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Part 5: How to Take a FSBO and Create a Client

March 02 2011


mouseWhen it comes to technology and the real estate agents, I believe agents want to use technology to its fullest extent to serve customers better and in the most cost-efficient way. But they have been overrun by technology.

Some real estate agents are are searching for a technique, tool, software or system that will eliminate the task of prospecting, when in fact it will only eliminate prospects. It's time to get back in touch with some real, fundamental principles about the reality of prospecting.

This week here are two tips:

Tip #5: Show Up

Tip #6: Take the BO out of FSBO

Tip #5: Show Up.

When you go to the dentist, you want to see your dentist ?... personally. You'll accept a certain amount of interaction with support staff but ultimately you want personal contact with the professional. So in your business, remember that it is YOU that your prospects want to hear from. Don't use secretaries, assistants and support agents to separate yourself from your clients. Use them to manage the transactions and paperwork.

When you're out and around, make a point of popping in and saying hello to your key clients. Visit local businesses that have provided you leads. Drop off whatever small gifts you use in your prospecting such as notepads, calendars, mugs, etc.

Pay special attention to your past clients. Arrange lunches and dinner with them. Plan parties or events for them. Buy a block of tickets to a movie or sporting event and invite them to your Customer Appreciation Day.

Tip #6: Take the BO out of FSBO.

For Sale by Owners (FSBOs) are such an excellent source of business. You don't have to search through hundreds of homeowners to see who's moving. They're putting out signs and spending their own money on advertising to announce, Hey, right here, we're moving now! How great is that? However, the unspoken message that keeps agents away is...?  But we don't want to list with you. Well, about 80 percent of them will list with someone and it might as well be you. FSBOs are easy to list if you treat it as a game and just relax. Here are some basic rules.

Visit FSBOs in person first, not via mail or telephone. Few other agents will do this, so already you have a competitive edge. They see a nice smiling face and will at least give you a couple of minutes of their time. Mail does nothing and telephone calls just annoy them. After they've met you, then mail or telephone calls have more meaning to them.

Don't try to list on the first attempt. Your first contact is just to say hello and introduce yourself. Just say, I see that you're selling your home. How's it going for you?

Don't discourage the owner. Any negative comments about their ability to market their home will only hurt the rapport you''re trying to build. Instead, be a resource for them if they have questions.

Don't try to sell them your services ?... yet. Wait till later when you actually get a listing presentation. Then it will be time to present your marketing plan.

Follow up. This is the key. Keep going back again every four to seven days. No selling, no discouraging; instead, just wait them out. If the home hasn't sold in about four weeks, then it probably won't. But it will take them an additional two weeks to figure that out, so you must be there in that window between week four and six.

Ask them questions about their marketing. They will have to ponder their lack of progress and move closer to considering a real estate agent.

  • How are you attempting to attract buyers?
  • How many prospects have you had?
  • Were they financially and emotionally ready to buy?
  • Have you received any written contracts?
  • Have you located another home?
  • If your buyers have a home to sell, do you want them to list with an agent or try to sell it themselves?

Present your marketing plan. At some point they will become discouraged at their lack of sale and be ready to hear what you have to offer. Invite yourself into the home and proceed with your standard listing presentation. Be sure to contrast the differences between what an owner can do and how much more you can do.