Want to learn how to list FSBOs (For Sale by Owner)?
Many real estate agents shy away from FSBOs (For Sale by Owner listings), as it often involves more than just calling once or twice…. and sometimes home owners aren’t ready or willing to consider listing their home with a broker.
In the video below, Hoss Pratt, an expert in listing FSBOs, will take you through the steps to effectively communicate with these home owners so that you can “List 28 FSBOs in 28 Days.”
This is amazing class, but if you don’t have a full hour to listen, we also have some of this class highlights and FSBO communication tips at the bottom of this article.
How to List 28 FSBOs in 28 Days
HIGHLIGHTS FROM THE FSBO CLASS
Time-tested Tips and Communication Strategies for Finding and Converting FSBO Listings
When communicating with For Sale By Owners, keep in mind that 74% of all FSBos will eventually hire an agent. 89% of
buyers will purchase their home through an agent (so FSBOs are at a disadvantage). And most importantly, 73% of sellers
would use the same real estate agent to list their home again… but less than 20% actually do because their agents don’t
keep in touch.
Remember that there are 4 Things You Control in your Real Estate Business
3) Building Relationships
3 Things You MUST DO if you are going to get FSBO listings
1) Provide value to the homeowner (more tips and suggestions to follow)
2) Present solutions
The FSBO doesn’t care how many homes you’ve sold or how many years you’ve been in the business. They want to know exactly what you plan to do to solve THEIR problem (and get their home sold)
3) Produce Results
If you can show the for sale by owner that you’ve sold x# of FSBOs over the last year and you were able to get 99% of the asking price and sell in less than 10 days (for example), that will get their attention!
Provide Value to the FSBO
Hoss Pratt tells us that you typically have to connect with the FSBO at seven times on average over a 90 day period. That doesn’t mean you are stopping by or calling seven times, you need to also give them items of VALUE. Here are a few examples:
- Create a seller guide that you can mail or drop off. Hoss has a doc called “90 Things You Can’t Afford to Neglect When Selling
- Send them a copy of the Seller’s Disclosure Letter with a short note
- Mail a nice hand-written note
- Create a CMA and mail or drop off at the FBSO’s home
- Offer a free FSBO website for their property
- List of local vendors
- Tips on marketing a home
- Mail or email other free reports (i.e. staging tips, showing tips, best home renovations to increase home value, etc)
Hoss tells us to “TAKE MASSIVE ACTION” and whatever you do, you need to position yourself as the real estate expert and consistently provide value to your potential client.
Be Sure to Offer Solutions to the FSBO
As we mentioned above, the home owner doesn’t care that you’ve sold 1,000 homes in the last 10 years. They want to sell their home… usually quickly! Here are a few solutions you can offer them if you listed their home:
- Offer a pre-certified home inspection (homes usually sell for 4.8% more)
- Offer a home warranty
- Share your 89 point marketing plan that will ensure that their home gets as much visibitily as possible with potential buyers and local real estate agents
- Share your “Coming Soon” program (make sure it is more than just hanging a sign in the yard!)
*** It is also important to share you X Factor with the seller — they need to know what makes you different from the other 25 agents that have been trying to contact them over the last 2 weeks!
So how do you FIND FSBOs?
You probbably drive by at least two FSBO listings each day and if not, you can also subscribe to redX and they will deliver them to your inbox every day! There is also a special website you can visit (in the video) and it will waive the $149 start up fee with RedX.
Before you start working to find and acquire FSBO listings, we highly recommend that you ask yourself “What does success look like?” and definite what you want the outcome to be. If you have your mission plan and goals in place it will be MUCH easier to go out and find FSBOs and start listing their homes!