Submitted By Linda Fogarty, Managing Broker, Coldwell Banker (with editorial from Craig Forte, Executive Editor)
Don’t you wish every FSBO understood the value your services bring to the transaction? If you’re tired of cold calling FSBO’s to “convince” them to list with you…take just 2 minutes to read how a veteran agent in Illinois gets FSBO prospects to beg her to list their home… Linda’s proven process is a winner if you take this easy strategy and use it in your practice. Here’s her idea (in her own words)… “I have found that cold calling and asking FSBO’s to list with me never works. Instead, I use the following 4-steps to get FSBO’s to beg me to work with them:
STEP 1: Gather FSBO Contact Information
On Friday’s I go through our local paper and the FSBO web site and pull all the “open house” notices in the paper (with phone numbers and addresses) in the areas I’m working.
STEP 2: Contact FSBO’s and Get Appointments
I start making calls to the FSBO’s. My conversation goes like this:
Hi, My name is Linda Fogarty and I’m a real estate broker with Coldwell Banker. I noticed you have your house on the market (NOTE: I DO NOT TELL THEM I KNOW THEY’RE HAVING AN OPEN HOUSE), and I like to stay on top of the market and was wondering if I could preview your home.
Nine times out of ten the FSBO will be more open then any other time. They are getting their home ready for an open house and are afraid no one will show up. So they usually respond by telling me they are having an open house so I can come over. Then, I respond with:
Oh, I would love to but I’m having an open house myself, could I come over AFTER my open house?
They always say, “YES”! The reason I don’t go over during their open house is because I want their undivided attention. I continue to call FSBO’s in the same general area until I have a minimum of 3 appointments.
STEP 3: Make the First Visit and Become the “Helpful Agent”
When I arrive to their home, I start asking questions about their open house and of course my open house was always better. I am building rapport while I’m looking through their home and noticing they don’t have any of the following home marketing tools…
- seller’s disclosure forms
- sign-in forms
I give them a few extra copies of the forms and tools they need to have a good open house. In essence, I become their helpful REALTOR®. Plus, I just happen to have a copy of one of my beautiful brochures of my listings (so they see what they’re missing out on).
STEP 4: Follow-Up Each Week with Valuable Resources
During the next few weeks, I drop by with helpful articles that I read and thought might interest them, or I drop off forms I think they might need, or I do a market analysis for the neighborhood and go over it with them. I have created 10 weeks of “stuff” in files that gives me another reason for going back to them again as a “helpful REALTOR®.”
I rarely or never ask for the listing. In most cases it comes right to me. Why? Because most agents I know who prospect FSBO’s give up after the 1st or 2nd try.
BIG TIP: I stay persistent when other agents are unwilling to keep going back. My average number of contacts with the FSBO is FIVE! I get most listings by the 5th visit, but I don’t give up even if it takes TEN visits. When they’re ready to list, I’m getting the listing. I’ve calculated the amount of time it takes to call 100 FSBO’s to simply get one deal, and found that following up with a handful of open FSBO prospects each week is far more profitable. I know it will be for you too.”
Thanks for sharing, Linda. I don’t think there’s any agent reading this who couldn’t immediately start using your system. Best of all, there’s almost no money needed!
One final thought: even if the FSBO sells on their own, you can add them as a contact to your database for regular monthly contact. And then you open yourself up to getting a flow of referrals. Remember, it’s all about building market share. And market share comes from building and nurturing your Power List of past clients and leads!
By the way, if you’re looking for a fast and easy way to nurture relationships and demonstrate why you’re worthy of referrals, check out this real estate newsletter. It’s the only one I’ve ever seen that offers a PRINT, EMAIL, and SOCIAL MEDIA version. All you do is send it out once a month to bond clients and leads to you like family. Plus this one has special programming devices that practically force people to think of you for real estate. Don’t worry there’s nothing unethical or sneaky, people actually LOVE getting it!
The strategy above is called the FSBO First Date™ System and it can make even most skeptical homeowner ask you to list their home.
- Get preview appointments (“dates”) by calling FSBOs
- Go on your FSBO dates (preview appointments)
- Leave behind extra home-marketing tools that demonstrate your expertise