The Real Estate Agent's Guide to FSBOs: Make Big Money Prospecting For Sale By Owner Properties

238 Pages·2007·3.35 MB·English

by  John Maloof

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The Real Estate Agent’s
Guide to FSBOs
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The Real Estate
Agent’s Guide
to FSBOs
Make Big Money
Prospecting
For-Sale-By-Owner
Properties
John Maloof
AMACOM
American Management Association
New York • Atlanta • Brussels • Chicago • Mexico City • San Francisco
Shanghai • Tokyo • Toronto • Washington,D.C.
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Library of Congress Cataloging-in-Publication Data
Maloof, John.
The real estate agent’s guide to FSBOs : make big money prospecting for-sale-by-
owner properties / John Maloof.
p. cm.
Includes bibliographical references and index.
ISBN-13: 978-0-8144-0043-2
ISBN-10: 0-8144-0043-4
1. House selling. 2. Real property. I. Title.
HD1379.M357 2008
333.33'83—dc22
2007012817
© 2008 Maloof Enterprises, Inc.
All rights reserved.
Printed in the United States of America.
This publication may not be reproduced, stored in a retrieval system, or transmitted in
whole or in part, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise, without the prior written permission of AMACOM, a division
of American Management Association, 1601 Broadway, New York, NY 10019.
Printing number
10 9 8 7 6 5 4 3 2 1
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Contents
Acknowledgments ix
Introduction 1
Chapter 1: The FSBO 7
What Is a FSBO? 8
Why Do We Need FSBOs? 9
Why Do Sellers Go FSBO? 10
Why Sellers Go Broke Selling FSBO 11
Chapter 2: Understanding What It Takes 13
Overcoming Emotional Hurdles 14
Self-Management 19
Taking Action 25
Living Healthy 28
Chapter 3: FSBO Prospecting Plan 33
Defining Your FSBO Boundaries 34
How to Find FSBOs 34
Where to Find FSBOs 37
Using the Internet to Find FSBOs 40
Bringing FSBOs to You 41
Using Open Houses to Find FSBOs 42
Chapter 4: Know Thy Competition 47
FSBO Websites 48
Discount Brokers 50
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Contents
Other Agents 51
Preparing Yourself for the Competition 52
Being Aggressive 53
Offering Full Service 54
Chapter 5: The FSBO System 55
The Tools 56
FSBO Number Check 56
The FSBO Journal 60
Ranking the FSBO by Personality 63
If You’re an Excel Pro 65
Subcribing to FSBO Lead Provider Services 67
Chapter 6: FSBO Sales Techniques 71
Preparing for the Phone Call 72
Using Questions to Control the Conversation 77
Closing Techniques 81
Making the Calls 85
Three Calls to the Listing 93
What to Do After the Call 95
Chapter 7: Special Telephone Techniques 99
Communicating Effectively 100
Handling Objections 105
Dealing with Tough Sellers 111
Discussing Fees, Discounts, and Incentives 117
Summing Up 123
Chapter 8: The FSBO Listing Presentation 125
The Listing Appointment 126
The Presentation Setting 132
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Contents
The Presentation 134
Pricing the Listing 139
Chapter 9: The Marketing Plan 145
Market Exposure 146
Six Great Marketing Ideas 146
Having More to Offer Than the Competition 152
The Bottom Line 152
Your Resume 155
E-Mail Drip-Marketing 156
Direct Mail 158
Written Testamonials 158
Chapter 10: Farming for FSBOs 161
Finding the Most Profitable Farm 162
Tracking Your Farm 165
Automating Your Farm Mailing System 166
Keep Mailing! 168
Farm FSBOs 169
Farm Fuel 170
Your Mug Shot 170
Your Slogan 171
Your Mission Statement 172
Chapter 11: Putting Your For-Sale Signs to Work 175
Converting Calls into Sales 176
Three Types of Buyers 176
Converting Buyers into Sales 177
Sign Call Dialogue 182
Putting a “Sold” Rider on Pending Listings 184
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Contents
Chapter 12: Servicing Your Listings 187
How to Professionally Service Your Listings 188
Open Houses 191
Revising Your CMA 193
Taking Multiple Photos 193
Making Professional Brochures 194
Getting MLS Training: Using Reverse Prospecting 194
Sending Mass E-Mail Flyers 195
Mailing Proof of Advertisements 196
Chapter 13: Building a Referral Base 197
80/20 Rule 198
Keeping Your Clients Forever 198
Mailing Your Past Clients 200
The Automated Referral System 203
Belonging to Something 204
Appendix A: Resources 207
Appendix B: FSBO Facts 211
Appendix C: Sample Forms 215
Index 219
About the Author 225
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Acknowledgments
I want to thank all of those people whose influential books
and training sessions sculpted me into the salesperson I am
today. Tom Hopkins, Earl Nightingale, Brian Tracy, and Tony
Robbins—you are highly regarded as the mentors behind my
success.
To all of my past and present clients, you have given me the
privilege of serving you. I am thankful for the experience of
knowing and learning the ropes from such a wonderful group
of people, most of which are now my friends.
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