailed listing, including photos, out on major syndicating websites like Zillow, Trulia, and Realtor.com, as well as thousands of smaller listing syndicating websites.
You also likely have a database full of buyers who are already interested in purchasing a home. This means that you can start the process much quicker than if the FSBO seller had to start from scratch. You also know all of the other local real estate agents, which can be helpful in getting the word out about the listing.
Relationships With Other Local Agents
You have spent your career building relationships with other local Agents and that network is yet another asset to a seller. Whether an Agent is your best friend or fierce rival, they will be excited to see that you have a listing and take it much more seriously in showing it to their buyers than they would a FSBO listing. This can be hugely helpful in getting the word out about the listing and also helps to solidify your reputation as a top agent in the area.
The Right Documents And Process For The Job
Finally, you likely have all of the right documents for the transaction. This can save FSBO sellers a lot of time and hassle in having to track down these documents themselves. DIY sellers often get super overwhelmed with having to find or create the right documents to actually record the home sale, coordinate title work, work through escrow, and all the other loose ends that come up with a home sale.
So there are definitely some convincing arguments that you can make to FSBO sellers about why they should list with you instead of going it alone. Overall, you are a professional who does this for a living day in and day out, so there are distinct advantages that you have over the average person. It’s up to you to package those reasons into a friendly conversation and begin to gain the potential client’s trust.
Applying The Method To Get Listings
Now that we’ve gone over some of the unique tools that you as a professional Agent have to help FSBO sellers, let’s discuss how you can actually go about applying this method to get their listings.
Here are a few tips:
– Make sure that you’re targeting FSBOs in your marketing efforts. This means having FSBO-specific ads, regularly attending FSBO open houses, and so on.
– When you contact FSBO sellers, make sure that you come across as friendly and helpful rather than pushy or sales-y. Remember, these people are likely suspicious of real estate agents since they’re trying to avoid paying a commission. You need to show them that you’re different and actually have the right tools to help them reach their goals.
– Be prepared to answer any objections that FSBO sellers may have about working with an agent. This could include questions about your commission, why they need an agent at all, etc.
– Finally, don’t give up too easily! FSBO sellers are often difficult to convince, so you’ll likely need to follow up multiple times before you’re able to land a listing.
If you follow these steps, then you should be well on your way to getting more FSBO listings. Just remember to be patient (they might come back to you 3-6 months later for help), stay friendly and helpful, and be prepared to answer any questions or objections that come your way. Good luck!