One of the reasons I enjoy working with FSBO's is there is far less competition than with opens and expireds. It seems most agents prefer trying to list someone who has already been through the process of using a realtor.
I do agree, it's easier to get your foot in the door, but then again there will have been many feet in that door. Far fewer agents go after FSBO's, so the odds of listing a home in the end are in my favor.
I picked this technique up while attending Floyd Wickman's Sweathog program some years ago. I call it the "Quid Pro Quo" technique. Basically, I barter with the seller some very useful items in return for the opportunity to introduce myself, hand them my card and shake their hand. If I am able to do that, I have completed my goal for the moment.
Let me show you an example of how these phone calls go- you'll notice that the conversation doesn't always start off on the right foot:
"Hi Mr. Smith, it's Bill Carroll from Hampton Estates Realty. How are you today?"
"I'm not listing my house with anyone!"
"That's ok, Mr. Smith, that's not exactly why I'm calling. I actually have a few things I would like to share with you in exchange for a small favor."
"I already told you, I'm not listing."
"I really do understand that, Mr. Smith, and I want you to know I truly respect that. I absolutely believe you have a right to sell on your own. Here's what I'm offering- all I'm asking is that I drive over now, look you in the eye, shake your hand, give you my business card, and hand you a seller's information packet which has documents and information that any seller here in NY will need. Some of the documents included are the NYS lead paint disclosure form, the property condition statement, information on the Peconic transfer tax, and a few other items. It's that simple. No listing presentation, no spiel, no more than a few minutes of your time, unless of course you have some questions on the selling process which I would gladly answer."
"You see Mr. Smith, although there is a chance that you will sell on your own, statistics show that the overwhelming majority of people trying to sell their home on their own eventually list with a broker. It's actually as high as seventy per cent. So If and when the time comes that you decide to use a broker, the odds are you'll think of me. After all, has any other broker actually offered to help you sell on your own? I like to think of myself as your insurance policy. I'll be ready willing and able to help you if and when the time comes."
"Now, I can be over in five minutes. What do you say?"
There you have it. Once you've established to the seller that you really are there to help, you'd be amazed how quickly a working relationship develops. Keep in mind; no two conversations are alike, so you have to be light on your feet.
Don't be surprised if the owner begins to call you for information. Don't be afraid to share comps etc. If your in for a penny, be in for a pound. They will see your sincerity. And if they actually happen to sell on their own, at the very least, you have established a contact for future reference.
As far as the seller's packet is concerned, there are just too many things to list that can be helpful. All you have to do is go through the list of items you as a realtor need to complete a sale and pick out a few. You may even want to send a second packet a week or two later.
Keep in mind that targeting FSBOs is a longer process than most, and it can take a while for the seller to realize it's a little tougher and more frustrating than it looks!
I hope you have found this to be useful. Good luck.
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