Targeting your prospects

In targeting FSBOs for conversion, use the following selection criteria:

i Clear motivation to sell i A short selling time frame i A specific place they need to be by a certain date i The capacity to sell at fair market value with a commission i A high-demand home in a high-demand neighborhood i Owners who don't have a best friend or relative that is a real estate agent

You need to ask owners these questions to understand how they fit into your criteria. By asking, you then know which client to invest your time in.

The best approach to target FSBOs for conversion is to create a Top 10, Top 20, or even Top 30 list. If you try to work much beyond 30 FSBOs, excellent service becomes a very difficult proposition. If you pursue the best 30 FSBOs, knowing that 80 percent — or 24 of the 30 — are likely to list in the next 60 days, then you have 24 solid prospects, or about 12 a month.

If you provide solid advice, counsel, service, and care, you can get half of those 12 to interview with you. Depending on your skill in the interview, you could convert anywhere from two to five into listings each month. Think about it: A business source that generates five listings a month is a great source of business. And even if it delivers only two a month, that's still 24 listings a year. Not bad!

Making Money by Investing in Real Estate

Making Money by Investing in Real Estate

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