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013 - The Call That Wins Over FSBO Sellers · The Loan Daddy Podcast

• 0:00
  SPEAKER_00: By doing this, it's putting yourself in the best position possible to turn this person into someone who thinks I don't need an agent at all to seeing the value.
• 0:08
  SPEAKER_00: Welcome to the Lone Daddy Podcast, episode 13.
• 0:11
  SPEAKER_00: In every business, specifically when it comes to sales, there's a part of your business that can act or be perceived as taking the path of most resistance.
• 0:21
  SPEAKER_00: Think about a financial advisor.
• 0:23
  SPEAKER_00: Imagine a financial advisor gets a list of prospective clients.
• 0:27
  SPEAKER_00: And on that list, it's broken up into two categories.
• 0:30
  SPEAKER_00: Category one is a list of clients who are already working with another financial advisor.
• 0:37
  SPEAKER_00: And column two has a list of prospective clients who do not have a financial advisor.
• 0:43
  SPEAKER_00: So that list of clients who are already working with an advisor is the path of most resistance.
• 0:49
  SPEAKER_00: But there are plenty of financial advisors out there who make a very good living on going after those types of clients.
• 0:56
  SPEAKER_00: In fact, they probably prefer it.
• 0:58
  SPEAKER_00: Not everyone, but there are advisors like that.
• 1:00
  SPEAKER_00: In my industry, every so often a real estate agent will say, I only work with all cash buyers.
• 1:06
  SPEAKER_00: Or I'll be at an event and I'll meet someone who says I'm buying a home, but I'm all cash.
• 1:10
  SPEAKER_00: I don't need a mortgage.
• 1:11
  SPEAKER_00: There are people in my industry who a good percentage of their business is working with people like that, right?
• 1:17
  SPEAKER_00: Where after they close in cash, they can help them get financing and pull cash out from their property.
• 1:23
  SPEAKER_00: Or they work closely with advisors and clients who have a good amount of money in the market and they say, why pull your money from the market where you're earning double-digit returns on that money instead of borrowing some money at a lower interest rate so you can continue to earn the returns that you're currently getting.
• 1:40
  SPEAKER_00: I was working with a client not too long ago who didn't think that they could qualify for a mortgage based on their financial profile.
• 1:47
  SPEAKER_00: We don't need to go into the details of it, but he was self-employed, writing off a lot of expenses against his income, and the file was a little bit of a mess.
• 1:55
  SPEAKER_00: And for those reasons, he didn't think that he could qualify for a mortgage, buying a$2 million home.
• 2:01
  SPEAKER_00: And for that client, we ended up getting that client a mortgage for a million dollars.
• 2:05
  SPEAKER_00: And because he was able to save, so he was gonna buy a$2 million place in cash, we got him a 50% mortgage, so he took out a million dollars.
• 2:12
  SPEAKER_00: Because of that, he ended up buying another property.
• 2:14
  SPEAKER_00: So for that real estate agent, they ended up getting two transactions out of one from the same person, just because they looked at financing as a tool to help this specific client.
• 2:23
  SPEAKER_00: So that's another way that a lot of creative real estate agents look at all cash buyers.
• 2:29
  SPEAKER_00: And again, in my industry, that is the path of most resistance, going after people like that or agents who almost exclusively are working with all cash buyers.
• 2:38
  SPEAKER_00: In real estate world, it's FISBOS, for sale by owner.
• 2:42
  SPEAKER_00: These are sellers who think that they can do a better job than a real estate agent, or they can't justify paying a real estate agent to sell their home.
• 2:52
  SPEAKER_00: There are real estate agents out there who would make a great living going after for sale by owner sellers, FISBOS.
• 2:59
  SPEAKER_00: They do an incredible job.
• 3:00
  SPEAKER_00: They have a whole process in place.
• 3:01
  SPEAKER_00: I know agents like this who I don't want to say exclusively go after FSBOs, but they have a they have a specialty in this space.
• 3:09
  SPEAKER_00: Which brings me to this video that I came across.
• 3:12
  SPEAKER_00: So I don't know who this person is.
• 3:14
  SPEAKER_00: I've never seen him before, I've never heard of him before, but he's a real estate trainer.
• 3:18
  SPEAKER_00: And I'm gonna set the stage for this video that I'm about to play.
• 3:22
  SPEAKER_00: And if you're only listening to audio, you can listen to it and you'll still get the same effect.
• 3:25
  SPEAKER_00: This is a sales coach who is role-playing with one of his clients, who's a real estate agent, and he's showing this agent exactly what he would do or what he does when contacting a FISBO.
• 3:38
  SPEAKER_00: So let me play this and then we can react to it together.
