Dou you work the FSBO & Expired market?
I was just wondering if anyone works this type of market, or in the past worked with them? What are your thoughts on working those markets? What experiences have you had when working with the FSBO's & Expired Listings? Or the ups and downs of working with FSBO's and Expired Listings?
Do agents usually leave this market for a last resort to get business? I just do not know of anyone that commits the time and effort into these markets?
Nicole,
I think working the FSBO market or the FSBO expireds is the same. In other words, we use principles and the same plan. A FSBO will list with you when three things happen:
These things happen over time, and they happen with a consistent plan that you implement. If you haven't seen my post on my FSBO pitch on my website, you're welcome to view it here:
Typically I do not work FSBO. I guess i feel why work with someone who (usually) does not value your service and thinks they know more than you? I understand money but the stats still support listed properties selling quicker and for more dollars. Anyway, I disagree with Patsy.... why would you not want listings? Even in a tanked market. Listings are the way to create an income stream. If the marketing time is up 3x then you need 3x as many listings as before to keep your income. They take work and constant communication. The communication is important as that avoids problems especially if the property sits on the market. Price them correctly, keep on top of the market as it changes and keep the seller aware of the market and your efforts and make the seller aware up front of the pitfalls. In most market areas you will get results and far more easily and quicker than FSBO chasing.
That siad, if you are new to an area and have not yet built up a referral list FSBOs are better than watching paint dry.... but work on a client list and referrals will come too.
We have had moderate to good success with FSBO properties in the past and are working towards bringing them back into the fold. When we put on our 203k seminars we invite FSBO sellers to come and bring their properties. We do, however, get them to agree to pay a commission to our host Realtor that night if we provide a buyer within the next few days then if it works as designed we actually find a buyer that night. The Realtor that co-hosts the event is very happy when that happens as we all are. No, most of the FSBO don't become 203k, however they might if we find anything wrong at all... that can be repaired.. that isn't all bad, this quite often results in a quick sale, at a higher price and the FSBO gets their full price, the agent gets a commission, and the buyer gets the repairs done before they move in, but after it closes escrow. We continue to open the eyes of the real estate community that most homes are "Perfect for a 203k"
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