Bliz wrote a post this morning titled "To Buy The House They Gotta Find The House" that inspired me to share my past experience with "For Sale by Owners." It's been decades since I've approached a FSBO, but from what I'm seeing and hearing, the species hasn't changed. The goal of the FSBO is to save a commission or at least part of a commission. Therefore, the FSBO is your competition. They are searching for your buyers.
Whenever I noticed a FSBO sign, I'd call and ask if they would be "offended" if I previewed their home. Most would agree to paying a co-broke fee anyway. I would explain that their home is to me, just as any other agent's inventory is to me, and I preview all of the new listings in my marketplace. You can't sell something without seeing it first and becoming familiar with the property. They were always in agreement because previewing is nothing that would offend, so the answer would always be in the affirmative.
Once I was in the home and face to face, the conversation about marketing began. One needs to be face to face to communicate effectively with the FSBO. I would leave a brochure with samples of marketing materials that I used. The result was usually some type of contractual agreement. I would not always have an exclusive right to sell, but minimally an exclusive agreement, so that I would get paid if I sold it or another agent sold it.
Not much has changed today. The difference is the type of marketing with Internet versus print; blogging versus The Homes for Sale Magazine. It's the same story, different methods. Marketing is the most important step in finding the buyer. Most FSBO's eventually agree that it's easier to be a member of your winning team than to be considered the competitor who continually comes in second.
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