The market may present its fair share of challenges these days, but according to the latest data from the Profile of Home Buyers and sellers from the National Association of Realtors, For-Sale-By-Owner (FSBO) sellers are on the decline.

Sellers know that they need all the guidance and expert help that they can get. In order to sell a home, one needs a solid marketing plan, exposure, and market knowledge on prices and comparables.

FSBO sales accounted for 14 percent of the market in 2003 and 2004 when the market was booming. Sellers took advantage of the fact that many times a simple sign or newspaper listing could sell a home in days, especially in highly desirable market.

2010 saw only 9 percent of sales originating from FSBOs. According to the report, the majority of FSBOs take place in rural areas and central city locations, both areas that experience less traffic. The boom of the mid-2000s is over. These sellers are realizing that if they want to sell, they need your help.

How can you tap into this new market share?

Consider adding FSBO recruitment to your prospecting. Many homeowners wanting to sell may test the water by placing "For Sale" signs in their yards or internet listings on the web.

Avoid being "salesy" or "pushy." There's a reason most FSBO avoided going to an agent in the first place. They wanted to save money and avoid any high pressure sales tactics.

Be upfront and honest about why you are contacting the seller. Let them know you are fully experienced with selling homes in their market. Let them know your track record for selling homes.

Ask them about their concerns with using an agent and be willing to compromise or to strike a deal regarding commissions or marketing plans.

Marketing plans can include a whole arsenal of services. Talk to your potential client about: virtual tours, home staging, professional photography, open houses, webcasts, email marketing, brochures, flyers, internet ads, MLS listings, and many others. You can market their home in ways they could only dream of.

According to the study, many FSBO sellers struggle with not only pricing their home, but also preparing it for sale.

You know why a seller should enlist an agent. Now's your chance to tell them! Not only will you gain a few more clients, you'll help sellers move on or move up.

Published: September 23, 2011

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