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By Rob
Real Estate & Mortgage Broker... Creator of the Sink or Swim Loan Closing System
In my last newsletter,
I wrote about “How To Find FSBO’s In Your Area”, where I mentioned 7
different methods of locating For Sale By Owner prospects. Amongst
these 7 methods, I further explained specific places by name, of where
you could go to get the names, address, and contact information of
people who are selling their property on their own. These people need
your help!
In case you missed the
first article, you can read it here:
http://www.myloansystem.com/article20.htm
To recap, FSBO’s are a
great source of new customers for you, and are an often overlooked
demographic. Put yourself in their shoes. (If you’ve ever tried to
sell property yourself, you know what I mean).
FSBO’s are:
-
An un-tapped
resource that many loan officers don’t even know about.
-
Do-it-yourself
types that are independent minded.
-
Fairly
knowledgeable about real estate (or at least they think they are!)
-
Skeptical of
outsiders, because they think you may be a real estate agent, trying
to get a commission on their house. (Once you show them you can
help them, and for FREE, their resistance melts away).
-
Most of all, FSBO’s
are looking to save money on real estate commissions, usually 6% of
the selling price. On a $400,000 house, this is $24,000 out of
their pocket!
FSBO’s need:
-
An outside opinion
on the real estate market.
-
An estimate of the
approximate value of their property.
-
Marketing materials
to help them sell their house.
-
Someone they can
ask questions of, and someone who can act a trusted advisor to them
during the process.
-
A way to weed-out
all the tire kickers and time wasters that want to view the house,
but who are NOT qualified to make a buying-decision (because they
don’t have financing set-up).
-
New financing
set-up for the new property they will be buying, from the proceeds
of the sale of their home.
As a loan officer you
can provide all of this to the FSBO prospect and more. You’ll not only
save them time and money, but a lot of heartache as well. And in
return, the FSBO, will provide you with a steady stream of interested
buyers who are looking to purchase a home.
And remember, even if
the buying prospect doesn’t purchase the FSBO home you are dealing
with—you still win! You STILL get a prospect who needs financing
arranged and is readily looking for a property. It’s a perfect
match—and everybody wins!
You’ll want to keep the
above points in mind when you make your approach to the FSBO client.
These are the hot-button points to make when speaking to them. I
usually advise sending a letter first, followed by a phone call.
If you aren’t already
considering FSBO’s into your business plan, you’re missing a huge
opportunity and a virtually untapped market. Yes, it takes a bit of
effort on your part. But a little bit of time invested upfront, can pay
huge dividends down the road. You’ve got nothing to lose, so give it a
try!
See you next week with
another marketing tip, and as always best of luck in your business.
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