12 Things Every FSBO Needs And Every Mortgage Professional Can Provide
Keywords: Mortgage, Mortgage Professional, Mortgage Marketing, Loan Officer, Mortgage Broker, Mortgage Business
Targeting the For Sale by Owner (FSBO) market is without a doubt, one of the easiest avenues to mortgage success available today. Most mortgage people fail to tap the FSBO market because of a lack of knowledge and a lack of marketing tools.
Interestingly, these same reasons also determine the success or failure of your FSBOs. Yes that’s right…the more information (knowledge) and the more marketing direction (plan) a FSBO has available to them…the more successful they will be.
The key to your marketing success with FSBOs is that you are the provider of the valuable and necessary information and resources for them to sell their house. Without this information, they are doomed and relegated to a statistic where some 65% of all FSBOs will get discouraged and eventually list with a Real Estate Professional and over 15% will never sell their house at all.
Here are the twelve (12) things every FSBO needs and only you can provide:
1. A Plan. Without a plan your sellers haphazardly try anything they can think of to get some buyers…any buyers. Your FSBO needs details on what to do and what not to do…and when to do it.
2. The Cold Hard Facts. Your FSBO has to understand some basic truths: Their house will not sell quickly; Not everyone will love their house; Real Estate Professionals will call, and call, and call some more; They will need to give up some free time to make this whole thing work; Their entire family will be stressed; And, they will need a Mortgage Professional to make it work.
3. Tips To Get Their House Ready. FSBOs need to be reminded constantly with reminders and checklists that they need to put their best foot forward and their house must be in good shape. By doing this…they will generate a sale for the highest price in the shortest time.
4. Getting a Mortgage Payoff. Your FSBO needs a little direction and a sample of a “Mortgage Payoff Letter.” Here’s where your services will shine.
5. Calculating the Net. Not so difficult if you know what the seller’s closing costs will be and the estimated selling price. Surely an easy chore for a Mortgage Person.
6. Setting the Right Price. The time spent pricing their house correctly is probably the least contemplated aspect of the FSBOs selling process…yet, it the most important. A price “too low” can result in a loss of thousands of dollars…a price “too high” will cause the house to remain on the market and “go stale” and quite possibly…never sell. Your solution for setting the correct price will only contribute to your stature and credibility as a Mortgage Professional.
7. Finding Prospects To Buy Their House. Your FSBO needs a lesson or two in marketing their house. They need to create awareness in the marketplace as quickly and as efficiently as possible. They need to do some advertising and be 100% involved in all aspects of marketing their house. It’s your job to guide them along the road to success.
8. Can They Sweeten The Deal? Most FSBOs miss this one entirely. With your help, your FSBO may be able to offer favorable terms to attract more buyers. Indicating “Special Terms” in an ad can get the phone ringing off the hook. Many times, favorable terms can be structured in a way that costs the seller, little or no money.
9. Safety Considerations. Unfortunately today, your FSBO needs to cover against the possibilities of some criminal incident. You can help establish “showing ground rules” and published advice when dealing with phone inquiries and prospective buyers.
10. Negotiating the Sale. Providing your FSBO some guidelines and detailed advice and then “qualifying” the buyer prior to signing the contract can go along way to successfully closing the sale for the FSBO.
11. Steps to the Closing. Remember, all of this is new stuff to your FSBO and lots of things can derail the sale of their house. Even though you can’t do some of these things yourself…you can point your FSBO to people that can help, such as a Title Company or Real Estate Attorney.
12. Encouragement. FSBOs need to be reminded of their goal and the money they will be saving by selling their house as a FSBO. Remind them to be patient…be committed…be positive…follow the plan…and, they will succeed.
There you have it…12 things you can provide your FSBO to help them sell their house. Be creative…add and/or delete additional FSBO information…make it pretty and bind it…call on FSBOs and help them sell their house…you’ll be known as a FSBO expert and have established a great niche…but more importantly, you’ll have countless mortgage leads to show for your efforts.
Tom Domin is the author of “101 Ways to Originate Mortgages” and publisher of “Tom’s Mortgage Tips” a twice monthly Mortgage Newsletter geared for Mortgage Professionals. Put your mortgage career on the fast track and sign-up for FREE at www.MortgageMarketingToolKit.com
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