FBO Fortune with Emily Peckham

Introduction and Background

• Speaker: Emily Peckham
• Main Focus: Success strategies for working with For Sale By Owner (FSBO) properties in real estate
• Background:
  • Got real estate license in August 2018
  • Moved to Nashville without knowing anyone
  • First year sold 36 homes (30 FSBO)
  • Second year sold 104 homes (50 FSBO)
  • Now owns eight investment properties with her husband, financial freedom achieved

Why FSBO?

• Low Cost & Time Efficient: Calling FSBOs is free, can be found on Zillow, Facebook Marketplace, Craigslist, ForSaleByOwner.com
• Daily Routine:
  • Calls between 8:00-8:30 AM
  • Follow-ups between 8:30-9:00 AM
• Sources: Zillow is primary, also Facebook Marketplace, Craigslist, ForSaleByOwner.com
• Motivation: FSBO sellers are usually motivated and raising their hand wanting to sell
• Success Tips:
  • Use Zillow alerts to get notified of new FSBO listings
  • Consistency in follow-up calls crucial

Mindset

• Unstoppable Mindset: Believe you are the best in your field
• Learning from Successful People: Focus on how they think
• Preparedness: Memorize scripts, have a plan, and stand out with enthusiasm and professionalism

Key FSBO Statistics

• 80% of FSBOs list with an agent within three weeks
• FSBOs sell for 15% less on average compared to those listed by agents
• FSBOs attract less than 10% of buyers in the market
• FSBOs are fast sales: Can quickly turn around listings and sales

Common Problems FSBO Sellers Face

• Exposure & Marketing: Limited reach compared to agents
• Qualified Buyers: Issues screening and dealing with unqualified buyers
• Negotiating Skills: Many FSBOs lack key negotiating knowledge
• Legal Liability & Security Concerns: FSBOs often unaware of the legal pitfalls and security risks
• Emotional Involvement: Sellers may be too emotionally attached to the property

Success Story Example

• First FSBO Listing: Persistent calling, hosted open house, demonstrated value, built rapport

Tips for Calling FSBOs

• Just Call: Consistent action builds confidence
• Accept Rejection: Many will say no but stay persistent
• Invest in a Dialer: Tools like Redex help streamline calls
• Stand Up While Calling: Project enthusiasm and professionalism
• Dress for Success: Be prepared to meet in person at a moment's notice

Script Memorization

• Daily Practice: Spend an hour or more memorizing scripts
• Partner Practice: Role-play scripts with another person
• Confidence Through Knowledge: Knowing scripts well builds confidence
• FSBO Call Script: Key Elements
  • Break the ice (e.g., "Am I lucky number ten?")
  • Determine their timeline for potentially listing with an agent
  • Show how hiring an agent can net them more even after commission

Handling Objections

• Objection as Opportunity: Indicates the prospect needs more information
• Differentiating Conditions vs. Objections: Conditions are barriers, objections are questions
• Common Objections:
  • "Bring me a buyer"
  • "I have a friend in the business"
  • "I don't need an agent"
  • "I've sold FSBO before"
  • "I'll just list flat fee MLS"

Follow-Up Strategy

• Consistency: Follow up more frequently in initial stages
• Multiple Contact Methods: Texts, calls, and videos (nice to meet you, testimonials)
• Tracking: Use some system to keep track of interactions and plans
• Video Messages: Personalized messages help in building rapport

Master Course Details

• Three Sessions: Mindset, Follow-Up, Listing Presentations and Objections
• Dates: June 19, June 26, July 8
• Cost: $500 ($400 for Inspire members, $425 early bird special)
• Lifetime Access to recordings and materials

Summary and Questions

• Importance of Mindset: Belief in your capability and consistent effort
• Detailed Follow-Up Plans: Key to converting FSBOs
• Educational Benefit: Extensive resources and support for agents at all levels

Resources and Additional Material

• Forwarn App: For safety and client background checks
• Redex: Dialing system for efficiency
• Script Practice: Vital for confidence and success in dealing with FSBOs