selling using ISOLDMYHOUSE.COM (hardwood floors, flat fee, for sale)

[ncwannabe2]

My house is going on the market in the next week or so and I am seriously considering using ISOLDMYHOUSE.COM. I have gone back and forth in my head as to FSBO or just hand it over to a realtor. Need some unbiased opinions.

Here is some background:

For starters, I would like to move out by July.

My house has excellent curb appeal and is situated on a corner lot in a desirable neighborhood within my small town. There are no other houses for sale in my 140 home neighborhood and, for that matter, there is only 1 other house in my town that is even close in asking price to what ours will be (approx. $450k).

I have been preparing my house to sell for the past 2 years. In addition to a custom kitchen, new hardwood floors on 1st level, and fairly new family room addition, I have replaced all the bedroom carpets, have a new roof, replaced all doors with 6 panel solid, just painted the outside, etc. It is truly in move-in condition.

I feel I have a good chance to sell if I can just get people in the front door.

With all that being said, I feel the key to exposure is getting into MLS, which I can do with ISOLDMYHOUSE.COM. So, I am hoping that MLS, a FSBO sign, and word of mouth in my town, I should get some traction.

Now for my question: What are the pros and cons of using a service like ISOLDMYHOUSE vs. listing with a realtor. I realize that with FSBO, I still may have a commission fee of 2.5% if I decide to co-broke, which I most definitely would.

Anyone have success with FSBO?

Thanks for the info.

[NY'er lost in MA]

My wife and I went from a full service listing/agent to a custom 'entry only' listing with an agent, and then to FSBO. We paid to have it listed on the MLS which was a good move to still gain realtor traffic. I also printed up color copy listing sheets and put them at the local commuter rail station. We had one open house on our own that had decent traffic, but no offers. The offers always came via realtors' clients and only after we lowered the price by $10K.

You have to decide upfront what commission you will offer because realtors can see that information in the listing on the MLS.

You might also try a hybrid service like Redfin. We didn't sell using them, but bought and it was excellent:

Redfin: The Market-Leading Online Real Estate Brokerage

My best advice is to price your home as low as you can go. There really isn't going to be tons of negotiation in this market. If buyers sense the home is priced higher to accommodate a profit, they may just pass it by. The neighborhood we were selling in is Historic and had 2 listings- ours and one about a half mile up the street. Although not overly comparable, the other unit sold for $219K, and ours was listed at $254K. Ours had more space and more custom upgrades; either way that sale really killed any hope we had. Not able to sell the condo for what we owed, we ended up renting it.

Keep an open mind and if things don't work out, then don't hesitate to change your strategy! Good luck.

[mindy410]

Hi, just wanted to let you know my experience. I tried with a realtor in April. He brought no one in 3 months time. It was on MLS and no other realtors brought in anyone. So I tried to sell it on my own for 4 months and I did get traffic but most where from my sign out front. No calls from MLS. Still no luck so I put it on with a Realtor in December now over a month later still no calls. It is priced right. It is in great condition. Unfortunately I can't get anyone into the door. Asked my realtor to have Open House For Agents and she said that does not work in this Market. I see houses selling around me that are same as mine but higher in price. I really think in todays market you have to be lucky to sell. I know a good realtor helps but it also seems like luck does to. Good Luck. Mindy

[Valerie C]

My opinion wouldn't be considered unbiased, but here goes anyway

It sounds as though you've put a lot of work into your home, and it sounds very nice. However, the first and most important issue is price. You don't want to look at what houses in your area are listed for. You need to know what homes have SOLD for in the last quarter. Those comps are what will be used by the appraiser when you DO get a buyer, and let me tell you, there is no fudge factor on appraisals these days... And the appraiser won't go higher because of new (updated) carpets, doors or freshly painted exterior (and neither will the Buyers). They just expect that a house WILL have these features, and that they won't be dated, worn or non-functional.

Have you considered having a full-service agency put your house on MLS for a flat fee? Many of us are now taking entry-only listings, and IMO it's a good fit if someone is willing to do their own advertising, open houses, showings, etc. Once it's on the MLS, will there be multiple pictures? Will the pictures be changed periodically, to keep the listing appearing "fresh"? What kind of realtor.com exposure will it get? (multi pictures? virtual tour? customized banner/text) Ask around before you settle, because there are a ton of add-on's for placement at their website.
Good Luck with whichever path you chose


Mindy you mentioned that your agent says Agent Opens don't work in this market. They might not sell the house, but the idea is to get agents INTO the house, so that when a BUYER comes along, the AGENT has already been inside. I make it a point to get to at least 2 Broker's Open House's each week. It keeps me in contact with other agents, I am keeping familiar with the (growing) inventory, and since I've already been in the house, I know the great (or no so great) things about the house, neighborhood, etc. If a bank or title company is asked to attend, they'll usually kick in for a nice lunch, and gas card/gift basket to be given away (everyone puts their business cards into a hat). Free lunch, and a chance of winning something... it's a win-win!

