How can a loan officer go after for sale by owners

FSBO sellers will reject you whether you are a Real Estate Agent or a Loan Officer. Remember, they would prefer not to use your services. But if you maintain a steady, professional relationship, offering help and staying in contact for four to five weeks, you will usually be able to win an interview, which will help you in generating buyer leads by helping the FSBO seller sell his house.

Increase FSBO Odds of success

  • Limit the number of FSBOs you cultivate. Focus only on the best clients.
  • Avoid prospects with low motivation.
  • Make sure that they know that you are not a Realtor and what is the different between a Loan Officer and a realtor.
  • Make it clear what’s in it for you

FSBOs fundamentally turn into a game of lead follow-up. You need to personally and regularly contact your FSBO leads to discover their motivation and qualifications, book a face-to-face meeting, disqualify prospects as necessary, provide regular service and communication, and schedule a presentation appointment. Then you need to repeat the service and communication steps several times weekly until the listing is in hand.

To make personal contact, begin by asking the FSBO seller if you can come by and see the home. You can ask them in a few different ways. You can explain that you want to keep abreast of the regional housing inventory; you can say that you are working with buyers who may be interested; you can present yourself as a potential investor; when you can, you can use the "reverse-no" technique. Following are sample scripts for each approach.

  1. Do you have a two level or one level home? 
  2. Are all the bedrooms on the same floor? 
  3. Are they good sized rooms? 
  4. How is the condition of the kitchen? 
  5. Are the bathrooms in good condition? 
  6. Can you describe your yard for me? 
  7. Is there anything else you feel I should know?
  8. It sounds like you have a great home; how long have you lived there? 
  9. Why are you selling at this time? 
  10. Where are you hoping to move to now? 
  11. What is your time frame to get there? 
  12. How did you happen to select that area to move to? 
  13. How did you determine your initial asking price for the home? 
  14. What techniques are you using for exposure and marketing of your home? 

FSBO relationships are built over time. By introducing yourself to the owners the first weekend their FSBO is announced, before the masses start calling on Monday, you create a good connection. By sending them tools, educational materials, free reports, and forms, you become an ally. By taking a personal interest in them and their situation, you create a solid connection that, in many cases, pays off when the owners decide to go with an agent they know and trust - preferably you.

But above all make sure that they understanding that you are not a real estate agent and you are not there to convince them to sell their property through a realtor, explain to them that you are a loan officer and that your benefit for the work that you will do for them will come from generating the buyer leads they may be interested in purchasing the FSBO home.

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