Fsbo listings: how to approach private sellers
Posted: Tue Dec 10, 2024 4:43 am
A real estate agent cannot just wait for clients to come to him. He also needs to proactively and constantly seek out new contacts so that his business is long-lasting and secure in the near future. And, when we talk about seeking and winning over new clients to expand the portfolio, FSBO properties are a good place to start.
Do you want to keep track of FSBO properties and know which sellers to approach? We have you covered! Check out our article on this topic and discover several ways to do it!
4 ways to capture FSBO properties with CASAFARI
But, if you already have some of them on your radar and it's time to do business, then keep reading to find out what you should do to boost your property acquisition.
5 tips to increase your acquisition of properties for sale by owner
1. Study the property and prepare for a meeting.
In order to gain the trust of private sellers and attract FSBO properties to their portfolio, a real estate agent must demonstrate the credibility of their work. And CASAFARI can help you with that.
CASAFARI Property Search displays all the information relating to the property on the property sheet , allowing you to understand:
What are the main characteristics of the property;
Where is it located;
How long has it been available on the market;
Where it was published (with a link to the listing);
What is the market like for this type of asset;
The complete history of the property.
Having this valuable data at your fingertips allows you to understand the property's history, discover the owner's strategy for trying to sell it, and prepare for your conversation with them. You'll be able to demonstrate that you've done thorough research and showcase your skills to a potential client.
The history of property: why is it so valuable for real estate professionals?
2. Be prepared to discuss home prices and use data to support your selling strategy.
Properties for sale by owners are often undervalued due to two main reasons: a lack of market knowledge to value them correctly, which drives down the price, or emotional attachment, which drives up prices. After all, it is natural for people to hold in high regard places they renovated, decorated with intention, and lived in for a long time.
But as you know, when it comes to the real estate market, a poorly priced property can take much longer to sell or result in a loss of money for the seller. To avoid these consequences, the real estate agent must be prepared to educate the owner about the ideal price and sales strategy.
This is where CASAFARI Property Valuation comes into the picture: our property valuation calculator is able to find the closest competitors of a property available on the market, taking chinese overseas british database into account the same location and similar characteristics. And, based on these competitors, provide the fair market value so that you can effectively sell the FSBO you are trying to capture for your portfolio.
In addition to competitor analysis, the property valuation report generated by our tool also shows:
Housing prices for that asset class over time;
The distribution of the sales price for that type of asset;
How many real estate properties are there on the market, of that type of asset, in each price range;
The average time that properties of that type spend on the market by price segment;
Points of interest in the area that could help you close a deal.
Use all this data to come up with a foolproof sales strategy, let your potential client know, show that you are knowledgeable about the market and that you know exactly what to do with their property.
How CASAFARI Property Valuation Helps Real Estate Agents Sell More, Faster
3. Show the private seller the benefits of working with you.
There is no shortage of advantages to working with a real estate agent rather than listing a property as for sale by owner. Some examples would be:
The real estate agent can negotiate for the benefit of his client, avoiding putting unnecessary pressure on them;
The professional already knows and is prepared to deal with bureaucracy, such as contracts, taxes and legal requirements;
Being part of an agency allows the agent to have a list of potential buyers in mind, because he is in constant contact with investors, other clients and establishes networks with real estate professionals;
The agent has marketing strategies and channels that have already been tested in the past;
Access to CASAFARI, a powerful real estate software that allows them to have more precise sales strategies, as well as market data to establish appropriate property prices;
A less stressful process that frees up the owner's time.
But you know that better than anyone, right? So talk openly with your potential client about all these advantages of working with you, making sure they know all the weight you would take off their shoulders and all the efforts you would make to sell their property.
4. Be prepared to talk about their objections.
Private sellers may have several objections to working with a real estate agent, such as:
Thinking that they know the area where the property is located better than any professional;
Don't be in a hurry to sell;
Thinking that they know their property better than anyone else, which allows them to sell it better;
Having many networks in the area, which allows them to spread the word that the property is for sale.
To boost the uptake of privately-owned properties for your property portfolio, you'll need to be prepared to dismantle every possible objection. So, in addition to having a great data-driven sales strategy, you should also practice some responses to give in case these objections pop up.
5. Don't give up yet: The power of follow-up
Even if you were unable to find that specific property for sale by private individual at the first contact with the seller, don't give up! The longer a property is on the market, the harder it is to sell: potential buyers start to think that there is probably something wrong with it, since it hasn't been sold yet. This leads the owner to get anxious, give up, and accept the advice of a professional.
So keep an eye on the properties for sale by owner that interest you to make sure it is still available as time goes on. In the meantime, reach out to the private seller from time to time to show interest and make yourself available to them. After a while, they will know that you are there for them and that you really care about their property.
When the homeowner begins to reconsider working with a real estate agent, talk to them about your strategies to turn the situation around and make their property seen as a real opportunity.
