Ultima Real Estate Services

Traditional Real Estate Prospecting

I.For Sale By Owners

A.Why do FSBOs want to sell themselves?

1.Fear

2.Lack of Motivation

3.Save Money on a commission

4.Bad Experience in the past

B.Why do most agents avoid them?

  1. Fear of Rejection
  2. Fear of Embarrassment
  3. Fear of Confrontation

C.Eliminate your fears by

  1. Knowing your product
  2. Planning your presentation
  3. Bringing the FSBO something of value
E.Different Approaches to overcoming the FSBO
  • Drop by to view their home
  • Inquire about the property, (and any of the things below)
  1. and ask if they will pay a 3% commission for a buyer’s broker
  2. Inquire about the seller’s disclosure (if they don’t have one, explain it is the law)
  3. Ask if they have it on the Internet
  4. Ask where they have it advertised
  5. Ask if they have had any open houses, how many people, etc.
  • Keep in touch with them (at least every week)
  • Offer to give them tips on selling their home themselves
  • Offer the “Named Exclusions Addendum” to the seller
  • Offer a reduced commission
  • Offer a flat fee program
F.Key Points In dealing with a FSBO
  • The 4th week is the decisive period. If it hasn’t sold by that time, they will be ready to turn it over to an agent.
  • Keep in touch with the FSBO on Sunday nights. Call them and tell them about the great day you had showing, and if they had any luck. If they haven't, you will be in a position for them to ask you for a listing appointment.
  • Over 90% of the FSBOs eventually list their property.
  • Don’t throw the baby out with the bath water. If they DO find a buyer, ask them if they’ll allow you to contact the people that weren’t interested in buying their home. You might be able to assist them, and you still get 10 to 20 buyer leads!
  • Be Creative. Everyone wants to mail a postcard to the FSBO. Unless you have something of real value to them, a simple postcard won’t do it. Go visit them. Agents don’t take the time to establish the relationship, so they don’t get a good return on this marketing system.
II.Expired Listings

Expired listing owners must be contacted as soon as they expire. It’s best to check your geographical farm area daily for expired listings.

If you have previewed the listing when it was listed, and you have been doing your marketing, your name should be somewhat familiar to the seller.

Generally, expired listing sellers are anxious to sell and will get realistic on their price if properly coached about it. They will also seem to be mad at the previous real estate agent. Avoid talking about the agent, but address how you will overcome the same situation. Using our guarantees are the best marketing tools available to overcome an expired listing’s previous experience.

Basic Real Estate Training 1