Realtor vs. selling yourself (Edison, Society Hill: sales, rent, condos)

[joe moving]

All I can recommend is that regardless of realtor or FSBO, you might consider logging onto Zillow.com and editting the homeowner facts, and adding pictures. Craigslist is another free publicity option.

[ehs]

Originally Posted by patty nj

I've been down this road. We also fired our first realtor after 15 months on the market. Hired a new one, had offer in 30 days, 10 day's before closing they backed out.

Find a wealthy realtor, they have money for advertising, Look for the one's that drive the mercedes. The poor one I hired first kept complaining he couldn't pay his mortgage because the market was so bad. Which in turn meant no advertising for me.

I am now 4sale for 18 months, the house is not a dump in fact it is completely renovated. We just lowered it again to just under what it appraised for. I am also offering a buyer's agent $1500 bonus. and the 5% split.

I feel your pain. Me, I'm so aggravated at this point. Renting may be an option soon.

Give listing agent 1% and selling agent 4% and you shall see the magic ...

[ehs]

Originally Posted by BobKovacs

There's just a few flaws in your logic:

1. Of that $5,000, typically 1/2 goes to the broker- especially for newer salespeople- so using your "100 hours" example, the listing broker is now only making $25/hour- not the $50/hour you touted.

2. You mentioned that "listing a house at MLS cost very little listing fee. The key is really if other thousands realtor will bring buyers to your listing." So that's all it takes to promote a listing, huh? I'm sure plenty of realtors wish it was so easy- just pop the listing in the MLS and sit back and wait for the selling agents to drag buyers kicking and screaming to your door. Unless you clearly post in the listing title "HEY! YOU GET 4%!!!!" most realtors will never even see that fact, as they don't have the time to go through every listing that pops up in the MLS in detail.

3. The listing broker is going to do far more for his $2,500 than just "list the house in the MLS"- he's got to present the offers, negotiate on behalf of the seller, see the deal through attorney review, open the house for inspections, keep the deal together, take care of all of the last-minute details prior to closing, and deal with the seller's constant questioning on every aspect of the process. Sounds like a lot to handle for $2,500 IMO.

If your process is so brillant, why are you just "advisor for many top realtors", rather than being a top realtor yourself???

Bob

1. Choose Remax realtor to list, 1% will not need to be split between broker and agent, I mean, if you think $25 per hour is too low for a realtor. Besides, which listing agent ever spend 100 hours on a house? Most spend much less than that.

2. Believe me, realtors know the % of commission, and 4% is the most cost effective way to have thousands of realtors to work for you. MLS has a report shows that all.

3. The key here is to "relax" your listing agent since with thousands of other realtors got very motivated, all the listing agent should do is get it listed with MLS system. But that statement will NOT work if commission is half and half which many lazy listing agent did.

4. Good question. I believe I can do better than President Bush, but I can not be the President of the US because the law says only people born in the US can run for President... Do you know many Olympic champion on swimming whose coach does not even swim? My interest is to help people who can not sell to sell, help people desperatedly looking to buy to be able to buy and line them up so that everyone wins.

So, if you also know I am homeless issue expert what would you suggest me to do? Heading Department of Homeless of NYC or HUD ?

Confucious said a "Juin Tze" is not like a container, he can do many things at the same time.

[hrjersey]

OK. My 2 cents. I'm not an agent. I actually don't think much of the ones that I met. But last year I had to sell my mom's house as part of her estate. The house was nice but needed updating. I thought about selling it myself but it truly is a lot of work. Take the pictures, get them posted everywhere, make appointments, handle open house, etc. So I interviewed 3 agents. Dealt with all the BS they fed me and went with the one who drove the Mercedes. She did an ok job but I followed up on everything!!! I made sure I liked the pictures that were taken and I went to every website where they were supposed to be posted when they were supposed to be posted to be sure they were there (they weren't)...so my follow-up was important. One thing my agent did was got the house on the realtors pre-view days 2 times in two months. Finally, and this was key, when she presented the 1st offer which was for 1% down. I refused. I didn't like the terms, I didn't know the mortgage company who gave the pre-approval and so I never had to take the house off the market and potentially miss a more qualified buyer. I sold the house in the middle of January for asking price. Know your realtor. Know what services you should have them provide and make sure they do it. Good luck.

[NC little foot]

Originally Posted by ehs

Give listing agent 1% and selling agent 4% and you shall see the magic ...

I can't, I'm still under contract with my agent. But, since we live in NJ, I'm sure I'll still be sitting here 4-sale after my contract expires in 3 months. This is just sick, pure and simple. I have lost all confidence in this market.

But, the next realty company will probably be one of those low commission ones, then I'll be able to bang up the buyer's agent commission. I mean my goodness, I have lowered the price $60k since I began in the begining of 06. Buyer's agent bonus, What else could I possibly do short of giving the house away for free.

Yes, I'm stressed.