Are you motivated to start your FSBO listing efforts for your property portfolio now? Then subscribe to CASAFARI and take advantage of our tools that will help you throughout the entire process, from lead generation to lead conversion.
Do you want to keep track of FSBO properties and know which sellers to approach? We have you covered! Check out our article on this topic and discover several ways to do it!
4 ways to capture FSBO properties with CASAFARI
But, if you already have some of them on your radar and it's time to do business, then keep reading to find out what you should do to boost your property acquisition.
5 tips to increase your acquisition of properties for sale by owner
1. Study the property and prepare for a meeting.
In order to gain the trust of private sellers and attract FSBO properties to their portfolio, a real estate agent must demonstrate the credibility of their work. And CASAFARI can help you with that.
CASAFARI Property Search displays all the information relating to the property on the property sheet , allowing you to understand:
What are the main characteristics of the property;
Where is it located;
How long has it been available on the market;
Where it was published (with a link to the listing);
What is the market like for this type of asset;
The complete history of the property.
Having this valuable data at your fingertips allows you to understand the property's history, discover the owner's strategy for trying to sell it, and prepare for your conversation with them. You'll be able to demonstrate that you've done thorough research and showcase your skills to a potential client.
The history of property: why is it so valuable for real estate professionals?
2. Be prepared to discuss home prices and use data to support your selling strategy.
Properties for sale by owners are often undervalued due to two main reasons: a lack of market knowledge to value them correctly, which drives down the price, or emotional attachment, which drives up prices. After all, it is natural for people to hold in high regard places they renovated, decorated with intention, and lived in for a long time.
But as you know, when it comes to the real estate market, a poorly priced property can take much longer to sell or result in a loss of money for the seller. To avoid these consequences, the real estate agent must be prepared to educate the owner about the ideal price and sales strategy.
This is where CASAFARI Property Valuation comes into the picture: our property valuation calculator is able to find the closest competitors of a property available on the market, taking chinese overseas british database into account the same location and similar characteristics. And, based on these competitors, provide the fair market value so that you can effectively sell the FSBO you are trying to capture for your portfolio.
In addition to competitor analysis, the property valuation report generated by our tool also shows:
Housing prices for that asset class over time;
The distribution of the sales price for that type of asset;
How many real estate properties are there on the market, of that type of asset, in each price range;
The average time that properties of that type spend on the market by price segment;
Points of interest in the area that could help you close a deal.
Use all this data to come up with a foolproof sales strategy, let your potential client know, show that you are knowledgeable about the market and that you know exactly what to do with their property.
How CASAFARI Property Valuation Helps Real Estate Agents Sell More, Faster
3. Show the private seller the benefits of working with you.
There is no shortage of advantages to working with a real estate agent rather than listing a property as for sale by owner. Some examples would be:
The real estate agent can negotiate for the benefit of his client, avoiding putting unnecessary pressure on them;
The professional already knows and is prepared to deal with bureaucracy, such as contracts, taxes and legal requirements;
Being part of an agency allows the agent to have a list of potential buyers in mind, because he is in constant contact with investors, other clients and establishes networks with real estate professionals;
The agent has marketing strategies and channels that have already been tested in the past;
Access to CASAFARI, a powerful real estate software that allows them to have more precise sales strategies, as well as market data to establish appropriate property prices;
A less stressful process that frees up the owner's time.
But you know that better than anyone, right? So talk openly with your potential client about all these advantages of working with you, making sure they know all the weight you would take off their shoulders and all the efforts you would make to sell their property.
4. Be prepared to talk about their objections.
Private sellers may have several objections to working with a real estate agent, such as:
Thinking that they know the area where the property is located better than any professional;
Don't be in a hurry to sell;
Thinking that they know their property better than anyone else, which allows them to sell it better;
Having many networks in the area, which allows them to spread the word that the property is for sale.
To boost the uptake of privately-owned properties for your property portfolio, you'll need to be prepared to dismantle every possible objection. So, in addition to having a great data-driven sales strategy, you should also practice some responses to give in case these objections pop up.
5. Don't give up yet: The power of follow-up
Even if you were unable to find that specific property for sale by private individual at the first contact with the seller, don't give up! The longer a property is on the market, the harder it is to sell: potential buyers start to think that there is probably something wrong with it, since it hasn't been sold yet. This leads the owner to get anxious, give up, and accept the advice of a professional.
So keep an eye on the properties for sale by owner that interest you to make sure it is still available as time goes on. In the meantime, reach out to the private seller from time to time to show interest and make yourself available to them. After a while, they will know that you are there for them and that you really care about their property.
When the homeowner begins to reconsider working with a real estate agent, talk to them about your strategies to turn the situation around and make their property seen as a real opportunity.
Are you motivated to start your FSBO listing efforts for your property portfolio now? Then subscribe to CASAFARI and take advantage of our tools that will help you throughout the entire process, from lead generation to lead conversion.