Our market is running incredibly low on home inventory, meaning you can’t rule out any opportunities for your clients—including FSBO listings. If your buyer asks you to see a FSBO home, there are three helpful tips you should keep in mind:
1. Check Zillow and build rapport. FSBOs typically don’t appear in the MLS, but you can usually check our real estate sites like Zillow and find the seller’s number. Get their number, contact them directly, introduce yourself, and ask them questions about their home. If you build rapport and get them invested, they’re more likely to continue the transaction.
2. Ask if they’re offering a percentage to the buyer’s agent. Find out if they’re offering a 3% coop; most sellers in our market are already offering this. It’s a fair question and a good one to get out of the way before requesting a showing.
3. Offer 6% service at a 3% price. Tell the seller you normally handle both sides of the transaction at a 6% rate, but you’ll handle this one for 3%. If you’re still getting pushback, you’ll need to go back to the buyer and explain the risks that can arise when neither parties have representation. You should still try to put a deal together, though. You can offer a flat fee instead of a percentage, for example, and have each side contribute equally. You can also negotiate commission as part of the offer or have the buyer pay, but you never want to leave your buyer without representation.
By following these tips, you can advocate for your buyer and ensure they have a secure transaction with a FSBO seller. If you have any questions or would like more information, feel free to reach out to us. We look forward to hearing from you soon.