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FSBO’s Prospecting, It’s All About the Relationship

By
Education & Training with Thneed, LLC

I was reading the other day that most For Sale By Owner properties receive between eight and fifteen calls per day during the first few weeks of their listing.  Unfortunately, almost all of these calls are from hungry real estate agents that are looking to get a listing. 

With all of that competition, my thought is to take a different approach.  Just think that almost all of your competition is trying to convince the prospect that they absolutely need the services of a real estate agent.   Depending on the time on the market and the plans of the prospect, this may go completely against what their plans are for the property.  The prospects' therefore live in denial until they eventually determine that they can't do it on their own.  Only then do they do they decide to call on the resources of a professional, and usually they list with the next agent they call.  This is in spite of blowing off more than 100 agents over the previous few weeks.

As I said above, why not take a different approach.  Instead of trying to convince the prospect that they absolutely need your services, create a relationship with them and help them to understand that you do serve their best interests.  Most FSBO's believe that they can do it on their own, so why not use that as your point of entry.  Some services, 4MySales included, provide FSBO leads with their own website to feature and promote their property.  Other systems and agent provide the FSBO prospects with essential real estate reports and guides.  The idea is to create a relationship with the FSBO by helping them try to achieve their goal of doing it alone.  Statistically, they will need your help, but by creating a relationship with them and demonstrating that you work to serve their interests, you can close a lot more listings with FSBO's.

A final point when working to develop these prospects into clients.  Always call on a Monday as they typically have unproductive open houses during the weekend and are more open to giving your services a try by Monday.  Never call them on Friday for the very same reasons.  Also, discuss their plans, what they are doing, and offer suggestions.  Create the relationship with them and when the time is right, ask for the sale.

Brian Nelso
Thneed, LLC - Aliso Viejo, CA
Brian Nelso

I really like the idea about providing them their own website.  Can you refer me to a template or is it something you design yourself?

Would you put a information request form on it and will you get copied from those seeking informatuion about the home? 

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 Brian, the FSBO service is part of our 4MySales template.  You can see an example of the site that is provided here:  http://www.4mysales.com/4mysales/ryanw/  It is pretty basic, but can be maintained by both the real estate agent and the FSBO prospect. 

Aug 29, 2006 06:39 PM
Adam Dalton
Century 21 M&M and Associates - Turlock Real Estate - Turlock, CA
Realtor - Turlock Homes

Its all about the relationship...thats what has gotten me the sales and listings I have today.  If you treat people like dollar signs they're going to pick up on that.  If you are open and communicate regularly, that is what people really respond to. I got a listing last week from an expired listing because i told her that she would hear from me at least once or twice a week and that she would have updates on any activity.  She said yes long before we talked about price and commission because the relationship and her knowing that i was going to keep her informed was what she wanted, aside from getting it sold of course!

Good luck,

Adam

Aug 29, 2006 06:44 PM
Christopher Smith
TREGO REALTY - Cedar Rapids, IA
Excellent post Barrett.  Another Realtor and I were discussing that point last night, that your point of entry should be just that, to be there for them, to offer them "some" advice, and to not be a pest, but to "politely linger" in the background until they really need your help.
Aug 30, 2006 01:18 AM