For Sale By Owners (FSBOs) and Expired listings represent a huge opportunity for real estate agents. In fact, there is no easier or faster way to build your listing inventory than with these two lead types. This is because half of the battle is already won: you know, without a shadow of a doubt, that this person is ready to sell NOW! The trick to successfully securing FSBOs and Expireds is figuring out the motivation behind the seller’s decision to forgo an agent.
To start, this means you need to shift the conversation from selling yourself as a successful real estate agent to selling something they want, namely solutions and results. The psychology behind those desires generally revolves around three things: time, money, and personal goals. Prospective buyers and sellers are more interested in whoever can get the job done quickly and cost effectively. Let’s take a closer look at a few of the most common pain points FSBOs and Expireds deal with.
- Lack of Communication
- Over Promise / Under Deliver
- Lack of Knowledge of the Marketplace
- The Client’s Interests are Not Protected
- Lack of Availability
Building trust to tackle these issues can be done in a number of ways. A performance guarantee, so long as you’re realistic about the terms (“I’ll sell your home in 29 days, or I’ll sell it for FREE” still needs to have restrictions) can comfort the seller and reassure them that not only do you know what you’re doing, but you’re good at it. Risk-free offers can help you overcome complaints about being trapped in a contract, and can sound something like:
“If we do not provide 100% satisfactory service for some reason, just let us know. We promise to remedy the situation within 24 hours, and if you’re still not satisfied, we will release you unconditionally from the listing agreement with no further obligation.”
Establishing a communication guarantee – where you agree to talk about everything relevant to the property on a consistent schedule – can make sellers feel that they’re always in the loop about what’s going on. Even better, it forces conversation and allows you to build rapport with the client.
No matter what pain point your FSBO or Expired client is dealing with, there are many ways to handle the situation. As long as you’re focused on building trust, your client will realize how much faster, easier, and overall beneficial it is to choose you to list their home.
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