As the market continues to improve, more and more prospective sellers are going to consider selling properties themselves. This is not necessarily a bad situation for real estate agents. Keep in mind that historically, 80% of sellers that attempt to sell themselves, end up listing with a real estate agent. If you take the following steps, over time you should have success building your listing bank from For Sale by Owners. With a little luck you may even find some For Sale by Owner sellers will be willing to list with you right away.
- Knock on the door. Introduce yourself and offer a mid-year or quality report. Offer to help them if they need it as a courtesy by giving them general information. Under no circumstances give them your best information, as that should be reserved for committed clients.
- Before you leave, or within a short period of your visit, ask if it would be possible to get a short preview of their home. Use this opportunity to get a working knowledge of the property and build rapport with the sellers.
- During one of your first two discussions, emphasize the importance of analytics. Then point out how you can’t make an informed decision unless you have all of the information.
- Identify a buyer that may have an interest. Contact the FSBO client and reflect that they’ve signed an agreement allowing you to represent them. If possible, show the property to the prospective buyer.
- If you’re unsuccessful getting the listing at first, be sure to identify great information that you can share with them on a weekly basis.
Following the steps listed above, will give you the best possible chance for success. You may replace the door-knocking or direct face-to-face contact with a mail campaign, but the impact of your strategy will be minimized. With that being said, if your uncomfortable knocking on doors, by all means, replace the face-to-face contact with phone or email contact.