The strategy for listing a “For Sale by Owner”
To list a For Sale by Owner (FSBO) it takes time and patience. Typically, you need to call / visit the subject 10 times before they list with you. Your goal: Build familiarity. Become their friend and helper and be persistent.
- In person, knock on FSBO door (somewhat near where you live) and introduce yourself as an agent. Ask if they will pay you 3% if you bring a buyer? They will say yes. (No need for it in writing) Say that is great. When can I tour your house, so I know what to tell my buyers? Then tour and build camaraderie by complement them and their house. Build friendship. Get their name, email, and phone along with their brochure.
- Call the next day and ask if they are going to be doing an Open House. If so, ask if they would like to borrow your Open House signs? Tell them it helps them, and it helps you by getting your name known in the community.
- Arrange a time prior to the Open House to drop them off.
- While with him give him a sign in sheet (you created) asking for name, phone and email.
- Ask them to please after the Open to blacken out those interested in their home, but you would like it to call and try to work with them to buy something else.
- Next day, call and ask how their Open house went? Say that’s too bad, things are going well at my office. Anyway, when can I come back and get my signs and the sign in sheet?
- The next day, call and ask if you can make them a personal brochure for buyers coming in?
- A few days later, tell them if they do get a buyer you wanted to drop off the Sales Contract papers they will need. (Bring lots of pages to show the difficulty of the whole sales process looking overwhelming.)
- End of the week, drop in and ask where are they moving to? If they let you be their buyer /agent, you will do the listing for 1% and reduce the buyer agent commission to 2.5% Total only 3.5% Not much different from the 3% you are at right now.
- Continue with a wide variety of excuses to keep going back until they say go away or they die.
Persistence and familiarity are the secrets to success. Other agents do one visit and give up. Keep in mind, sellers want to sell their home, so you are right in the bees’ nest. Self-confidence, helpfulness and friendliness works. All your visits mean they now know you; more important, they like you.