By Melissa Dittmann Tracey
Think that FSBOs dread hearing from you? Think again. Studies show that nine out of 10 FSBOs eventually end up hiring an agent to sell their home. Yet, only 5 percent of real estate practitioners say they work with FSBOs — which means there’s an untapped market for you to grow your business, says author John Maloof in The Real Estate Agent’s Guide to FSBOS (AMACOM, 2008). To help you get started, Maloof gives scripts for justifying your fees, advice on avoiding communication blunders, tips on building rapport, and techniques for showing FSBOs why it’s not in their best interest to fly solo.
FROM THE BOOK: 5 WAYS TO PROSPECT FSBOS
Selling a home with the help of a real estate practitioner will net home owners 32 percent more at closing than selling on their own, according to a 2006 NATIONAL ASSOCIATION OF REALTORS® study. Still, some home owners try to go it alone. That’s where you come in. Here are some ideas from Maloof’s book.
1. First, find the FSBOs. To create your FSBO prospecting list, scour newspaper classified ads and public ads posted at grocery stores and convenient stores. Record any drive-by sightings of FSBO yard signs. Also, you might subscribe to a FSBO lead provider service, such as www.fsbohotsheet.com or www.fsboleads.com. These companies compile FSBO listings for you on a weekly or daily basis. Another idea: Attend FSBO open houses and then follow up with a card thanking the sellers for allowing you to view their home. In the card, include a list of homes you recently sold in their neighborhood.
Here are the latest top selling books on real estate, according to Amazon.com:
1. Be a Real Estate Millionaire: Secret Strategies for Lifetime Wealth Today, By Dean Graziosi
2. Think Big and Kick Ass in Business and Life, By Donald Trump and Bill Zanker
3. The Pre-Foreclosure Property Investor’s Kit: How to Make Money Buying Distressed Real Estate — Before the Public Auction, By Thomas Lucier
4. Emerging Real Estate Markets: How to Find and Profit from Up-and-Coming Areas, By David Lindahl
5. The ABC’s of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad’s Advisors), By Ken McElroy
6. Home Buying For Dummies (3rd edition), By Eric Tyson and Ray Brown
7. The Millionaire Real Estate Agent: It’s Not About the Money … It’s About Being the Best You Can Be!, By Gary Keller, Dave Jenks, and Jay Papasan
8. Flipping Houses For Dummies, By Ralph R. Roberts and Joe Kraynak
9. Rich Dad’s Real Estate Advantages: Tax and Legal Secrets of Successful Real Estate Investors , By Sharon L. Lechter and Garrett Sutton
10. Kaplan MCAT 2007-2008 Premier Program, Kaplan