FSBOs are a rich source of immediate business, yet few salespeople bother to approach this market with any kind of coordinated plan. There is a way however, the “write way,” which will help you consistently create relationships with these independent stalwarts resulting in a much higher conversion rate into listings. Here’s how you do it.
 

First Contact

Determining an owner’s position in the home sale process is imperative to your ability to forge a relationship, since you need to make your first casual contact as soon as possible after they decide to place their house on the market. But, first things first…why do you need a relationship?

FSBO properties comprised nearly 30% of the homes sold in 1994, according to a report on www.fisbo.com. That’s a sizeable market share for you to target and is well worth your effort.

My Own Experience

On a personal note, since I sold my own home the last time I moved, I have insight into the owner’s side of this equation. In my case, the agent contact I had seemed predatory in nature. One said, “When you get tired of trying to sell it yourself, give me a call.” This was the first thing out of his mouth after a quick introduction and the “handing-out-of-the-business-card” ceremony.

Needless to say, I determined on the spot that I would not succumb to hiring a real estate agent. And even if the unthinkable happened (and I failed to sell it on my own forcing me to call in hired help) it would most definitely NOT be that agent, or anyone affiliated with him, his business, or the franchise he represented. I’m stubborn that way.

Courting the FSBO “Type”

Most folks who decide to sell their own home are just as stubborn/self-sufficient or they don’t have any idea how complicated the process really is…. or (most probably) both. Other agents approached me, but none of them offered me what I really needed … information.

To establish a relationship with an owner-seller, you must offer them value for having an association with you. Initially, they are likely to be suspicious. It is especially important to give away information and to be concerned with helping the “I’ll-do-it-myself” type on their own terms. By doing so, you will give them what they need while establishing yourself as their best local resource. That’s step one.

Writing your first letter to an FSBO

In your first letter or e-mail contact with them, you should offer non-threatening, non-demanding, helpful information about how to “gear up” for selling their home. Some information may repeat what they have already researched on the web. That’s ok, but if you can offer any information that is specific to their geographic area, you are establishing yourself as a resource with information they can’t easily find on their own.

Consider offering standard tips:

• Preparing your house for showing to potential buyers

• Determining the best selling price

• Marketing your own home

Give them a short paragraph of pointers or bulleted checklists on each of these, or similar topics. Make sure your first communication is completely upbeat. Be sure to direct them to your website for more detailed information or downloadable checklists for each topic.

An Example

Dear Mary and John –

Best wishes as you prepare to sell your home. As you probably already know, the local market is a bit slow at the moment since the interest rates have started to climb. You may not yet know that First Bank is offering a special on first-time mortgages for those who qualify. This may help you to assist your potential buyers. Robert Money at the Main Street branch (123-456-7891) can send you more information upon request.

There are several things you can do now to prepare for selling your home:

• Check your “curb appeal” - Be sure you have looked at your home as a potential buyer will. Be objective about the condition of your lawn, the house itself, and anything that may distract from giving the best possible impression. I have a free checklist to help you boost your curb appeal, along with other resources on my website www.comesellwithus.com.

• Determine the best selling price - Buyers may ask you how you determined your selling price. This step is one of the most important you will make. It will determine how quickly your home will sell, or if it will sell at all. Real estate agents usually conduct a CMA (comparative market analysis) for you based on the sales prices of similar homes in your neighborhood or a similar local neighborhood. You can do your own research to determine a reasonable sales price by visiting the courthouse and researching real estate records. I’ve compiled useful information for you ranging from contact information for city offices to the particulars of how to do your market research. Visit my website www.comesellwithus.com for additional information.

• Marketing your home - There are several ways to market your home including commissioning a professional yard sign, placing classified ads in the local paper, distributing flyers and brochures about your home, and effectively using “word of mouth” advertising. For free pointers and resources for printing and distribution of your materials locally, visit: www.comesellwithus.com.

If you have any questions, or if I can be of any assistance, please call me at 1-800-come sell, or e-mail me at agent@comesellwithus.com.

I wish you all the best as you prepare to sell your home,

Joe Agent
Come Sell With Us Real Estate
www.comesellwithus.com

Thank them for their time and wish them well on the prompt and profitable sale of their home and encourage them to contact you if they have any questions, or if you can help them in any way. Do not offer to help them sell their house and do not offer to help them find a new house – those are reserved for the second and third contacts.

This first pass should be all giving on your part, it should demonstrate your knowledge and extend your hand in goodwill and should take place the moment you know they are planning to sell.

Next month’s column will take the second step in forging a relationship, which is to provide pointers and information that will begin to raise questions in the homeowner’s mind about how involved they are willing to become in the actual work of selling a home.

Angela Allen is our WORD MAGIC columnist and a RESS Certified VA. You can visit her website at Wicked Wordcraft and contact her via e-mail at angela@vacentral.com