Finding Prosperity in FSBOs

In a recent Secrets Webinar, Jim Remley, best selling author and founder of FSBOListingGuru.com, shared his expertise on converting FSBO properties into agent listings. However, many agents are hesitant about asking the owners of FSBO properties to list with them. Because of this, Remley offers a number of suggestions to boost an agent's confidence and help them add more FSBOs to their list.

Prospecting

According to Remley, "There's nothing more powerful than setting aside an hour a day dedicated to prospecting, especially for new agents. If you don't do this, you're setting yourself up for failure." Avoid going through the peaks and valleys of prospecting, where you push for prospects when business is slow, but avoid it when the till is full. Continuous prospecting keeps you from entering the downward spiral where you start anticipating failure and slowly stop searching.

Remley notes that only 4% of sellers said their primary reason for not working with an agent was simply because they didn't want to. Other reasons include not wanting to pay a commission fee, selling the property to a friend or family member, the buyer contacted the seller directly, or the owner already listed with an agent who was unsuccessful in selling their property. Because of this, Remley believes that agents will be able to grow their listings by prospecting FSBO properties.

The "Yes" Factor

Many agents are nervous about how to approach the owner of a FSBO. When planning what to say, ask yourself, "What would I say 'yes' to?" Doing so helps you set yourself up for success, because you will already be considering what would fit the owner's best interest.

It also gives you the opportunity to put yourself in the owner's position. Do you believe in your value as an agent? Would the owners benefit from listing their property with you? If you don't believe that someone is better off listing their home with you, then neither will they.

Why List with an Agent

Remley notes that it's important to show owners of FSBOs the worth of working with an agent. Overall, agents are able to sell a property for more money since they are more familiar with the market, sell homes full-time, and able to price a home more accurately. In addition to this, agents are able to view the property objectively, acknowledging both its faults and its values. Furthermore, agents have the ability to put the property in front of a much larger audience than a homeowner would be able to on their own. Finally, buyer agents are more willing to work with a property that already has a selling agent, since they know they won't be the ones doing all the work.

In the end, 84% of all FSBOs end up working with a real estate professional. By prospecting and showing your worth as an agent, you determine whether it will be listed with you or with someone else.

To view the original article, visit the Homes.com blog.