Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So what are your thoughts on this topic? Oops, meant to say Realtor OR FSBO.
I think it is an extremely tough time to sell real estate. Yes you can save a lot of money doing it yourself and my husband and I have sold and bought with and without Realtors. The biggest obstacle is many people need someone to hold their hand during the buying and lending process. That's where I think a Realtor makes their money.
BTW, you can cut a listing Realtor's commission but a lot of times other Realtors won't show your house. They have to do a lot more work now for a lot less money than they used to. You're better off listing your house at the usual commission rate and negotiate the commission down a little if they bring you a buyer. And only sign a 6 month contract. Make sure they do their job.
If you want to try it:
1. Check your local "sold" comps. Go into county records and find out what homes have sold for. Then drive by and make a comparison. Many people price their home by what's for sale....that is "not" what is selling.
2. Price as low as you can.
3. Clean and make any repairs that your house might need.
4. Curb appeal. You want to get people inside your house not drive by.
5. De clutter and keep it clean...all the time.
6. Another thing is you can give any Realtor a "one day " contract of they bring you a buyer. Don't shut the door in their face
I used one agency that placed me on MLS(not the local MLS because I didn't want to pay a commission) but I was all over online and on Realtor.com. It was $99.00 for 6 months. On the listing was an 800 number but it was forwarded directly to my cell through an extension. Some of the other FSBO sites take a message for you and call you when someone calls about your property. I didn't like that because they might steal my lead. Anyway it is not an easy thing to do in this market.
Good luck to you. If you want more info about the place I used or more input on some of the pother sites just DM me. I also know a lot of free sites to advertise.
So, given these factors, would you do FSBO or use a realtor? A person can save THOUSANDS in commissions if one is willing to hire an attorney and do most of the legwork. Plus, there are sites out there that will give you exposure as a FSBO.
I have had MANY corporate relocations over the years and as much as I don't care for Realtors, they perform a valuable service.
First as a BUYER, I absolutely REFUSE to even look at FSBOs. In my experience, those properties are generally NOT prepared for sale, and generally priced ABOVE market and I hate to deal with the owners. When my wife and I are looking for a place to live, we liek to discuss the property openly. You CANNOT do that with the owners in the room.
As a SELLER, you may save a few dollars doing it yourself or using a discounter like "Help U Sell". However, I have had a number of friends with houses on the market 400+ days just to see the house sold by a Realtor in 90 days. When you factor in the costs of trips back to your old place trying to sell it, the costs of maintaining a residence in two cities for an extended period of time, and having to deal with the line of gawkers you have to walk through your house, you are not saving very much.
Hmm, I used to live in the Bay Area. Do you have room for me on your couch?
Honestly, at this point I don't know. Most likely either back in CA or in Oregon.
Nope -- I'm gonna need for my knee replacement! I'm seeing the surgeon next Tuesday to see what's up. I'm scared about it, but at the same time I am SO tired of the pain.
I have had MANY corporate relocations over the years and as much as I don't care for Realtors, they perform a valuable service.
First as a BUYER, I absolutely REFUSE to even look at FSBOs. In my experience, those properties are generally NOT prepared for sale, and generally priced ABOVE market and I hate to deal with the owners. When my wife and I are looking for a place to live, we liek to discuss the property openly. You CANNOT do that with the owners in the room.
I guess I've never looked at a FSBO except for one time and that was with my realtor. As far as owners being around, what's wrong with an owner just going and sitting outside or getting in their car and parking down the block? I feel much more uncomfortable with strangers walking through my house than they should feel about me being in the vicinity of my house. And whether FSBO or with a realtor, I've only had owners in the house and that was one time in the FSBO situation. People can always make themselves scarce.
Quote:
As a SELLER, you may save a few dollars doing it yourself or using a discounter like "Help U Sell". However, I have had a number of friends with houses on the market 400+ days just to see the house sold by a Realtor in 90 days. When you factor in the costs of trips back to your old place trying to sell it, the costs of maintaining a residence in two cities for an extended period of time, and having to deal with the line of gawkers you have to walk through your house, you are not saving very much.
Well, in your situation I agree. I, however, have no job so there is nowhere for me to go back to. I have no two residences to maintain. So it's a bit like comparing apples to oranges.
I'm intentionally putting this in the frugal forum as I know I am surrounded by like minded people.
Put simply, I want to sell my house and avoid commissions. I also am aware the longer the house sits on the market the less desireable to buyers.
So, given these factors, would you do FSBO or use a realtor? A person can save THOUSANDS in commissions if one is willing to hire an attorney and do most of the legwork. Plus, there are sites out there that will give you exposure as a FSBO.
I happen to live right a few houses down from an elementary school. My house would be primo for someone who wants to walk their kid a few houses down and keep tabs. However, only drawback is my pool is not fenced in. But that is easy enough for someone to throw up a fence.
So what are your thoughts on this topic? Oops, meant to say realtor OR FSBO.
The point is, the realtor does some useful work, and brings some useful skills to the table for the commission - if you want to FSBO, you can do that, but relize you will have to do the work that the realtor would do, and, depending, you may not do it as well.
If your house is in a cookie cutter development, you should be able to figure out the "comps" pretty easy, if it's a unique older property, not so much.
