Great ideas for talking with FSBO's. Do you any more? I am new so any scripts or advice you might have would be appreciated. Great post by the way!!!

Price, Exposure, Presentation.... I can provide all 3! I give your house, and your SALE P.E.P!

Good Post.  I also encourage my agents to get letters from sellers that started as a FSBO to help convert the non-believers.  Stacie

Ulises- Actually I do have a few other ideas. This market we are currently experiencing has a tremendous amount of frustrated FSBO's. I picked up two FSBO's in August (one is already in contract and should close escrow by mid to late October) by walking away from them! Sounds silly right? I say let them try to sell on their own (that's what they really want, right? WRONG!! What they want is net the most money and they don't realize how important an experienced, well educated, and seasoned agent is to their bottom line). I never tell them they can't do it on their own... I always show them better ways and eventually they want me to take care of ALL the details (after-all, it's a lot harder than it sounds).

Michael- I like your formula PEP.

Stacie- Testimonials... more powerful than a locomotive!!!

Half of the battle is getting in the door to talk with them. Once you've done that, you've gained a serious step up on the competition.

I like giving them a 30 page "do it yourself" manual which outlines everything (we do) that must be done to sell their home, stay out of court and get top dollar.

Brett- You're right!! If you can get in... you're in!!

Nancy- Sounds like a "FSBO First Aid Kit". I have something similar that I like to provide. It is packed full of VALUABLE info and is very detailed (including legal terms and all documents and disclosures needed to complete the sale).

Vincent,

That's the way to do it!! FSBO's need one of two things to list with you. They make the decision to sell on their own based on the control it gives them over the transaction or they make it based on the money involved. Show them that they still have control as long as you can do your job and give them the value for their dollar and they'll list with you. I appreciate the points you've made here and I'm sure there's a FSBO out there who does as well.

Andrew- It's all about Quality Service, isn't it? My FSBO's may be a little stubborn at first, however when they realize I have a ton of tools (they never even imagined) they hand their home to me and finally get to relax while I do all the hard work.

Vincent - Great tips! I love working FSBO's

Linda- FSBO's are going to be a lot more fun to work with in 2008 (I feel it!!). Best of luck.

Vincent,

Thanks for this great post. You have shared some really great tips that you pointed out here.

Nicole Garner- Portland Metro Oregon

Hi Dr.  I need my gall bladder removed...What can you do that I can"t?

Nicole- Thank you. These are tips that I picked up over the years (after-all selling a home is more than just putting an ad and a sign, isn't it?)

Steven- That was hilarious. It's unfortunate that people don't see us as professional as doctors. After all if they don't know the intricacies of the business (a million things could go wrong even with a contract that appears to be solid) then they might as well perform surgery on themselves. Thanks for the compliment.

Vincent, Thanks for your comment! Any new advise on this site is great, I'm glad you have had success with it. I love working FSBO's I think it is one of the best ways to get listings!  

Great discussion. 

I believe the issue is one that people can see the $$$ saving in commission, but the costs of mistakes are invisible.  Once these mistakes are made it is too late.  ie, pricing too low, giving away too much to a buyer, accepting an offer on a house with a subject to sale of another...........  I could go on and on. bottom line, the professional is often left to clear up the mess.

Carrie- I love working with FSBO's as-well. Most of them are great people once they see you can really help them put more money in their pocket than they could on their own.

Guy- Absolutely. I like to show my FSBO's how I can help them save a small fortune ($30,40,50k) after I do my fee doesn't matter because they still walk away with more money AND I have to do all the work.

Good stuff, like Nancy Moeller I have a DYI of 29 steps to sell your home. Stuff people know that they need to do but just don't!  Yes that last point of an unbiased opinion is important!  I have never meet a FSBO who had thought that their house wasn't better than the last house that sold :)

Sean- This market will not be very kind to FSBO's (unless they understand how to price it to sell). Having a seasoned Realtors help would definitely expedite the process (if they are looking to put more money in their pockets then this is the way to go).

Vincent..FSBO's usually have a fear of Realtors that is based in truth and thier perception of the truth. The last Realtor took thier listing for what the seller wanted to sell for , and now cannot get the price to be acceptable to buyers. I have worked with many FSBO's, and they just don't believe that a Realtor can get thier house sold for the money they want, I think its funny, but sad too. Like your post..keep going!!

Mike- you said it... Realtors can't the money the FSBO's want. However, they can get more money than the FSBO could on his own. Experience and education is very expensive, isn't it?

Good post Vincent - you may want to check out your local HomesByOwner.com in your area & see if you can partner with them.  Defintely provides an added value if presented correctly...

Josh- I agree that it does provide some more value if presented correctly. Thanks for the comment and I'll see  how they fell about a partnership.

I have a book that FSBO's can buy it explains everything that they must do to be able to compete with the homes that are listed.  It is a great way to put them into a data base to continue to follow up with them because we all know that most will list with an agent sometime.

I've found that working with FSBO's is sort of an art form.  You can't tell them that they're wrong.  In fact, they may not be.  What you can do is build a relationship with them.  There are a lot of ways to gain business opportunities through FSBO's w/o ever listing their home.  What you need first is the relationship with them and the technology and "know how" to pick up business by helping them sell their home on their own.

I realize that this goes against the "code."  But if you can fill your pipeline by leveraging their property with your marketing, the sky is the limit.  The key is to realize that there are is more than one way to do business.  You've got to get out of the box!

Bronson- Sounds like a great way to build rapport with them and become the go to guy when they need to find a professional that could help them complete the transaction (should they need the help).

