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Why would RE Agents be threatened by "rent to own". That semi-scam has been run by RE Agents in various midwest cities since time immemorial. You may find it hard to get them to properly describe the techniques...but that is the classical aversion of RE Agents to ever disclose anything that the recipient might take badly. Oh you disclose it...but by referring to somewhere else as the info source.
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that is the classical aversion of RE Agents to ever disclose anything that the recipient might take badly.
I would have to question, if that's the way most agents *think*...where is the honesty, communication and ethics behind that kind of an attitude?
Personally, it's a turn off when an agent has an attitude like that.
It doesn't take much to *read* people.
*I'm not referring to you or anyone else in this thread...just a general observation.*
We have our FSBO listed on MLS, we're offering a 3% commission to brokers, have created a great website and flyer (Atlanta Georgia Executive Golf Home - Canton | Atlanta Georgia Golf Home (broken link) and still get NO attention from brokers.
We sent out an email invite to a broker/agent showing to 50 agents locally, after researching who has all the listings. Not one person showed up, and only 3 had the decency to respond. However, when we called to say we may be interested in listing, they all called back. Ha!
Yes, the brokers have a strong bias against FSBOs, which I suspect stems from a lack of professionalism and experience on the part of some FSBO sellers. But we know what we're doing, and still can't get anyone to show the home. So we'll go it alone.
rent to own/ lease with option,/ land sales/ contract for deed,
most creative financing where the first lien holder is still the owner/seller,thier is no real transaction of the property (deed) just the "use"
so, most real estate brokers, would refer you to any of thier clients,,that have stated they are open to this,,yet still want a healthy down payment, or refer you to a property manager, that deals with rentals, the exception is commercial leases, where a broker gets paid,,,on a per squ ft basis/dollar amount, and/or the owner/seller/landlord, would take a tremendous hit on capital gains, if he/she sold all at once..
i personally, like the rent to own concept, however, it can be a minefield, depending on the renters.
If your clients do not want to see FSBO listings, I'm curious as to why. What have they been told? What were their previously conceived notions? My guess is that most buyers would not care if the house is FSBO or not unless the agent has said something derogatory. They only care if they like the house. Why should the buyer care? They don't have to do any extra work.
I'm confused about why some people don't believe buyers can't draw their own conclusions from their own experiences with FSBOs. Yeah, it's true, I'd rather not work with FSBOs, but I keep that to myself when I'm with buyers. If something I say influences their decision and later on down the road they regret their decision and decide to throw me under the bus...it could possibly cost me a lot of money. That's a risk I'm not willing to take.
The reason buyers I've worked with say that they're not interested in seeing FSBOs is because of:
** limited access for showing, or when they show the home, the buyer is not "free" to look around on his own. I was out with clients a few weeks ago. They saw an FSBO sign in the yard. I called to get access to the property twice. The owner called me back THREE DAYS LATER. By then, my clients had a ratified contract on another home down the street.
**Buyers I've worked with are also concerned about the legality of the transaction.
**Another reason I've been given is because the FSBO owner is too anxious to close the first person who sees the house...that's a turn off.
**And the last reason I've been given is that 'if the FSBO is too cheap to pay an agent, where else are they taking short cuts'. My clients words...not mine.
I will show my clients whatever they ask to see, and have shown FSBO properties on many occasions. It's after we leave that my clients tell me the things I mentioned above.
We sent out an email invite to a broker/agent showing to 50 agents locally, after researching who has all the listings. Not one person showed up, and only 3 had the decency to respond. However, when we called to say we may be interested in listing, they all called back. Ha!
Yes, the brokers have a strong bias against FSBOs, which I suspect stems from a lack of professionalism and experience on the part of some FSBO sellers. But we know what we're doing, and still can't get anyone to show the home. So we'll go it alone.
We decided to 'go it alone ' , by listing on Ebay. Had 7 showings in 2 months. and about 30 inquiries. ( lakefront property). So far , so good. I will get on MLS if it does not sell this month , as well. I like dealing with the buyer, gives you a "good" feeling that something is being done ! I have not offered any commission to anyone , however , I would pay one if they bring a real buyer. I like Ebay. people from all over the world can see the listing , good picture layout, etc. I answer all questions promptly , and have a CD that I send out.
