FSBO, otherwise known as for sale by owner, properties can be found in the Philippines. For real estate agents, turning these into your own listings can help create new opportunities. That being said, converting FSBOs in the Philippines isn’t easy. However, it will help bring in extra business with a little hard work.
Converting FSBOs in the Philippines: 4 things you need to know
1) Do your homework to find FSBOs
Converting FSBOs in the Philippines starts with finding them. In some cases, this is as simple as driving around an area and looking for signs or flyers advertising a property for sale.
Of course, not every FSBO property will have a for sale sign posted. Some will be listed through online marketplaces. Searching these can be a good source of potential conversions as well. Long story short, keep your eyes and ears peeled for FSBOs.
2) FSBOs underestimate the selling process
Most FSBOs don’t always understand just how difficult selling their home will be. In fact, a lot of them become overwhelmed when people start to inquire about their property. When converting FSBOs in the Philippines, don’t come in hot with the hard sell.
Instead, see what they understand about the process and offer them information. Once they have a better idea of what’s required when it comes to selling a property, they may end up wanting your services. It will take time and multiple visits, but the seller will usually come around if he or she is serious.
3) Share strategies and relatable success stories
Don’t focus entirely on the end result when speaking to a FSBO. Every real estate agent trying to convert FSBOs in the Philippines can promise to sell a property. Unfortunately, many of them never bother telling the seller just how they will make it happen.
When you are speaking a property owner wanting to sell their home, focus on what makes you qualified to do so. Go over the strategies you would utilize to attract viewings and share examples of similar properties you have sold in nearby locations.
4) Don’t forget about commercial properties
A great source of potential listings is commercial real estate. While this may not be your area of expertise, it is a lucrative and underserved segment. Many business owners don’t know who to turn to when looking to sell their commercial property which is why they end up in FSBO situations.