Rob- I agree that working with FSBO's is an art-form... keep doing what you do!

Vincent, you seem to be working things out quite well with FSBOs.  I am happy to have found this group to starting working this niche too.

Great post Vincent.  I have a similar page I use when marketing FSBO's.  I add this to a package in my five point system when trying to work with them.

Latonia- Thanks. Glad you found us here!

Bill- It's necessary, isn't it? Best of luck.

Great Post.....  Good Ideas...  Even excellent.  Very useful.

But the whole approach is starting in the MIDDLE of the game...  

I recommend you start at the BEGINNING : )

I like a formula called AIDA - which stands for Attention, Interest, Desire, Action.

The first thing I explained to the nearly 100 FSBO's I listed - to get their attention and give them a very basic understanding of what I have that they don't, was this....

I meet lots of buyers. (Captures ATTENTION and Creates INTEREST) 

If I bring a good buyer who would make a fair offer for your house, would that be OK with you? ( Inflame  DESIRE)

If I could help you understand a buyer's mindset. Would that be helpful? (Call to action, close for appointment to explain buyer psychology, and preview the house just in case it might be right for one of my buyers)

Once in the door.... ITS NOT ABOUT THE HOUSE.... Connect to the person, their plans, hopes, hobbies, dreams....  Get them talking about where they want to move to and why.... Inflame DESIRE.

CLOSE for PERMISSION to share a listing presentation...

If I could show you the most successful and predictable way to get top dollar for your house, without your having to deal with these buyers, would you be interested?

If I could help you to skip the hassle, and walk away with more money in your pocket, would you be interested? 

CLOSE for the listing....  explain buyer psychology, MLS, marketing plan, CMA... 

Now that you know how this works, you might be more aware of the odds.  This is hard work.  That is why fewer than 10% of FSBO sellers succeed without a realtor being involved.

Realtor listed homes sell for an average of 15% more than FSBO homes, in the same neighborhood.  If my marketing plan gets 9% more than average, and I only charge 6 percent, then who gets the extra 3%?

Ready to get started?

See more tips at www.FsboKiller.com

Lonn- I live by AIDA & ABC. Thanks for stopping by.

Vincent

This is all great stuff, you should put that on a post card and mail it to FSBO's, it would get my attention!

Gary- Thanks for the suggestion... I'm going to try that out.

Wow you guys are coming up with some good info I will have to try some of this out  thanks to all

Bart- Let me know how it works out for you.

Vincent

Just got done reading another blog about an agent helping a FSBO and what he tells them. I hope he finds you quickly.

Gary- Thanks for the vote of confidence. By the way, the suggestion you made is paying off.

Vincent, these are great, great points to use with a FSBO.  Have they helped you get FSBO listings so far?

Patricia- Yes, it's been very helpful. I even got a listing not too far from my office because of this blog.

Hi Vincent - I really enjoyed your post. FSBO's tend to be very matter-of-fact people. I am sure they appreciate your approach!

Nancy- The ones that really appreciate my approach are those that have been trying it on their own for at least 3 weeks.  After-all, we know more buyers than they do and what they're looking for specifically, along with their down-payment, credit history, and salaries (a combination that will ultimately determine if they'll be able to go thru with the deal). If there's one thing we know about FSBO's it's they want to sell today!

Most FSBOs are disappearing in this down market.

Kathy- You're right. The FSBO's out there are listing with a broker much quicker then they were in 2003-05.

This is a wonderful collection of great ways to approach FSBO's.  Thanks for sharing!

Greg- Thank you. It took me a few years to fully understand that FSBO's are just trying to save money but actually losing a small fortune when they try it on their own. I know it might sound silly to some of you. Here's a common scenario to illustrate what I mean - The FSBO finds a buyer... the buyer agrees to the price and terms... four or five months later the seller has picked a new home (a home they're very excited about) and finds out that the buyer isn't qualified and / or doesn't have the credit, the income or even the required initial investment.

Vincent ~ Why is it that an average real estate agent is very intimidated by FSBOs? Most agents (even the newer ones) have more knowledge, experience and contacts than an average FSBO will ever have.  Many of us have the skills toeffectively market their home and an ubiased opinion on their house.

Perhaps it is because we've had a bad experience with one, or two, or ten of them that had an attitude. 

I say: NEXT.

Great post!

Vincent, great post and I was working with a realtor friend here, asking him all kinds of questions and he pretty much said the same thing. 

Marzena- NEXT... is the best attitude to have when dealing with people that are stubborn.

David- Sounds like he knows what he's talking about.

Nice and concise!

Scott- Thanks for stopping by. Glad you liked this post.

I'm a fairly new agent (almost 2 years) in San Antonio.  I can't believe people try to sell on their own!  Usually their property is overpriced and it just sits there.  Even for REALTORS here in the SA area, only about 39% of homes listed during the month of March 2008 sold - compared with 69% in March 2006.  (I try to keep monthly stats on by Activerain blog and at www.homeinsanantonio.org  Stop by and check them out when you get a chance.)

Sylvie- The one universal truth here with FSBO's is that they want or need to sell. What would it do to their plans if they couldn't sell?? Most of them don't understand (at first) that they could be giving up a small fortune by trying to handle a transaction that is extremely complex.

I agree that if you let FSBOs try and do it their way for a little bit they tend to realize that they need a professional.  I have numerous times had them come back to me asking for help.

Kaleb Kunz

Kaleb- It's the best way. This market we're currently in FSBO's need us more than ever.