Farm FSBOs and Convert Them To New Listings. Plus, They Will Call You!
Farm FSBos - Don't just chase leads; cultivate them. Cold calling For Sale By Owners was never a strategy I liked doing. And as my experience in the real estate game grew, my conviction hardened: selling FSBOs on the idea of listing their properties via cold calling them was like pushing a wagon load of bricks uphill. It was hard!
Something had to change, so I did! I decided to take a different route and embraced the art of farming FSBOs with letters. Instead of cold-calling sellers from newspaper ads, I opted for a more personal and subtle strategy, and things improved considerably.
So, what did I do? I wrote down the addresses of every FSBO I laid eyes on and reached out to them via direct mail letters. The process may sound simple, and it was! But let me tell you, it worked wonders and was a definitive difference in converting FSBOs to agent listings.
Here's the play-by-play of my winning strategy
Step 1: Scouting for Opportunities
Armed with determination, I cruised through neighborhoods, eyes scanning for Vacant Properties and FSBO signs. I was particularly interested in vacant properties with poor upkeep and FSBOs where the signs were nearly impossible to see. When I spotted either one, I grabbed a pen and notepad and jotted down the property's addresses and the phone numbers on the sign.
Step 2: Reverse Property Look-Up
Back at the office, armed with a list of addresses and phone numbers, I delved into property appraiser records. My mission? To uncover the names and mailing addresses of the FSBO property owners via a reverse property look-up."
Step 3: Tapping into Print Media
Expanding my net, I scoured newspapers for FSBO ads, extracting addresses and phone numbers. Like before, I performed the reverse property lookup, adding these potential leads to my growing list.
Step 4: The Art of FSBO Farming
With a comprehensive list in hand, I embarked on the next phase—mailing personalized FSBO letters. This marked a significant shift from cold calls, a conscious decision rooted in the belief that FSBOs, bombarded by agent calls, would find solace in well-crafted letters. Instead of adding to their irritation, I aimed to stand out by respecting their journey as independent home sellers.
Breaking Up with Cold Calls
The decision to cease all FSBO cold calls was strategic. I recognized the oversaturation of agents bombarding these homeowners with phone calls. After all, FSBOs were attempting to sell their properties independently, not seeking an influx of propositions from real estate agents. So, rather than being another voice in that chaos of verbal onslaught- I quietly mailed them letters.
Unlocking the Secrets: The FSBO Letter System
The heart of my approach lies in a specialized FSBO Letter System, a collection of carefully crafted letters designed to resonate with these independent sellers. These letters aren't just words on paper; they're a strategic tool, complete with tips on optimizing success in the art of farming FSBOs.
The Power of Letters versus Cold Calling
The key takeaway from my journey is this: mailing letters outperformed cold calling FSBO phone numbers in newspaper ads, and here's why I think that was the case.
As FSBOs cease advertising efforts, the influx of calls from potential buyers and persistent agents dwindles. FSBOs may become more receptive to alternative approaches at that crucial point in their home-selling journey, and this is where the power of mailing letters shines. Sending well-timed, thoughtful letters can serve as a lifeline, reigniting their desire to sell, but through an agent the next time!
Be a Hero with Just a Letter
Becoming a hero to a struggling FSBO seller is surprisingly simple—it's as easy as printing a letter, putting postage on it, and sending it on its way. In a world dominated by phone calls and digital noise, physical letters can cut through the clutter, making and leaving lasting impressions.
Here Are The Letters I Used
In Conclusion
So, there you have it - my transformation from despising cold calls to thriving in the world of FSBO farming through well-crafted letters. It's a shift that yielded better results and allowed me to connect with independent sellers more personally. And as you embark on your own journey, remember this: effective prospecting begins with strategic communication, and the pen can sometimes be mightier than the call.
Related pages you might like
For Sale By Owner Homes - Grab real estate success. Unlock a treasure trove of leads, flaunt your expertise, and conquer the market in this dynamic seller-driven arena.
Understanding FSBO Leads - Step boldly into an exceptional lead generation experience with FSBO Leads. Form dynamic partnerships while skillfully guiding sellers through the process.
Real Estate Prospecting Tips - Prospecting for leads daily is crucial for sustaining and expanding your business. Consistent lead generation ensures a steady influx of potential customers, contributing to continuous business growth.
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