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, over 80% of sellers that attempt to sell themselves, end up listing with a real estate agent. If you take the following steps, you should have success building your listing bank from For Sale by Owners. You will even find that some For Sale by Owner sellers will list with you immediately.
- Knock on the door. Introduce yourself and offer a real estate report containing market data specific to their area or neighborhood. Let them know that you do extensive research to analyze local trends and are giving them the information as a courtesy. Do not give them your best information, as that should be reserved for committed clients.
- Before you leave, 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 your discussion, 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 ask them to sign 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. The more they see you, the more likely they will contact you when they decide to list their home.
Following the steps listed above, will give you the best possible chance for success. You may replace the direct face-to-face contact with a mail campaign, but the impact of your strategy will be minimized.