[ehs]

Originally Posted by hrjersey

OK. My 2 cents. I'm not an agent. I actually don't think much of the ones that I met. But last year I had to sell my mom's house as part of her estate. The house was nice but needed updating. I thought about selling it myself but it truly is a lot of work. Take the pictures, get them posted everywhere, make appointments, handle open house, etc. So I interviewed 3 agents. Dealt with all the BS they fed me and went with the one who drove the Mercedes. She did an ok job but I followed up on everything!!! I made sure I liked the pictures that were taken and I went to every website where they were supposed to be posted when they were supposed to be posted to be sure they were there (they weren't)...so my follow-up was important. One thing my agent did was got the house on the realtors pre-view days 2 times in two months. Finally, and this was key, when she presented the 1st offer which was for 1% down. I refused. I didn't like the terms, I didn't know the mortgage company who gave the pre-approval and so I never had to take the house off the market and potentially miss a more qualified buyer. I sold the house in the middle of January for asking price. Know your realtor. Know what services you should have them provide and make sure they do it. Good luck.

Excellient! I think the key is that you should be working like a "general contractor" that hiring the "sub contractors" and make sure sub contractors doing the right job... Working together with realtor is very important.

[ehs]

Originally Posted by patty nj

I can't, I'm still under contract with my agent. But, since we live in NJ, I'm sure I'll still be sitting here 4-sale after my contract expires in 3 months. This is just sick, pure and simple. I have lost all confidence in this market.

But, the next realty company will probably be one of those low commission ones, then I'll be able to bang up the buyer's agent commission. I mean my goodness, I have lowered the price $60k since I began in the begining of 06. Buyer's agent bonus, What else could I possibly do short of giving the house away for free.

Yes, I'm stressed.

Is your house affordable by "first time buyer" ? If you it is, you may want to do some homework together with your realtor to identify which apartment complex could be your migration path. e.g. where did you live before you move to your current house?

Once identifying the migration path, you will go there to do extensive advertising. e.g. Many people who bought Edison Hollow South condo came from next by Edison Village and Blueberry Village apartment complex, so all it takes is to distribute 1,000 flyers in the apartment complex to find prospective buyer.

Late last year I was told by someone whose friend's townhouse could not sell at Tradtions. So, I went over to visit Traditions at South Plainfield one day and talk to many owners there, then I identified many owners used to rent at Edison Village and Blueberry Villages and Durham Woods. So, I went over those complex to introduce Traditions condo and townhouses; thereafter, dozens of units sold; it was almost sold out.

There are many first time buyers out there need info and guidelines and maybe some education, and they would be very good buyers....

If your house is NOT affordable by first time buyers, you need to still find out the "migration path", and mostly condo or townhouses. and you can do marketing on those condo or townhouses complex like Maple Grove at Piscataway which sold 10 out of total 11 listing for past month ... north jersey craigslist > real estate for sale: search for "piscataway maple grove"

When condo or townhouse owners sold their unit, they become buyers for bigger house ...

[krusher]

Originally Posted by ehs

Is your house affordable by "first time buyer" ? I

I think this is a huge point. Everyone who wanted to trade up their home has already done so. The market that I see right now is comprised mostly of first home buyers who missed getting in before the market took off in the past couple of years.

[mishi]

Originally Posted by diamondmom

We just fired our realtor as they were useless. Question is, do we hire another realtor or reduce the price and sell it ourselves? We really need to move.

I am currently in the same boat. We had our place listed for 2 months with no offers...and a very inactive 2nd month...and I knew we needed to reduce our price but couldn't afford paying commission and reducing the price so we withdrew our listing. We lowered our price $25,000 and posted it FSBO about 3 weeks ago on several free websites to see what happens. Exposure is limited when you are not on the MLS so we have had only 4 visits...with 1 person calling back and stating they are considering placing an offer...nothing yet...so who knows.

We are going to try this route a little while longer and see what happens. If we don't get anything then we would consider working with a realtor who is willing to negotiate the commission...and list it on MLS while we continue to try to sell it FSBO...and I believe we have found a realtor who is willing to do this...since most of them would not. You may not find the "best" realtor by doing this...but it allows you some flexibility. There are pros and cons to everything...this is just the approach that we are trying because of our situation. It may not work for you if you are in a really big rush to sell. If you are in a really big rush to sell...the real estate market right now is not on your side.

Needless to say...my point is that if you want to knock down the price and try to do the FSBO thing for a little while it wouldn't hurt to see what happens...you may get lucky. I can give you the name of the free websites that I am using if you are interested. As soon as you start advertising you will get calls from realtors who will want to list your property. When that happens...try to find one who is flexible and willing to list it while you keep advertising FSBO...and one who is willing to negotiate the commission.

[Obrero]

[quote=mishi;885642]We are going to try this route a little while longer and see what happens. If we don't get anything then we would consider working with a realtor who is willing to negotiate the commission...and list it on MLS while we continue to try to sell it FSBO...and I believe we have found a realtor who is willing to do this...since most of them would not. You may not find the "best" realtor by doing this...but it allows you some flexibility. There are pros and cons to everything...this is just the approach that we are trying because of our situation. It may not work for you if you are in a really big rush to sell. If you are in a really big rush to sell...the real estate market right now is not on your side.

QUOTE]

You can get it listed on the MLS for $300. At least that way all you have to do is offer 2.5% or 3% to the buyers agent, unless you find a buyer yourself.