The market has been hot and sellers have been trying to go it alone to save a few bucks on commission. How hard can it be, right? Well, we know that FSBO listings tend to sit longer, get fewer offers and sell for less (if they sell at all). So, how can we convince FSBOs to list with us? The good news is that FSBO prospecting calls tend to be a little easier than calling on expired listings. They have a higher answer rate than expireds and the owners tend to be friendlier over the phone since they're expecting calls inquiring on their property. Preparing for an FSBO listing appointment, however, can be a daunting task.
FSBO business is a big chunk of Jeff's team's listing business. If you want a deeper dive, Jeff spends an entire session in SalesRocket on FSBO business.
Here are 7 materials you should bring to your next (and every) FSBO listing appointment:
1. Bring your normal listing materials AND buyer materials
Your FSBO is probably planning on moving! Always be prepared to take them on as a buyer, either in addition to winning the listing, or without winning the listing.
2. Bring a copy of their Zillow listing
Print, memorize, and bring a copy of their online Zillow listing. You should know the ins and outs of their listing - in their words. This will help you connect and will make you come across as highly educated.
3. Bring analytical studies on FSBO listings sold vs. Agent sold
Help them understand the value you bring and back it up with real data. If their goal is to net the same or more than they would with an agent - then getting a higher offer on their home in less time and with less hassle is probably worth it to them, even after paying commission.
4. Bring 4-5 examples of highest & best, multiple offer situations (preferably your own)
Demonstrate the fact that sellers who list with agents (or brokerages) get more money for their house and put more money in the seller's pocket. (That's the bottom line - more money for the seller!)
If you don't have any recent highest/best - bring your team's or brokerage's listings.
Jeff spends an entire session in SalesRocket Virtual on winning FSBO listings, including where to find FSBOs, the best ways to contact them, what scripts work best, the follow up formula, how to handle their most common objections and more!
5. Bring 2-3 examples of sellers who ran into appraisal issues - and what you did to resolve the issue
Did you know that 2 out of 3 real estate transactions do not make it to closing at the same price and terms as originally negotiated? That means that only 1/3 make it all the way. Explain how beneficial it is to have an agent on their side to help them through this process.
6. Bring FSBO-specific reviews - either your own or your team/brokerage
Illustrate how happy sellers were when they decided to hire you or your team/brokerage rather than trying to sell on their own.
7. Bring sample properties in the areas they're interested
Make sure you get this information over the phone before your appointment! Be ready to pivot to the Buyer conversation - get them excited about where they're going and start creating a great relationship.
Answer these four questions in the mind of your FSBO:
What will my house sell for and what will I net?
Why would I list with you vs. selling on my own?
How long will this take?
What will you do differently from the rest?
The winning is in the follow up
Now you know what to bring to your next FSBO listing appointment. With FSBOs, however, the winning is in the follow up! They might not be ready right away, but keep checking in and maintain that relationship. You can download our FSBO 5-Week Follow Up Formula on the Glover U app.