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The prospective client may own an appraisal, but the information provided by a CMA most likely comes from the local MLS of which the broker is an owner. Anyway, we seemed to have gotten off track. If MY calculations are correct, at 6% commission, you would be paying wages of $90,000 to a Real Estate Professional to find you a ready, willing, and able buyer. What are you willing to go through for $90,000 potential "savings"
Keep in mind, it is well documented that FSBO's do receive less for thier homes on average than those listed with Realtors, plus, the higher the income level, the more likely those buyers in your price range will already be working with a Realtor who has helped them purchas more than once before. What i'm saying is, most of the buyers for your home are almost exclusively working with an agent as thier buyers representative. Something to think about, but either way, good luck!!
I work with the #2 broker (not franchised) in my area. Not only do I offer to do a CMA for a prospective client contemplating the FSBO route, I offer advice on marketing. If they decide to try it on their own for a short period of time (most do not after discussing what's really involved in selling a home), I loan them an 'info tube' to put their flyers in. If they find a buyer, I can handle the paper work for a flat fee. Their chances of selling the home are pretty slim. I know that, they know that. When they are ready to list, I am the agent that took time to help them. I have the experience and marketing systems in place to get that home sold. Most of the time, I replace the info tube with my for sale sign.
Considering the type of home you must have, please be cautious. If I had the home listed, showings would be for qualified buyers only. If I was not familiar with the showing agent, I would also be present. Unfortunately, there are kooks out there, ya know? That price may be common in your area, but it is upper-upper end here. Best of luck to you!
I do CMA and Price Trend Analysis all the time and gladly leave it with the home owner.
I have no doubt that some will try to use that price to go FSBO but then after they have been FSBO for a while they will understand that that is not all that is involved with selling a home.
Most agents in my area will do the same.
If an agent is not willing to leave the CMA with the prospective client then I would tend to think they doubt their own abilities and feel that the price is the only factor in selling the home.
A lot of us have had people call us for a listing presentation only to find out later we were doing the work for their FSBO. I can't speak for everyone, but I would guess that the thing that ticks us off more often than just about anything is when people have hidden agendas. Unfortunately, it's part of every professional's job, be they realtors or financial analysts or auto mechanics.
If you're up front with the realtors you contact, it shouldn't be a problem - at least they know what they're getting into and, in the event you do return to them, you're not starting out with mistrust.
It's also called common courtesy.
Some agents may not want to work with you in light of your approach, but that is their right just as it is yours to try it your way.
I do CMA and Price Trend Analysis all the time and gladly leave it with the home owner.
I have no doubt that some will try to use that price to go FSBO but then after they have been FSBO for a while they will understand that that is not all that is involved with selling a home.
Most agents in my area will do the same.
If an agent is not willing to leave the CMA with the prospective client then I would tend to think they doubt their own abilities and feel that the price is the only factor in selling the home.
I'm one who doesn't normally leave CMA's. But when I go to an appointment I discuss marketing. If they want to list with me then we discuss price and commission. It's not that I'm opposed to it, it's just that I don't discuss staging details, commission, or pricing up front.
In the situation above, I'd recommend an appraisal but if they wanted a CMA from more and I could list later if they don't sell I'd be fine with that since I'm informed up front.
The most important element of your conversation when approaching realtors is honesty. I would have no problem with a homeowner soliciting my opinion or requesting a CMA as long as they were straightforward about their desire to try to sell on their own first. Your entitled to market any way you choose, be it independently or via a broker. But no one likes to be lied to.
In NJ, realtors typically compile a comparative market analysis free of charge. However, I would also stress (as I did in a recent listing appointment) that in this market values have been noted to fall one half percentage point every month and that a NEW CMA would have to be prepared at the actual time of listing to reflect changing values.
Any realtor who has a qualified buyer will show your home if they feel it will suit their client. Any realtor who doesn't should have their head examined for allowing their petty grudges from getting in the way of good business!
In NJ ...market values have been noted to fall one half percentage point every month...
Where I am, that would feel like an up market!
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