BIGGEST MISTAKE REALTORS MAKE WITH FSBOS IN A SELLER’S MARKET - Kevin Ward

So I'm on a coaching call this week and we're talking about for sale by owners. And the agent, very frustrated, just says, and of course calling for sale by owners right now is absolutely useless. Why is that? Well, they can sell it themselves. They don't even need an agent. And that was the agent's story. Hey there, it's Kevin Ward, the founder of yes Masters Real estate success training. Helping you get more yeses and more successes in your business and in your life. And if you would like to make more money with motivated sellers like for sale by owners, make sure that you click the subscribe button, give this video a thumbs up and get your notification bell on so you can get notification of these videos when they come out. So I'm on a coaching call this week and we're talking about for sale by owners and the agent, very frustrated, just says, and of course calling for sale by owners right now is absolutely useless. Why is that? Well, they can sell it themselves. They don't even need an agent. And that was the agent's story. Now here's the deal that right now, my friend, is one of the biggest mistakes that real estate agents are making today with for sale by owners. And that is the belief that, that because they can sell it themselves, therefore they're not going to hire an agent. And this will kill you when it comes to getting for sale by owners. The key to getting for sale by owners today is not by waiting for them to fail so that you can get the listing. It is, it requires a totally different approach to winning with for sale by owners today. So here are the three mistakes. I'm going to talk about the three mistakes that agents make when it comes to working with for sale by owners today. And then I'm going to talk about a four step approach to get listings with for sale by owners to get them to hire you to sell their house so that you can help them and you get to make money. So here's the three mistakes. Number one mistake is you feel helpless because for sale by owners right now can sell it themselves. And the reality is in most of your markets there's so little inventory and so many buyers for sale by owners can sell a house on their own. They don't need you to sell a house. Okay, well your mistake is you feel helpless because of that. Second mistake is that you think that when they do sell it themselves without you, that they can do as good a job as you can do. So why should they hire you? I mean, they can sell it themselves. They don't need me. As long as you think that they can do as good a job as you, then that's the way it's going to be. Third mistake is you're still stuck in the idea that the only way to win is for the for sale by owner to lose. In other words, the only way you're going to get a listing with a for sale by owner and get them to list their home with you is if they try it themselves long enough until they finally give up and fail. And this is the old attrition model of if you want to get a for sale by owner, then when they go and they first put their house on the market, there's no reason to try to get the listing because they're going to try it themselves. And I got to wait until they just wear themselves out and give up and go, like, okay, whatever. I'm tired of doing this. You handle it and they give it to you as a realtor. And I'm going to tell you, I love the fact that when I started real estate, so many agents took that approach. It's like, I don't call new for sale by owners because they're not going to hire me. They're going to wait, you know, a month or two or three. So I call them after a month or two and I'm like, I love that. Because when you know how to approach it, you know what to do. I could get for sale by owners to list with me on the very first day I called. Why? Because I knew what to do to help them get a result they want. And I knew how to convince them of that. But when you don't, then you're like, well, the only way that I can get a listing is if they fail. Now, in a buyer's market, when there's a ton of houses on the market and there's not many buyers, then most for sale by owners are going to fail because they're not going to sell most of the time. So they give up. And then agents will come in and get the listing. Well, that's. We're not in that market right now. And that's why this agent was going like, they can sell it themselves. They don't need me. So how do I switch that? How do I flip and stop making that mistake and actually take the situation right now when a for sale by owner doesn't need you to sell their house and they can do it themselves, how do I still get for sale by owners to list with me? Okay, so there's four steps. Number one, Is approach. I'm going to give you an ABCD here, okay? Number one is approach. You have to approach them, you got to talk to them, you got to call them, you got to text them, you got to somehow knock on their door. Somehow you have to approach them and get into a conversation with them. Otherwise your chances of them hiring you are zero. So the first thing is you got to keep going. You got to keep talking to them. You got to put yourself out there and do it. Number two is you have to believe. Now what do I have to believe? You have to believe that they need you to get them a better result. They need you to get them a better result. Because the reality is, if you know what to do as a real estate agent, as a listing agent, if you know exactly how to do it, you, you can actually sell their home. You can sell it for more money than they can sell it for, even after commissions and everything. You can net them more money in their pocket and you can do it faster and you can take the hassle away from them. In other words, you can do a better job for them and deliver a better result for them at the end of the day in their pocket than they can do on their own. And they don't have to do all the work now, but you have to believe that. Because what this agent that was frustrated was believing you is she was believing if they can sell it themselves, then they don't need me and therefore I'm out of a job with for sale by owners. Okay, but what she missed was, is you can do a better job for them than they can do for them. And when you do that, now, I still have an angle to go with them. And so here's the third step is convince, is convince them that you can get them more money in their pocket. Now here's the reality. 