Learn to market your value by promoting the indispensable nature of your skills and expertise.
We have seen a spike in for sale by owner listings. ForSaleByOwner’s site reported an increase of 14% in the past year alone. On one hand, that’s a healthy sign: FSBOs peak when homeowners feel that the market is on the upswing.
On the other hand, homeowners feel pressure to save money. Some homeowners are afraid an agent may settle for less money in order to close a deal faster, losing precious thousands. Yet there is an even bigger concern looming: numerous homes have not regained their full pre-recession values.
For some, their homes are just emerging from underwater. Homeowners are hesitant to breathe. They are making a meager profit, if any, so they are unwilling to share what gains they do make with a broker who just lists their home on a website and gives a few tours…
Technology has made the job of an agent seem deceptively easy. That means that you’ve got to prove your indispensability. Here are a few tips on how to do it:
- Know your market and sell the facts. On average, how much more do houses bring in when sold by an agent rather than by owner? How much faster do homes sell when listed by a professional? Sharing this knowledge with potential clients shows them what they can gain by working with you.
- Demonstrate the monetary value of your services. Prospective FSBOs believe that all you have to do is post photos and descriptions to an ILS. Counter that assumption with a well-developed internet marketing strategy. Actively engage potential buyers and make your properties stand out from the crowd.
- Let homeowners know how you can save them money. How can you save them time? How much time? How can you shield them from buyer lawsuits due to nondisclosure incidents? What skills can you bring to the negotiating table to seal a great deal?
- Demonstrate the worth of your network. Offer your connections to auxiliary services such as legal assistance, home cleaning, staging, repairs etc. Your connections make you a time-saving, one-stop-shop for selling a home.
- Keep the lines of communication open with new clients. It can lead to word of mouth references. Why? If you’re working magic quietly in the background, your job appears effortless. If they believe you didn’t have to do much to sell their home, they will also believe you haven’t earned the commission or the business of their colleagues. Regular updates keep clients in the loop of your efforts and the progress of their sale.
What is your experience with FSBO sellers?
Today’s guest post comes to us from Erica Rascón, a writer for The Balance Sheet — the Yardi corporate blog — as part of a post exchange.