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How to Land FSBOs

Having a plan is crucial to raising productivity levels.

(Boonton, NJ, August 16, 2013) — With prices rising and marketing times falling, homeowners again have been emboldened to try to sell without hiring a Realtor.

“FSBOs are exploding because of the strong market,” says coach and agent Hoss Pratt, who refers to himself as the “Listing Boss.”

For your agents to become listing bosses in their own right, they should pursue FSBOs, Pratt says. After all, he argues, most FSBOs will fail to sell by themselves and will hire an agent.

The first step when contacting FSBOs is to do a little research to be sure they’re worth pursing. Pratt says that asking three simple questions can save you and your agents from wasting time:

1. “If I brought you a qualified buyer, would you be willing to pay a 3 percent co-op fee?” If the answer is no, don’t bother.

2. “How long are you going to try to sell the property on your own before you explore other options?” Whatever they say, cut it in half — FSBOs quickly grow frustrated with the process.

3. “Do you have a close friend or relative you would feel obligated to list with?” If the seller’s mother is an agent, you won’t get the listing.

Once you have identified a FSBO worth pursuing, Pratt suggests implementing a system of regular contact.

Having a plan is crucial to raising productivity levels to what he considers a worthy goal — being in the top 5 percent of agents in your market.

Additional ideas and Pratt’s 60-Day FSBO Plan appear in the August issue of Real Estate Broker's Insider.

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