What do all for sale by owner sellers want? To net the most money!
As real estate agents, when we are prospecting FSBO’s we need to quickly let the seller know that they will get the most money by working with us. I’m going to show you how to let the FSBO know we are their best option.
The 4 steps to helping them realize they want our help.
- Be genuinely interested – So often as real estate agents, we just want to set the appointment. Ask questions about the home. Tell the FSBO that they have a beautiful house. Seek to find out more information about the house. If you have a buyer, what type of information would they want from the FSBO? Ask those questions and develop rapport while doing so. Keep in mind your buyer may see this house at some point and if they ask you about it, it’s your job to know. We need to find out if we can actually help the FSBO out. Do they owe too much on the home? Why are they selling it?
- Identify motivation – Sometimes FSBOs can be reluctant to tell us why they want to move. We need to be careful with this question. If you’re unsure which questions to ask a FSBO to find their motivation without getting hung up on, read FSBO MOTIVATION FINDER RESOURCE. Do these people intend to move in the next year? Month? 3 Weeks? Is the FSBO just “testing the market”? We can rule out the types of sellers we don’t want to work with if we find their motivation. Make sure you ask the right questions because if you get too personal they might just hang up.
- Provide value – Why would they want to work with you? Is it because you can get them the most money for their home? Do you take the hassle out of selling? Are you already working with a buyer who may purchase the home? FSBO’s need to know that you are valuable. The best way to show them is offering a simple document. “Do you have a sellers disclosure”? Most will not have a disclosure or different state-required addendum’s etc. Provide them a general purchase agreement. Make sure they know it’s a general purchase agreement as you can NOT give out your broker specific purchase agreement because it’s been combed through by a team of lawyers to make sure our sellers are protected. See what we just did there? We showed them that we have value simply in our purchase agreement!
- Be a professional – Know the market you are calling in and reference it often. Show them that you know 123 E Fowler st just sold for $328,944 and the house 3 doors down from them sold for $350,000 because it had granite counters and a pool. Use these statistics when speaking with them because it separates your from the uneducated agents who call and ask to come preview the home. You want to be seen as a professional because professionals have value! Mention something about the pictures of the home. My favorite backwards compliment “Who took the pictures? You did! Wow you’re a better photographer than I am. I always hire a professional photographer for my listings. As I’m sure you’re aware the pictures bring the buyers”. Again see what we did? We just let them know we use a professional photographer and we didn’t pitch them on it, we did it while complimenting their photos.
- Follow up – This is the most important step to getting that “come list our house” call. You need to be in touch with them at least once per week. The vast majority of FSBOs will list their home with an agent. The agent is typically the one they remember, the one they like or the one who called at the right time. We want you make sure you are reaching out enough to be there at the right time while also making sure they like and remember you. Follow up is the name of the game with prospecting FSBOs and really prospecting in general.
We know that for sale by owner prospecting works. We know that for sale by owners simply want the most amount of money. Finally, we know how to position ourselves to be the agent they want. The next step is to go out and call 10 for sale by owners and put these tips into practice. If you are still unsure about the best questions for finding the FSBO motivation be sure do download our FSBO MOTIVATION FINDER RESOURCE
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