If you’re an NYC-based real estate salesperson/broker trying to generate and convert FSBO leads,
we understand how challenging it can be. There is a lot to take into account. That’s why we created
this guide, sharing our top 10 tips on how to convert FSBOs into listings. Let’s get started.
We all know the early bird gets the worm - and this is no exception when pursuing FSBO properties. With countless agents vying for homeowners’ attention, it’s crucial to stand out and make a great first impression. You’ll stand out in the homeowner’s mind as not only the first agent they spoke to, but the one with the most passion. You can sharpen your competitive edge even further by taking advantage of professional, localized lead generation software like ours, empowering you to contact FSBO sellers near-instantly after they list their property.
You don’t need to be Shakespeare to write engaging content. According to a report compiled by Keller Williams Realty, “agents who excel with FSBOs and expired listings make a point to roleplay, practice, and have good scripts that can overcome the objections of the homeowners that they come into contact with.” It is absolutely crucial to be prepared when making any sale, and FSBO’s are no different. You need a well-prepared script that gives you confidence and clarity. There are plenty of online scripts available through a quick Google search that will send you well on your way. Here are two scripts we found that you should check out::
fitsmallbusiness.com/free-fsbo-scripts-forsale-by-owner and
Why not test several to see what works best for you, your personality, and your target demographic? From there, try to find a broker friend who is also interested in rehearsing scripts. You can role-play together. The more you practice, the closer you’ll get to perfecting your approach. It takes a bit of motivation and patience, but trust us - it’s worth it. You’ll be closer to closing the deal in no time.
Knowing what to avoid is just as important as knowing what to do. If you want to close more deals, here are some key things you should not do:
Disagree with your prospect's choice to list without a broker. Your job is to gently explain to them how you can help them, without offending their choices. The last thing you want is to offend a prospect then have your competitor call them and do what you should have done.
Let their determination to sell on their own (or their lack of interest in you) demotivate you. It’s important to control your emotions and speak to prospects as though you are only there to help them. While you know they should be using an agent, they don’t.
Know what parts of selling are most challenging for FSBO sellers
When an owner chooses to list their own property, there are plenty of challenges involved. That’s where you come in - subtly crafting the conversation with these items in mind. According to the National Association of Realtors, there are 5 top aspects that owners struggle with the most. By understanding these, you can use them in your scripts to explain to prospects why they need you. prospects why they need you.
Getting The Price Right
Obviously, you can use your experience to help them with this. Tactfully and strategically explain how you can assist.
Understanding And Completing Paperwork
Explain to prospects that you deal with property
paperwork all day every day, and can save them
tons of time and sanity with board packages,
applications, mortgage documents, etc.
Selling Within The Desired Timeframe
This is a massive problem for FSBOs. Because FSBO’s are often listed on fewer databases, they get less buyer traffic and tend to sit on the market much longer than a typical listing.
Preparing and fixing up the home for sale
From home staging to cleaning, repairs, renovations, and more, there’s a lot to do when selling a home. Make this clear when trying to sell yourself to prospects. Owners might not know which preparations are the most cost-effective to make the biggest impression on buyers. Show them how you can help them!
Having Enough Time To Spend On All Aspects Of The Sale
Get to know the owners a bit and understand what they enjoy and how they like to spend their time. We’re all busy. Remind your buyers of how busy they are with other things, while real estate is your full-time commitment!
Finding qualified buyers is imperative, especially in a place like NYC where most residential real estate is comprised of co-ops. In today’s buyer’s market, sellers are more likely to accept the first offer they get. Unfortunately, this often results in sellers accepting offers from unqualified buyers, missing out on the true value they deserve. Make it rystal-clear that you have the ability and experience needed to recognize legitimate, qualified buyers. Give them peace of mind that you will help them get the biggest return on investment and avoid unqualified time-wasters.
Once a FSBO is listed, the prospect will likely be inundated with inquiries from buyers and brokers. Don’t be “just another message.” Cut through the noise of email clutter and phone calls by showing your prospect that you’re willing to make the effort to actually meet in person and view their property. They’ll see how serious you are, and will hopefully be keen to show you their property.
You want to make it clear that you’re interested - not desperate. If you’ve successfully connected via phone, email, and face-to-face, don’t destroy everything you’ve worked so hard for by coming off as overzealous. In most cases, your prospect has gone through a lot of trouble to list their property themselves. Expect the FSBO seller to try selling on their own for at least 30-60 days. Then it’s possible that they may tire and consider hiring a broker. At that point it may be your chance to swoop in and offer your assistance.
Selling one's home can be a stressful and frustrating process. Speak to the prospect with a genuine desire to add value and help them through offering experience-based professional advice without an expectation of anything in return. The prospect will recognize your experience and sincerity. This will immediately and significantly differentiate you from other brokers.
If the owner is still convinced they’ll find their own buyer, and you disagree, you can boost your chances of success by promising them slightly below-market commission if you can successfully help them find the buyer. It’s a win-win all around. It’s better for the broker to get a listing at a slightly below-market commission rate than no listing at all. After all, it could result in more business through referrals or direct buyers.
You could spend countless hours generating your own leads, or, you could save your precious time and lots of headache by hiring professionals to do it for you. We want to help you do the latter with FSBO Weekly. If there’s anyone who knows New York City and its databases, it’s us. We know how to find contact information you won’t find anywhere else - even if it’s not listed. Why? Because we are the best at scouring every available on-market and off-market source of leads and hand-verifying them. We personally verify all listings, phone numbers, and email addresses so you can spend less time dealing with bad leads. $49.95/month is a small price to pay for such comprehensive services. In fact, that’s about half of what similar services cost. Try out FSBO weekly for yourself by visiting us online at FSBOweekly.com We look forward to doing business with you and helping you to grow your business!