In our case we have a mortgage contract embedded in the loan application and we will charge for our services using mortgage fees. Instead...the FSBO Marketing Program is free to our FSBOs. We're providing a program that is going to help them sell their home faster, more efficiently, and at the right price, all for free! There's no cost there. You just won't go for it on the first call or even the second call. That's your initial thrust...the FSBO Kit...not a new Mortgage...that's why in my opinion; you're operating within the law. Are you going to try for the FSBOs new mortgage? Of course you are! Probably because the Realtor is marketing a service that (1) requires a contract, and (2) will eventually cost the homeowner commission fees. Here's my answer..."Be very careful." First of all, you need to review the law. The Federal Trade Commission has ruled that Realtors cannot use the opportunity to solicit listings. Your FSBO Marketing Program and "The National Do Not Call Registry" Many of you have asked about operating your mortgage business without violating the new National Do Not Call regulations. If you're not working with FSBOs...you're missing an opportunity to build and maintain a continuous lead and referral machine. It's my opinion that once a FSBO advertises or posts their phone number on a sign...Loan Officers and Mortgage Brokers can call them. You can be the FSBO expert in your area. Instead, dazzle them with what they will be getting for free...establish the relationship...gain rapport...then go for the new mortgage. Fourth, it's an easier marketing approach. First, you can immediately become an expert with your own niche. Why? Great for new folks in the business. You cannot call on FSBOs with the purpose of getting their mortgage on the new home they are purchasing. You can do that at: http://www.ftc.gov/bcp/conline/edcams/donotcall/index.html Second, pay attention to current rulings and interpretations regarding the Do Not Call Registry so that you can keep informed and adjust your marketing if necessary. If we went after the new mortgage initially, we would be doing the same unlawful thing the Realtors might do. A word about FSBO marketing... According to the notice, Dynasty obtained the leads from a lead broker, who claimed the leads were scrubbed (checked) prior to Dynasty's purchase of the leads. If they are on the No Call list...you in violation of the law. Third, and the whole purpose of this...you'll get lots of free quality leads. Here's why... If you're purchasing leads...you need to question your lead company and how they screen their marketing. It's much less intimidating talking to a homeowner than it is talking to a Realtor, and Fifth, since some FSBOs give up and elect to list their home with a Realtor...you now can refer that homeowner to a Realtor of your choice...this also helps you build additional relationships. OK...one last word on the No Call Registry... In May of 2005 The Federal Communications Commission (FCC) issued a forfeiture notice to Dynasty Mortgage, LLC in the amount of $770,000 for 70 phone calls made by Dynasty to 50 consumers who were listed on the Federal Do Not Call List. Specifically, can using a For Sale by Owner (FSBO) Marketing Program be in violation of this law? I'll let you answer that question... Second, this is truly an inexpensive marketing approach. The more FSBOs you have working...the more leads that are generated each week. This is solely my opinion. Let's preface this by saying, I'm not a lawyer, nor do I want to give legal advice. You are literally missing the boat. On the other hand...if you have a great FSBO Marketing Program...and, it's available at a one time cost of only about three mortgage leads...why would you even go that route and expose yourself to that potential liability? Why?... It is the cause we did this location. The most obvious advantage that online traders have over street front stores businesses is that the expenses of doing office is less. Be encouraged by our authority to allot the best deals on the web for and anything tied up to. This is why we designed this search location for you It took an incredible extent of mode and authority to compile this file on and decide on the best links for you to go to.
Your Fsbo Marketing Program and the National Do not Call Registry