Tips for Making the Initial Contact with FSBO's
As you know by now, For Sale By Owner (FSBO) properties can be a great source of business for real estate agents. However, approaching a FSBO seller can be daunting, especially if you've never worked with them before. Here are some tips for making the initial contact with FSBO's.
Research the Property
Before reaching out to the FSBO seller, it's important to do some research on the property. This includes finding out the property's location, size, condition, and asking price. Spend some time looking at the history of the property: When did the owner purchase it? What price did they pay? What do they owe? This will impress the seller showing them that you've done your homework but more importantly allow you to tailor your approach to focus on the things that matter most to the seller.
Introduce Yourself
When making the initial contact, be sure to introduce yourself and explain why you're calling. Let the seller know that you're a real estate agent and that you're interested in helping them sell their property. Be clear about the benefits of working with an agent, such as access to a wider pool of potential buyers, marketing expertise, and the ability to negotiate on their behalf.
Be Honest
One of the worst strategies out there is to tell the home seller that you have a buyer interested in the home, when you don't. It is amazing to bring an interested buyer if you have one but avoid this temptation if you don't. FSBO sellers get told this lie over and over again. Be different. Be honest. Never seek to start a relationship with a FSBO with a lie.
Build Rapport
Building rapport is an important part of any sales process, and it's no different when approaching FSBO's. Take the time to ask the seller about their experience so far, what their goals are, and what challenges they've encountered. This will help you understand their perspective and build a relationship based on trust.
Offer Value
One way to differentiate yourself from other agents is by offering value upfront. This can include providing the seller with a Comparative Market Analysis (CMA) to help them set an appropriate asking price, holding an open house for the seller or offering tips on how to stage the property to make it more appealing to buyers. By offering value upfront, you show the seller that you're invested in their success.
Follow Up
After making the initial contact, be sure to follow up with the seller. This can include sending a follow-up email or calling them a few days later to see if they have any questions or if they're interested in working with you. By following up, you show the seller that you're committed to helping them sell their property.
Making the initial contact with FSBO's can be a challenge, but it's an important part of building your business as a real estate agent. By researching the property, introducing yourself, being honest, building rapport, offering value, and following up, you can make a strong first impression and establish a relationship with the seller based on trust and mutual benefit.