• 3:40
  SPEAKER_01: Hey, is this Lee?
• 3:42
  SPEAKER_01: Yes, it is.
• 3:43
  SPEAKER_01: Hi Lee, this is Borino with ABC Real Estate.
• 3:45
  SPEAKER_01: Now don't worry, I'm not another agent trying to convince you to list your house with me, so you can breathe and smile now, alright?
• 3:52
  SPEAKER_01: Now, Lee, is the house still for sale or have you sold?
• 3:56
  SPEAKER_02: Uh no, I still have it listed.
• 3:58
  SPEAKER_01: You still have it?
• 3:59
  SPEAKER_01: Oh, is it listed with an agent or are you selling on your own?
• 4:02
  SPEAKER_02: I'm selling it myself.
• 4:03
  SPEAKER_02: I'm selling it on the market.
• 4:04
  SPEAKER_01: Gotcha, okay.
• 4:05
  SPEAKER_01: And you're still asking$5.99 for it?
• 4:08
  SPEAKER_02: I am.
• 4:09
  SPEAKER_01: Okay.
• 4:09
  SPEAKER_01: And I see here that it's a three-bedroom, three-bath.
• 4:12
  SPEAKER_01: Is that correct?
• 4:14
  SPEAKER_02: That is correct.
• 4:15
  SPEAKER_01: That is correct, gotcha.
• 4:16
  SPEAKER_01: Now, Lee, question.
• 4:17
  SPEAKER_01: Um, if an agent could bring you a qualified buyer, would you cooperate with agents?
• 4:21
  SPEAKER_01: Would you pay a small commission?
• 4:25
  SPEAKER_02: Um, well, I'd really like to try to sell it myself.
• 4:28
  SPEAKER_02: Um, I have talked to some agents who are willing to reduce their commission fund, but um I'm not really sure at this time.
• 4:36
  SPEAKER_02: Uh right now, I'd really like to see if I take it at least see if I could sell it myself.
• 4:41
  SPEAKER_01: Sure, and save all kinds of money.
• 4:42
  SPEAKER_01: That makes perfect sense.
• 4:43
  SPEAKER_01: So, Lee, if I had a buyer or somebody remotely interested, should I just send them your way?
• 4:48
  SPEAKER_01: Is it okay if you deal with them directly?
• 4:52
  SPEAKER_02: Yes, absolutely.
• 4:53
  SPEAKER_02: Um, I would be open to uh dealing with them directly or uh if they are if they're working with an agent, I'm open to that as well.
• 5:00
  SPEAKER_01: Okay, that sounds good.
• 5:01
  SPEAKER_01: Let's do this, Lee.
• 5:02
  SPEAKER_01: Obviously, I need to see the property first before I can tell my potential buyers about it.
• 5:05
  SPEAKER_01: Uh, will you be there tomorrow?
• 5:07
  SPEAKER_01: We're around 5 30.
• 5:08
  SPEAKER_01: Would I work?
• 5:08
  SPEAKER_01: I need to buy a five, maybe ten-minute tour.
• 5:12
  SPEAKER_02: Absolutely.
• 5:13
  SPEAKER_02: I I'm I would be available for that.
• 5:14
  SPEAKER_02: Yeah.
• 5:15
  SPEAKER_01: Awesome.
• 5:15
  SPEAKER_01: So I'll swing by around 5.30 tomorrow.
• 5:17
  SPEAKER_01: Looking forward to meeting you in person.
• 5:19
  SPEAKER_00: Likewise, thank you.
• 5:21
  SPEAKER_01: That's it.
• 5:21
  SPEAKER_00: I thought that was fantastic, and I'm so happy that I came across that video, and I'm I'm pleased to share it with everyone.
• 5:27
  SPEAKER_00: I will link it below in the notes.
• 5:30
  SPEAKER_00: And I have five takeaways from this video.
• 5:32
  SPEAKER_00: My first takeaway is that it was quick and to the point.
• 5:36
  SPEAKER_00: He got right into it.
• 5:38
  SPEAKER_00: He didn't waste any time, but he was also very disarming at the beginning, saying something something to the effect of, I'm not another agent trying to sell your property, so you can smile and breathe easily.
• 5:48
  SPEAKER_00: Just disarming the person, letting them know that this is not a typical call where an agent is just trying to sell your property.
• 5:56
  SPEAKER_00: Number two, he finds common ground with the seller and says, Of course you would sell it on your own.
• 6:03
  SPEAKER_00: You could save money.
• 6:03
  SPEAKER_00: Why wouldn't anyone do that?
• 6:05
  SPEAKER_00: Saying something like that lets the seller know that they're not crazy, that the person on the other end of the phone understands what I'm doing, they're not tone-deaf, they completely get it, and it creates this bond immediately right off the bat, that this person's not trying to sell me, they're acknowledging that what I'm doing is justified and immediately, again, I'll go back to that word, disarming.
