The market these days seems saturated with For Sale by Owner (FSBO) properties. Convincing potential sellers to trust the process of listing their homes through a professional can seem like an uphill battle. If you're struggling to sway FSBO sellers to enlist the help of a real estate agent or broker, know that it is far from impossible! Establishing yourself as an authoritative figure who understands the nuances of pricing and preparing a home for sale will have your FSBO prospects wanting you to manage their transactions in no time. Read on in this blog post for some easy ways to build up your credentials with FSBOs!
Explain how they can save time.
Most FSBOs are motivated by the idea of not having to pay commissions and/or saving time in the process. Generally speaking, this is a short-sighted approach that overlooks some key elements -- namely, listing price optimization, negotiation strategies, marketing, and advertising techniques for maximum exposure -- which can all be executed with significantly greater success when handled by an experienced professional. In fact, according to research conducted by The National Association of Realtors (NAR), selling one's home on their own yields a net sale proceeds 3 percent lower than when using a real estate agent or broker.
Having market research at your disposal is a must.
When approaching potential FSBO sellers, always make sure you come prepared with market data such as inventory levels and recent sales information related to the area. This will help to emphasize the growing importance of having an experienced professional in charge, who can ensure both a smooth sale and a reasonable list price. Additionally, make sure that you explain the benefits of working with a real estate pro such as yourself: including more leads and greater access to qualified buyers through online sites like Zillow or Redfin; leveraging your specialized knowledge in pricing, staging, marketing, and negotiation; as well as offering support throughout each step of the transaction process.
Final Thoughts
At the end of the day, FSBOs are looking for someone they can trust to effectively manage their property listing and ultimately get them top dollar -- so make sure you come prepared! Armed with market data and industry expertise, real estate agents have all the tools they need to successfully land FSBOs and convert them into satisfied clients.
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