I never really got the point of marketing to FSBO's until recently. I know that it makes great sense for Realtors and real estate sales people to market to FSBO's, but why would a mortgage pro do such a thing?
After hours of brainstorming last night I think that I have come up with a good reason to market the FSBO arena.
For me the properties are an integral part of my buyer lead generation efforts. As Chris Bates says "use the homes to do more loans". I am finding this to be true; the more buyer prospects that I am able to generate the more business I create for myself and the more referrals I am able to give to my Realtor partners.
I decided to hammer FSBO's because they want to sell their home and they do not want to pay a commission to a Realtor. Most FSBO's are happy and sometimes even eager to hear from me. While working with FSBO's to help get their properties sold I am also building rapport with them.
Most FSBO's do end up listing with a Realtor. Since I have an inside track with many FSBO's I can easily make a referral if and when the FSBO decides to list. The other piece that makes this such a nice niche to market is that the buyer clients that I am bringing in are sometimes in need of an agent. Also FSBO's often times need a loan once they get their property sold.
There are many advantages to marketing the FSBO arena, and these are just a couple.
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