You have to be willing to fix the place up and keep it "staged" - most buyers are idiots and put a lot of weight on how clean the floors, etc. are, they are very sensitive to how green the yard is, even though these are maintenance items, easily corrected at low cost by the buyer, if they even want to spend the time to keep things so shiney.
I think there is a way to get onto the MLS even in FSBO situations. One might have to pay for it, but I do believe it's possible.
As to cleaning and clearing work? Yes, I did give away two chairs and a lawnmower to someone who deserves it, but he won't pick them up until Sat. Little by little...
I do think I'll be more motivated once I see some of this stuff go. And, btw, time is all I do have. Being unemployed means I am home practically 24/7. So, yes, I do have the time.
I sold my house recently on my own and never had to have an open house or pay for an ad in any newspaper. I had lots of showings.
You have to be totally committed to the process and totally organized.
- Get a very good real estate attorney. S/he will charge for every single minute, believe me. Be prepared for this. Keep your own log of conversations and times. Avoid email, hard to track. The atty will not market your house for you, you must do that. Get his/her legal forms to use, and run absolutely everything by him/her before signing a thing.
- Get a professional appraisal, so you can be confident you price the house right (lenders will have their own appraisal done so you can't be too far off the mark with your price). Show serious buyers the appraisal so they won't be suspicious of FSBO.
- To price your home realistically do a careful market analysis of your house and others comparing apples to apples--noting the original list prices, the drop prices, and the final selling prices of comparable homes in your area.
- Take really, really, really good photos (not quick snapshots) of your house inside and out. Everything should look pristine and inviting w absolutely no clutter. Take 3 or 4 shots EACH of each room and the front, back and sides outdoors. Use a very high quality digital camera and use a tripod to avoid blurry photos. Get them onto the computer in JPG format, go through every single one and choose the very best of each room and each angle of the house outdoors. If you can't do this, hire someone not a friend but a real photographer
- Create a blog with a photo gallery and all the essential info, pushing the best points like what's walkable, etc. If you can't do this hire someone to do it for several hundred $.
- Look up online every single real estate agent within 20 miles. On each of their websites copy each and every realtor email address and put them into email folders marked for particular agencies. Email them an announcement that your house is for sale and you will offer a commission (2 - 3%) to any realtor bringing a buyer.
- Include in the email notices a date for a REALTOR's walk-thru/open house.
- Make dozens of one page flyers with photos on it (color not necessary but use good quality paper, and nothing cutesy) to hand out to the realtors when they arrive, and also to put into a plastic box mounted under a PROFESSIONALLY made For Sale sign out front.
- Create a spreadsheet to record every single phone call you get--mostly these will be from realtors wanting to bring their clients through but also will be from folks who see your sign and pick up your attached flyer. Include the date of the call, the name of the person or realtor, the first name (always get it) of the realtor's client, and a space for your impressions of that visit.
- Make appts with 24 hrs notice, no exceptions or you will go crazy. Get their CELL PHONE # and confirm the appt the day before. Give them your cell #.
- Greet clients/realtors with a super clean house and you well dressed. NO cat litter in the house, no cooking smells, no dog odors, and NO cover up sprays or scents (open the windows for air). Give them sheet on the house and another (or on the back) of all the close by amenities--schools, library, hiking, transport, etc.
- Take them through each room, letting them walk ahead of you so they don't feel "led." Don't gush or brag or go on and on--say little and let them ask q's. Point out only the important facts--new windows, new furnace, and also one or two shortcomings but no apologies. When the brief tour is done let them wander freely while you go out and tend the garden.
- At the end say they can come back any time, you just need 24 hrs notice.
- Sit down at the computer immediately after they leave and record all the info on the visit on your spreadsheet. Second and third visits should show in red.
- For the first two months, hold off on any open house or taking out printed ads in the newspaper. Every two weeks send all the realtors an update including any price drop or new info, or just a reminder. They will be calling a lot with clients to bring by.
- Do pay for a flat fee MLS listing that includes a full listing on realtor.com (about $400) Include many photos and LINK to your BLOG. Take it out for 6 months.
- Post on Craigslist with photos and LINK to your BLOG.
- Post at local employers and college student/faculty bulletin boards
All this said, most realtors work really hard and deserve their commission. They are highly professional and if you have the slightest doubt about your time or abilities, list with an agent. But if you;re sure you want to do FSBO, it's not hard, but it's a lot of work!, so do it right.
Last edited by RiverBird; 06-22-2011 at 08:18 PM..
As long as time is not a factor then it cant hurt to try and sell your own home. Just be smart about it. Get your house appraised so you know what to sell it for, read up on the paper work that needs to be done, and be proactive when trying to sell. Use websites, fliers, newspaper articles. the worst thing that could happen is.....nothing, in which case you go to a realtor.
My dad has bought houses and sold houses fsbo and my sister just bought a house fsbo so it happens. You dont have to be a marketing genius. Its a good deal for both sides as long as you do your homework.
NewEnglandGirl, great post. I enjoyed reading it and learned a ton. If you decide to move to Charlotte, NC let me know. I will hire you to help me see my house :-)
I've done both but the one thing that always rings true with frugality is "Don't be penny wise and pound foolish.".
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
