By Mark Mathis,
General Manager, Agent and Broker Sales, Homes.com
You may be busy
preparing your home, family or even wardrobe for winter, but don’t forget that
you should be preparing your business, as well. As the market slows down during
the colder months, it may be more difficult to generate new listings. Because
of this, now is an opportune time to look for FSBO and expired listings to work
with.
Statistics show that
nearly 92 percent of sellers who try to market a home on their
own fail and many expired listings eventually go back on the market, which
presents a lot of opportunity for you to find new listings. It’s up to you to
show the value you offer in a selling situation. Here are three steps to help
you prepare to meet with this kind of seller.
Plan Your Approach
When a listing expires, it’s often because the property wasn’t marketed or priced properly. This is an optimal opportunity to show sellers how you’re different (and better) than their previous agent. Create a marketing plan and present it to the seller, showing them how you would market their home. Include points about establishing a strong web presence, your use of social media, sample advertising ideas, etc. Your marketing plan should show how you can connect with potential buyers and create opportunities to sell.
When a listing expires, it’s often because the property wasn’t marketed or priced properly. This is an optimal opportunity to show sellers how you’re different (and better) than their previous agent. Create a marketing plan and present it to the seller, showing them how you would market their home. Include points about establishing a strong web presence, your use of social media, sample advertising ideas, etc. Your marketing plan should show how you can connect with potential buyers and create opportunities to sell.
Similarly, the No. 1
reason someone chooses the FSBO route rather than hiring an agent is because
they don’t want to pay commission fees. However, these sellers rarely understand
the time and effort agents put into a transaction. Sure, those FSBOs may be
saying they don’t want an agent now, but that mindset may change once they
start to see how much work it takes to sell their home. Just like sellers with
expired listings, approach FSBOs with a marketing plan that shows how much work
you’ll put into selling their home.
Develop a Script
Before making contact with the seller of a FSBO or expired listing, prepare exactly what you’re going to say. Remember, rather than focusing on the logical reasons these people want to sell their properties, try to find the emotional reasons, and use that information to turn them into a client.
Before making contact with the seller of a FSBO or expired listing, prepare exactly what you’re going to say. Remember, rather than focusing on the logical reasons these people want to sell their properties, try to find the emotional reasons, and use that information to turn them into a client.
For example, if you’re
working with an expired listing, plan to ask the sellers about their previous
experience. If they worked with an agent, ask questions about what that person
did to try to sell their home: did they take high quality photos of the
interior and exterior, use social media to promote the listing, advertise appropriately and recommend staging options? If it’s a FSBO property, ask the
sellers why they didn’t work with an agent the first time: was it a financial
issue, did that have a bad experience previously or are there any other factors
influencing their decision?
Contact the Sellers
When you’re prepared, it’s time to contact your prospective clients and let them know you’re here to help. Start by sending the sellers an email highlighting your qualifications. For FSBO properties, explain how you can take away the stress of home-selling, sell their home more quickly, and likely get a better price than they could on their own.
When you’re prepared, it’s time to contact your prospective clients and let them know you’re here to help. Start by sending the sellers an email highlighting your qualifications. For FSBO properties, explain how you can take away the stress of home-selling, sell their home more quickly, and likely get a better price than they could on their own.
When you’re able to
speak with these sellers in person or over the phone, put your script into
play. Build trust and discover why they’re looking to sell, then go for what
Chris Smith, author of The Conversion
Code, calls the “trial close” with a “here’s what happens next”
question to keep the process moving forward. For example, you could ask “Does
Wednesday or Thursday afternoon at 3:00 p.m. work better for my photographer to
come by and start taking pictures for marketing materials?” This will help the
seller understand what you are going to be doing for them and make them feel
more secure in the final steps of the process to list their home.
If sellers aren’t
prepared for the trial close or insist that they want to work alone, wish them
the best and give them some advice that could help. As time goes on, if they
aren’t able to sell, they’re likely to remember you as someone who offered
encouragement and call you for help.
If you’re looking for
ways to connect with transaction-ready sellers in your local market, check out
Homes.com Local Connect. Local Connect positions you in front of active
sellers in your target markets with branding that showcases your photo or logo,
phone number and endorsements. Call us at 888-651-8956 or send an email to productinfo@homes.com to learn more!
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