Targeting a For Sale By Owners (FSBOs) can be very profitable. However, many real estate agents who target these FSBOs only have a minimal success because it always fails when the seller asks to cut an agent’s commission during the initial meeting. Since 80% to 85% of these FSBOs end up working with an agent eventually, you might as well go ahead and give it a try.
The first step of the entire marketing process is basically convincing the seller that they need you in order to successfully close a deal with their house. Remember, it is not a good idea to just call up these sellers and tell them that they will surely end up working with an agent eventually. Convincing them involves educating them and offering them the resources that they need in the selling process.
The following is a number of educational and informational resources that you can recommend when marketing to FSBOs:
- Create a free home selling guide that would give FSBOs an idea on how the process of selling their home works. Always provide helpful tips as well as advice so that they will be able to make sure that their buyer’s finances are in order. This should also give ideas on how to stage their house and make sure that their property is in a good condition.
- You can also go ahead and make a free competitive marketing analysis for them so that they will have an estimate of the worth of their house.
- Aside from this, make sure that you also compile a list of lenders, appraisers, contractors and recommended vendors in your area.
- Print up free marketing materials as well. You can offer these sellers ‘For Sale’ flyers that would have a compliment of your name on the back of each so that you can market your services further.
- Provide a kit that showcases most of your successful advertisements in real estate so that the seller will be guided on how to create a good advertisement for their home.
You don’t have to worry about helping For Sale By Owners sell their house without any payment. This is basically just a marketing strategy. A lot of scenarios can happen here. It’s possible that if the selling is not successful, the seller may go ahead and contact you once he or she realizes that the efforts that he or she is doing is not working at all. It’s possible as well that if the selling was in fact successful, the he or she may use you in buying his or her next home. Keep in mind that by helping a seller, you may get additional business.