[NY'er lost in MA]

One other thing- it is reasonably hard to get an adequate mortgage with all the changes in the lending industry. Figure that about 60% of those first time buyers now can't even qualify.

My wife has a credit score close to 800, mine is 720 and we can't even refinance. It isn't just about credit or what you can afford- lenders are very strict now that the government guidelines have a noose around their necks. Of course this is from years of bad lending, but it also affects many others.

[ncwannabe2]

Originally Posted by Valerie C

It sounds as though you've put a lot of work into your home, and it sounds very nice. However, the first and most important issue is price. You don't want to look at what houses in your area are listed for. You need to know what homes have SOLD for in the last quarter. Those comps are what will be used by the appraiser when you DO get a buyer, and let me tell you, there is no fudge factor on appraisals these days... And the appraiser won't go higher because of new (updated) carpets, doors or freshly painted exterior (and neither will the Buyers). They just expect that a house WILL have these features, and that they won't be dated, worn or non-functional.

Have you considered having a full-service agency put your house on MLS for a flat fee? Many of us are now taking entry-only listings, and IMO it's a good fit if someone is willing to do their own advertising, open houses, showings, etc. Once it's on the MLS, will there be multiple pictures? Will the pictures be changed periodically, to keep the listing appearing "fresh"? What kind of realtor.com exposure will it get? (multi pictures? virtual tour? customized banner/text) Ask around before you settle, because there are a ton of add-on's for placement at their website.

Valerie - thanks for the info. I appreciate your comments. As far as entry-only listing, that is what I am considering with ISMH.com. This is probably the cheapest way to get my house into MLS. Do you think there are advantages of listing with full-service agency, over ISMH.com if i just want the MLS listing?

thanks.

[NY'er lost in MA]

Wannabe- have you considered paying a portion of closing costs as an incentive? That can be a away to attract buyers that are ready to make an offer....

It also can be a strategy as opposed to lowering your price multiple times.

[ncwannabe2]

Originally Posted by NY'er lost in MA

Wannabe- have you considered paying a portion of closing costs as an incentive? That can be a away to attract buyers that are ready to make an offer....

It also can be a strategy as opposed to lowering your price multiple times.

I have seen it done, but did not think of doing that right away. It is a good idea though and a strategy I may do in a month or so.

[NY'er lost in MA]

My best to you- selling is definitely stressful. Keep an open mind and keep things like that in your back pocket!

Good luck

[Valerie C]

I would hope that any Seller agent out there would have brought these types of things up to their client sellers... I don't know if ismh.com gives advice like this to their customers. After all, they get paid whether the house sells or not. It's a VERY common thing to see in the MLS, and one that could make a big difference to buyers who are usually cash-strapped at closing time.

Another things to consider as a perk for the Buyer is a a 1-year Home Warranty. These are under $1000, money well spent IMO. And pre-listing home inspections are well worth the $$, and eliminate surprises at the home inspection. Some inspectors will even defer the cost until closing (it doesn't hurt to ask!) I've seen them find termite problems, radon in air/water, and other more minor items that can (and do!) cause transactions to fall apart...

And to ncwannabe2, it may be the cheapest, I'm really not sure. Initially it appears that way, doesn't it. There seems to be lots of add-ons like virtual tours, special placement within their website, etc that will drive your costs up. IMO, the biggest benefit to working with a traditional brokerage on an entry-only listing is that you have already established a rapport, and if you need advice, you are more likely able to get help from a professional, rather than a "customer service person".

Remember to get that SOLD data on the comps. before listing the house. The bank appraisal will be calculated by sold comparables; homes that are listed do not count for anything.....

Best of luck with whichever you chose to do

Originally Posted by ncwannabe2

Valerie - thanks for the info. I appreciate your comments. As far as entry-only listing, that is what I am considering with ISMH.com. This is probably the cheapest way to get my house into MLS. Do you think there are advantages of listing with full-service agency, over ISMH.com if i just want the MLS listing?

thanks.

Originally Posted by NY'er lost in MA

Wannabe- have you considered paying a portion of closing costs as an incentive? That can be a away to attract buyers that are ready to make an offer....

It also can be a strategy as opposed to lowering your price multiple times.