95% of sellers, 95% of homeowners who are selling their house have a number one criteria. Their number one goal in the seller their house is to get the most money possible in the selling of their house. That's the most important thing is I want to get as much money possible. So if I know going in that 95% of the time for sale by owners, number one desire, their number one goal is to get the most money in their pocket. Then that's what I want to focus on. And if I believe as a real estate agent, if you believe that you're an expense to them, that you're going to take money out of their pocket instead of putting more money in their pocket, then you're not going to have the belief that you can help them get a better result. And because of that, you're going to be weak going into for sale bay owners and as long as they believe that, why would they hire you? You're an expense to me. Want the most money in my pocket. See, very few sellers are looking for. I want the easiest way to do it. No, they're looking. I want somebody to handle this that can help me get a better result, meaning more money in my pocket. So what do I do? I focus on that. So I've got to convince them that I can help them get more money in my pocket. Now that goes back to number two. You have to believe that. And then number four is, I'm going to give you number four. I'll go ahead and give it to you. Is deliver is you have to be able to actually deliver that result and get them and a better result, get them more money in their pocket even after commissions and everything than they could do on their own. I'll get to explaining how to do that in just a moment. First I want to go back to this idea of convincing. And that is now I'm having a conversation. I called up for sale bay owner and they're like, yeah, we're not really going to list with an agent because, you know, in this market we're pretty confident we can sell it ourselves. Now what most real estate agents are going to do at this point is they're going to roll their eyes and go like, I know, I know. And then it's like, okay, well, and then we just accept their story that they can sell it themselves. Now why do we accept that story? Because they can, they can sell it themselves. Well, what do I do? How do I fix. You got to help them understand. They don't hire you to sell their house because they can't sell it themselves. They hire you because you can get them more money. And so that's the script is when they go like, well, you know, we're really not, we're not going to hire an agent because we've pretty confident we can sell it ourselves. It's just in this market, anybody can. Here's your answer. Absolutely. Look, there's no question right now in this market with as little inventory as there is and as many buyers as are out there, there's no question you can sell it yourself. That's. You don't need me for that. Okay, here's the reality for sell by owners. Do not hire me to sell a house because they can't sell it themselves. The reason they hire me is because I can help you get more money in your pocket. Now let me ask you a question. Is selling yourself the most important thing to you or is getting the most money in your pocket the most important thing to you? If you could get more money in your pocket in the sell of this home, would that matter to you? Well, yeah, but how are we going to do that? Talk to me. Yeah, but you charge commission. Absolutely. But I'm talking about helping you get more money in your pocket after commissions and everything. If I could help you get more money in your pocket at the end of the day, after commissions, everything, then you can do by doing it on your own, would you at least be willing to have a conversation with me about that? Well, yeah, I don't know how you're going to do that. Well, we'll talk about that when we get together. So I could come out tomorrow afternoon at 2:15 or would 4:15 be better? Now here's the reality. You're going to get the appointment. You may not get it the first conversation, you may not get it the second or third. You may get it fourth, fifth. But the key is having the approach and having the belief and then going in and realizing I have to convince them that I can get them a better result than they can get doing it on their own. I can know in this market I can't wait for them to figure that out because they're going to sell it themselves. But the problem with that is they're probably going to sell it for less money because they're going to take. They're going to have one buyer come along or one or two buyers come along. One of them gives an offer better than the other one. They're going to negotiate the offer they like the best and they're going to get their deal. And it's probably not going to be a bad deal, but it's not the best deal. You, if you know what to do, you could get them more. Which leads now to our fourth step of what to do to overcome this mistake of letting them do it themselves. And here it is. Deliver. I can deliver them a better result. Now, I'm just going to let you know, this is advanced training. We do this that I train with my coaching members. I'll be training this in detail at Agent Mastery Live, which is our live event that's coming up here in the next few weeks. Go to agentmasterylive.com to get your ticket if you want to learn in detail how do you make this happen? But here's what you do is you can help them sell the house and get more money in their pocket than they can doing it on their own. Now, here's the short answer of how do I do this. Well, number one, for sell by owners, however they market their property, Zillow for salebayowner.com, they put it on website, put sign in the yard, put it on Craigslist. Whatever they do, okay, whatever they do to get buyers in there, they don't know how to get the best buyers in there at the right time to get multiple offers to get people fighting over their house. And they tend to operate getting one buyer at a time, negotiating one offer at a time, and they don't know how to protect themselves in negotiating that offer so that once it goes in a contract and then they come in and they do an inspection and then they come in and want to negotiate repairs and all of a sudden that seller's equity is getting whittled away by a buyer that understands how to play the game. But they've only got one deal on the table, so they don't know how to do that. So here's what you're able to do. When you know how to do it, you're able to able to maximize the demand of how to expose the property and position the property in the market to get all the qualified buyers in that house lining up all at the same time to get multiple offers. And then how do you take all those multiple offers and negotiate them to get the best terms and price for that for sale by owner? And when you know how to do that, when you know how to maximize demand, how to get that sense of fomo, of buyers, the fear of missing out, and know how to position in the market to do that and to get multiple offers, and then you know how to leverage those multiple offers to get your client, your seller, the highest price and the best terms so they don't get beat up on contingencies or, or on inspections after the fact. Then you, my friend, you as a professional real estate agent, can get them more money on the front end and more money in their pocket on the back end. Now, the way we do that in yes Masters is I train our real estate agents on a revolutionary process called our home selling system. And it is an exclusive home selling system that you can take to sellers and, and you put that into play and it will help them get more money on their house. When you know how to execute it, it will help you get them more money in their pocket and you get paid and they still get more money in their pocket because you can deliver that much better result and can sell it not only more than they could sell it for themselves, you can actually sell it for more than ages. Now, if you want to learn exactly how to do that, if you already know how to do that, congratulations. But if you want to learn how to handle these kind of objections, how to connect with sellers for sale by owners expireds, and how to deliver kind of result that can help me overcome those objections, come join me at Agent Mastery Live. Go to agent masterylive.com we'll put the link here on the page. Click on it, register. I'll see you at Agent Mastery Live.