- 03 May
FSBO prospecting can be a great source of leads that can help you grow your real estate business. A FSBO (For Sale By Owner) is an owner who is not using a broker or agent to sell their home. Prospecting to this group will require the right strategies and resources to make it a lucrative niche.
Benefits of FSBO Prospecting
FSBO prospecting is not easy but can be a great source of leads. In fact, according to a study conducted by The National Association of Realtors, 92% of FSBOs will eventually use a realtor. Furthermore, FSBO listings are quite abundant and very low cost to go after. Here are some additional reasons to tap into this niche:
- There is a qualified need to sell
- Homeowners have a timeline in place for selling
- A lack of marketing experience and negotiating skills is present among sellers
Resources on FSBO Prospecting
Prospecting FSBOs can tough and requires the right skills and motivation. Below are resources and tools that can improve your effectiveness.
FSBO Prospecting Videos
FSBO prospecting can be tough but this video will provide you with all the prospecting tips you need to start winning more FSBO listings and closing more deals!
Real estate prospecting with FSBOs has the potential to be a great source of leads. This video helps provide you with a plan to counteract the resistance you will receive when dealing with homeowners (AKA Zero Resistance FSBO Prospecting Technique).
FSBO Prospecting Books
By Chet Holmes , this book gives you the exact strategies you need to beat out the competition and exceed your own expectations. According to Chet, all it requires is one hour per week to have impact on the areas you want to improve.
This book by John Maloof, will help you reach the untapped resource that is FSBO prospecting. John has created an impressive career out of farming FSBOs. During his first year of using his prospecting plan, he pulled in over six figures. In this book, he shares his proven techniques on finding FSBOs, formulating a marketing plan, handling rejections and more.
Real estate agents country-wide have turned to this book by Jason Morris. For his FSBO system that has been documented and tested successfully. With over 12 years experience with FSBOs, you will get the all the information you need to implement this cost effective system that you can start implementing right away. Expect to find FSBO scripts, a FSBO follow up system, how to go about pricing FSBOs and more.
FSBO prospecting scripts
Producing videos since 2013, Brandon Mulrenin shows how to use his successful FSBO script with this live FSBO cold call. Follow in his footsteps and you will be booking appointments in no time.
Chastin J. Miles is a successful real estate entrepreneur who has been helping empower real estate entrepreneurs with his helpful videos. Thousands of subscribers turn to his videos for insight into how to build their brand and real estate careers .
Loida Velazquez is a “real estate hustler” who’s channel is aimed at providing real estate professionals with helpful content like tips for open houses and how to get more real estate leads from social media.
Writing FSBO Prospecting Letters/FSBO Postcards
Writing great prospecting letters is one of the best ways to reach out to FSBO sellers. You want the letter to convey how beneficial your services and capabilities are. Here are some helpful tips to keep in mind when writing a FSBO prospecting letter:
- Stay away from anything negative: It may be tempting to focus on why it is not a good idea to sell a home on your own, but resist the temptation. This can really rub sellers the wrong way.
- Be unique: It’s hard to stand out from the competition when you offer everything they do. Try to make your brand unique and FSBOs will appreciate this since you come across as different and more aware of their needs. When writing a FSBO prospecting letter, make sure you send out different ones for each outreach. Include specific details on the home and the seller will see you are taking the time to make things more personalized.
- Watch how you communicate: It may be tempting to list all the reasons the homeowner doesn’t have what it takes to sell their home, but this will put them off. The reality is that many sellers are actually capable of selling their own home. With online resources like Youtube and Zillow, there is plenty of information out there. In your FSBO prospecting letter, you need to position yourself as a partner in the process.
- Present your value: A key part of your prospecting letter is to show off your value. How are you going to help save them time? What will your marketing strategy be? What are you going to do different from them? This should all be in your letter.
For FSBO prospecting letter ideas, click here.
For Sale By Owner Tips
Since the middle man is removed during the FSBO process, you have the opportunity to sell your home for the highest possible profit. Here are some helpful for sale by owner tips:
- Behave like a salesman: You are going to feel an attachment to your home, but you need to leave that at the door. You have to look at your house objectively and look at it as a real estate professional would.
- Do your research: Look into how much comparable homes in the area are going for. Make sure your compromises and concessions are fair when it comes to valuing your home.
- Stage your home and take photos: When you use a professional to stage your house and take photos, it conveys that you are serious about selling your home. In a sea of FSBO listings, your home will stand out.
- Advertise: Even with a small budget, there are many places to advertise your home for sale. Websites like Zillow.com, Trulia.com, Forsalebyowner.com, are a great place to start. There are also plenty of other places like Facebook Marketplace and Craigslist to help promote your home.