A Behind The Scenes Look At The $40,000 For Sale By Owner System.
89 percent of sellers sold with the assistance of a real estate agent, up slightly from 88 percent the last three years, and only 8 percent (down from 9 percent) were FSBO sales. The share is the lowest since this data collection started in 1981.
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Did not want to pay commission fee: 48%
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Sold it to a relative / friend / neighbor: 21%
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Buyers contacted seller directly: 18%
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Did not want to deal with an agent: 6%
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Agent was unable to sell home: 5%
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Seller has real estate license: 1%
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Could not find agent to handle transaction: 1%
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Other: * less than 1%
Source: 2015 Profile of Home Buyers & Sellers, (National Association of REALTORS® - Research, 2015).
The Success Formula
Meet 2 by owners every 30 days = 24 year
50% don't work out for one of many reasons; this leaves 12 you eventually make a presentation to.
Of the 12 remaining, convert 60% - which is 7 of the 12.
Of the 7, six close. Let's even plan for one falling through; it can happen.
$250,000 x 3% = $7500
$7500 x 6 = $45,000 Gross Commission Income (GCI) (This is one stream of income) This is in addition of your other streams of income.
Places to find by owners
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Driving around - showing property, going on listing appointments, previewing property. These are all opportunities to find by owner opportunities as you're out in the streets.
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Friends that are driving through neighborhood jot down addresses and phone numbers.
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Online - Craigslist, FSBO specific websites. Research your local publications.
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