• 6:29
  SPEAKER_00: It disarms that person.
• 6:30
  SPEAKER_00: Number three, would you cooperate with an agent if they had a buyer?
• 6:35
  SPEAKER_00: I love that.
• 6:36
  SPEAKER_00: So he's not lying, he's not saying I have someone who loves your property who I want to bring to it who wants to make an offer.
• 6:41
  SPEAKER_00: He's saying, would you, hypothetically speaking, if an agent had a buyer, would you cooperate with that agent?
• 6:47
  SPEAKER_00: Yes or no?
• 6:48
  SPEAKER_00: And if they say no, maybe that's not the right person for you.
• 6:51
  SPEAKER_00: And you know, at least you're not wasting your time further.
• 6:54
  SPEAKER_00: But putting that out there gives you a lot of information in a short amount of time to know is it worth your time to go forward and potentially pursue this.
• 7:04
  SPEAKER_00: Number four, he was confident and also friendly.
• 7:08
  SPEAKER_00: If the seller were to say something to the effect of, look, just bring your buyer when you have someone and we can talk.
• 7:15
  SPEAKER_00: You could say, and he says this in the video, if you watch the entire thing, he'll say, That's not the way that I work.
• 7:20
  SPEAKER_00: That's not part of my process.
• 7:22
  SPEAKER_00: It's okay to say that.
• 7:23
  SPEAKER_00: You don't want to compromise your process for anybody.
• 7:26
  SPEAKER_00: You don't work that way.
• 7:27
  SPEAKER_00: You want to see the property first before bringing it to your potential buyers who may want it.
• 7:33
  SPEAKER_00: You want to save their time, so it's your job as an agent, to go inspect, to go see the property and decide and determine is it right for your prospective buyers?
• 7:42
  SPEAKER_00: That's a service that you offer, that's the way that you work.
• 7:45
  SPEAKER_00: That's okay to say that I don't work that way.
• 7:48
  SPEAKER_00: This is the way that I work.
• 7:49
  SPEAKER_00: Number five, what can you offer to that seller?
• 7:53
  SPEAKER_00: That it's not a lot of sweat off of your back, it's not a heavy lift, but something that you can offer.
• 7:59
  SPEAKER_00: It's human psychology that if you do something for someone, they ultimately want to do something back for you.
• 8:05
  SPEAKER_00: And if you can add some value to a FISBO seller, who knows?
• 8:09
  SPEAKER_00: They may feel obligated in some instances to return the favor, whether it's a referral fee or actually ultimately giving you the property to list on their behalf.
• 8:20
  SPEAKER_00: So, what can you give them?
• 8:22
  SPEAKER_00: In the video, he does mention if I have the top 10 websites that you should be listing this property on, do you want me to bring that and show that to you?
• 8:31
  SPEAKER_00: You could also say, I have current rate sheets for your specific property.
• 8:36
  SPEAKER_00: Would you want me to bring that for you?
• 8:37
  SPEAKER_00: In open house sheet flyer, market data.
• 8:40
  SPEAKER_00: Most people who are watching this work for companies that have a lot of reports and research that you can give to someone like that, where again, it's not a not a heavy lift.
• 8:50
  SPEAKER_00: It's not a ton of work on your part to get the information that can ultimately help them.
• 8:56
  SPEAKER_00: Maybe this goes nowhere, but by doing this, it's putting yourself in the best position possible to turn this person into someone who thinks I don't need an agent at all, to seeing the value.
• 9:06
  SPEAKER_00: And that's all that you want to do in situations like this.
• 9:09
  SPEAKER_00: And a lot of the top agents are doing this and are very, very, very successful with it.
• 9:15
  SPEAKER_00: So don't be afraid to swim upstream sometimes.
• 9:19
  SPEAKER_00: Again, this is an area in our space where it is kind of like swimming upstream, but again, there are so many opportunities in this space.
• 9:27
  SPEAKER_00: Thank you so much for listening, and I'd love to hear your feedback.
• 9:31
  SPEAKER_00: So please feel free to put in the comments what experiences you've had, good or bad, with FSBOs.
• 9:36
  SPEAKER_00: What wins have you had, what losses have you had, what advice would you offer to agents who are tackling and going after FISBOS?
• 9:43
  SPEAKER_00: Put your feedback in the comment section.
• 9:45
  SPEAKER_00: I would love to hear from you.
• 9:46
  SPEAKER_00: Thank you so much, everyone, for listening, and I will see you on the next episode.
• 9:51
  SPEAKER_00: Thank you so much.