I love for-sale-by-owners. Why? Because it\u2019s like owning oil wells when you know how to work with by-owners. Without a doubt, they are the easiest avenue to real estate success out there. Yet so many agents choke up whenever they have an opportunity to work with by-owners. Somehow, they always find reasons not to.<\/p>\n
Why do so many real estate people fail to tap the by-owner gold mine? Three reasons:<\/p>\n
Follow my step-by-step process and you will find gold under by-owner signs. At this point, let me warn you about one thing: my process won\u2019t work overnight. You have to keep at it strongly for at least three weeks before you see the nuggets start to come out of your personal forsale- by-owner gold mine. If you aren\u2019t willing to wait three weeks for a payoff, you\u2019re in the wrong career.<\/p>\n
Some of the steps overlap a bit, but read them all before you take any action.<\/p>\n
No. 1 \u2013 Stake Your Claim<\/strong>\u00a0Concentrate your efforts by choosing a clearly defined target area in which you\u2019ll work with all promising by-owners. This could be a geographical area, a type of home, or a certain price range of property. Before you begin, clear your plans with your manager. It\u2019s vital that you fully understand your office\u2019s policies and the rights of other agents.<\/p>\n Since you intend to dig deep enough to strike gold instead of skimming over the treetops, start with a smaller area than you expect to cover eventually. Sharpen your skills there. Then, as soon as you\u2019re working efficiently with by-owners, you\u2019ll be able to expand your effort without losing power.<\/p>\n No. 2 \u2013 Research By-Owner Ads<\/strong>\u00a0or Listings Every Morning<\/strong>\u00a0Not once in a while \u2013 every morning, every month. Enter the information into the CRM you are using. You won\u2019t have all the information you need at first, but you\u2019re going to get it.<\/p>\n Once you start making some money in this business, you might want to subscribe to a service that does this step for you. There are companies online that will, for a fee, provide you with all the latest by-owner listings<\/p>\n No. 3 \u2013 Decide on a Plan of Action for Each<\/strong>\u00a0When will you call on them? What will you say? How will you get them to see that you\u2019re not the enemy, just someone providing a valuable service in the area? Start thinking strategy the moment you lay eyes on each ad.<\/p>\n No. 4 \u2013 Act on Your Plans Every Day of the Month Energy<\/strong>\u00a0is the key element in getting started at listing for-sale-by-owners. One of the major reasons why they eventually go for professional service is that they get tired of giving up their free time evenings and weekends. By-owners look for workers, not players. If you call Monday on their Sunday ad, they\u2019ll think you watched the ponies run while they sweated through another open house. You won\u2019t become a champion lister on the 40-hours-a-week plan. Be sure to let the by-owners know that you\u2019re making things happen in real estate on the weekends.<\/p>\n No. 5 \u2013 See the People<\/strong>\u00a0There are two ways to get in to see a by-owner. You can phone them seeking a listing \u2013 only if their number does not appear on the National Do Not Call List. If you have a qualified buyer, you may call as the buyer\u2019s agent \u2013 even if the number listed is on the Do Not Call List.<\/p>\n Another way of contacting them is to stop by the home. If they\u2019re not on the DNC list, always phone for permission to pop by and visit. The advantages are many. You can call earlier in the morning than you can knock. With the time that one unannounced visit will take, you can phone several by-owners. By phoning first, you won\u2019t waste so many precious minutes ringing doorbells at empty houses or interrupting people during their morning get-out-of-the-house routines. On the phone, you\u2019re more in control of the situation; you can use your sophisticated and well-rehearsed techniques to ease your way into their presence.<\/p>\n To keep FSBOs from hanging up on you when you identify yourself as a real estate agent, simply say this, \u201cI understand that you want to sell the home yourself. I\u2019m just asking for permission, if I have a qualified buyer who might be interested, to bring them your way.\u201d This will make them curious.<\/p>\n When they ask why you\u2019d do that say, \u201cAs the agent for buyers, it\u2019s my job to be able to present them information on all available properties that meet their needs, whether I\u2019ve listed them or not.\u201d This tells the sellers you\u2019re a professional and will cause them to lower their resistance to you.<\/p>\n Then, simply ask for permission to view the home with the intention of gathering data for your buyers to consider. When they agree, you have your foot in the door because you\u2019ve approached them differently than all the other agents who called asking for the listing.<\/p>\n During your visit with them, don\u2019t push for the listing. Simply ask how they\u2019re handling the marketing; if they\u2019re getting many showings, and so on. In other words, help them realize the heavy load they\u2019ve taken on by trying to sell the home themselves. Then, call them weekly asking about how much activity they\u2019ve been having while telling them about all the activity you\u2019ve generated. Eventually, most FSBOs will see the light and give you the listing.<\/p>\n Follow these steps and you\u2019ll soon tap into the by-owner goldmine!<\/p>\n","protected":false},"excerpt":{"rendered":" I love for-sale-by-owners. Why? Because it\u2019s like owning oil wells when you know how to work with by-owners. Without a doubt, they are the easiest avenue to real estate success out there. Yet so many agents choke up whenever they have an opportunity to work with by-owners. Somehow, they always find reasons not to. 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