We decided to 'go it alone ' , by listing on Ebay. Had 7 showings in 2 months. and about 30 inquiries. ( lakefront property). So far , so good. I will get on MLS if it does not sell this month , as well. I like dealing with the buyer, gives you a "good" feeling that something is being done ! I have not offered any commission to anyone , however , I would pay one if they bring a real buyer. I like Ebay. people from all over the world can see the listing , good picture layout, etc. I answer all questions promptly , and have a CD that I send out.
dars,,,i think thats great,, good luck to you! (good idea about the dvd!)
p.s. beware the rent to option/own with folks from farrrrr awayyy!!
and request a bank statement/letter from potential buyers
and if you "show" your house, make sure you have your hubby there, and some pepper spray with ya!!
Tish - I was honestly asking for reasons why a buyer would not be interested in seeing a FSBO house, I was not trying to insinuate that buyers don't have good reasons for dealing with them, just that *I* could not imagine why. I guess its because I, personally, have not had any bad experiences with them....so, I am glad you provided some examples.
It is upsetting and frustrating to me that FSBOs have earned this reputation.
My comments:
1. limited access for showing. A stupid mistake on the part of FSBO's here. At the very least, FSBOs should have a lockbox and make their house immediately available for showing.
2. the legality of the transaction. An ignorant mistake on the part of the buyer. A FSBO must follow all the same rules, there is no addtl legal exposure merely because of who sells the house.
3. pushy FSBO sellers. Stupid FSBO sellers. LOL But, it is a little weird that buyers are so put off by having the house features "sold" to them. I notice that drive bys won't even stop to take a flyer if I happen to be in my front yard watering plants. I still haven't figured this one out yet. That issue could be faulted equally by the buyer and sellers.
4. 'if the FSBO is too cheap to pay an agent, where else are they taking short cuts'. That comment doesn't surprise me, but it is quite naive. Smart people don't pay for services that either they don't need or that they can do themselves better. I'm not saying that realtors are not needed, I'm just saying that SOME people don't need them to do the same or better job. With that said, I also understand that some FSBO sellers mistakingly THINK they can do a good job......and fail miserably!
Any other reasons buyers alone (without agent restrictions) would not want to see a FSBO listing?????
dars,,,i think thats great,, good luck to you! (good idea about the dvd!)
p.s. beware the rent to option/own with folks from farrrrr awayyy!!
and request a bank statement/letter from potential buyers
and if you "show" your house, make sure you have your hubby there, and some pepper spray with ya!!
Privately, I check out all those that have made an apt. Its very easy these days. Google can find most , and if I want more , then I pay. One thing about ebay , most buyers have a trac record., and a feedback rating. I try to find out a little of what the buyer likes, his hobbies, interests, etc. That helps also when I have the showing. I also follow up after the visit, with a question . That keeps the visit current for a while, in there minds. I am going to try a boat ride also this,week-end. keep- em here as long as I can. ! We are a 2-3 hour ride form Chicago, so , they do want to make the trip worthwhile also.
I wonder if anyone has experience dealing with a Buyers agent, when FSBO ?
It would seem to me that the buyers agent would get his commission from the buyer, and not the seller, as in my case. Or , is a flat fee charged to represent the buyer.?
I sold a home in Florida , long ago , to a friend , and I hired a local RE agent to close. Charged 300.00, The beach house sold for 250,000, new , I had just built it, cost me 90,000. Best deal I ever made on a home. I think my buyer DID use a buyer agent, or legal council.....been a long while ,foggy now.
I plan to use my legal council to handle all the paper work. He is on a retainer anyway. Is it common for a buyer to send in an agent ? , or someone else to rep. them ? Some states do not require legal council , some do , I am told.
I have sold special interest cars, where a buyer agent was involved, but , I did not pay anything.. All this sounds elementary , I guess , but , Its been a while since sold a home.
Darstar - I couldn't agree with you more....there's no reason we can't all just get along lol. With all of the people that I come in contact with, I am always amazed by the number of people who don't base opinions on actual experience, rather what they've heard from someone else or ridiculous assumptions.
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Buyers agent
