I hope that you have all enjoyed the training videos and free information provided at www.fsboleadportal.com/blog. Marketing to FSBO's is such a powerful strategy right now that it's hard to ignore. I've always considered both the FSBO niche, and expired listings to be somewhat of the "holy grail" of lead sources for real estate professionals. (The FSBO market is the same for loan officers)
It's hard to imagine a more qualified lead than someone who has stood up and announced: "hey world, I'm ready to sell my home and statistics dictate that within 45 - 60 days I'll most likely need your services!" Great news right?
I just want to remind you that you don't have to work this market alone. If you're a loan officer, get a proactive real estate agent involved, and if you're a real estate agent, get a proactive loan officer involved. There are distinct advantages that the other professional has that you don't. When you combine efforts, you compliment each other quite nicely. Example:
Loan Officer: A loan officer placing phone calls to a FSBO prospect will almost always meet with slightly less resistance. Why? Because the real estate agent is the sellers "enemy" at this point. (I'm using the term enemy quite loosely here - Don't take it the wrong way please) Consider that the FSBO is trying to avoid paying a commision, so any sales call coming from this profession will be met with strong resistance, and an attitude that is "waiting for the other show to drop."
Any call that claims "I'm not trying to get you to list your home" will be preceived as deceptive, (Again, this is a general statement, not an absolute) as it's rare for anyone to offer true help without expecting something in return right? A loan officer on the other hand is not the "enemy" at this stage, and may be able to work their way in a bit easier as it's only natural that the seller will most likely need financing anyway. Last I checked, "Mortgages By Owner" hasn't been invented yet. :)
So why not use this concept to your advantage? Find a hungry lender that's not afraid of a little work, and is hungry enough to make some waves. Getting in the front door might be a bit easier with his/her help.
Real Estate Agent: The real estate agent has some advantages as well. With an in-depth knowledge of the local market, and useful tools at their disposal, a good real estate agent makes a powerful ally. Typically, after the initial enthusiasm and "I can do it on my own" attitude wears off and reality sets in, the FSBO will open up and start to listen to what the real estate professional has to say.
By having a loan officer to lead the charge early on coupled with a real estate professional joining the sales effort after introductions are made, we were able to absolutely dominate our local market. This is not to say that a lone lender or real estate agent cannot effectively market themselves. Many get along just fine and even thrive.
But today, when having multiple streams of income/leads flowing in is more important than ever, it sure makes a lot of sense to leverage your efforts.
Enjoy our latest "mini-demo" at www.fsboleadportal.com
Chad Weber - FSBO Lead Portal