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Essentially, you do a for sale by owner, but you pay a fee to have it listed in the MLS. I think some companies also send you all of the listing contracts/paperwork, as well as a lockbox, and signage. Anyone do this? Did it work out for you? Is there a specific company you used? What was your experience with them?
I am a licenced realtor, but not working with a Broker. I have been out of the business for awhile, although still legally licensed, but I don't want to get back into it--just want to sell my condo, and do not want to hire a listing agent.
We did interview the owner/broker of the local help-u-sell before we listed our home. She brought with her a raw rookie real estate agent that couldn't answer a single question we asked. In addition they wanted to list our house FAR below FMV just to get a quick sale. I spoke with a friend of mine that has been in real estate for 20+ years about going this route. He said that if I do decide to sell my house this way buyers will know I'm not paying a typical broker fee and will negotiate on that along with everything else. I wish you luck on getting your property sold quickly with a minimum of hassle!
All I have to say about a FSBO in your market of all places, is Good Luck! With over 510 condos on the market, Let me know how that works out for you if you decide to go that route...
If you feel comfortable marketing it yourself, I think the flat fee is handy, just to get it in MLS. Create a website showing the property to advantage and use that in your ads.
Although, generally, as you know, Realtors use their network to sell. If you need to move the property find the top seller in your area, don't mess around with the second or third place seller, have them handle it.
Unless you offer on your MLS listing at least a 2% commission to an agent BRINGING you a buyer, good luck marketing the property as a FSBO. Its a BUYERS market, TOO many homes on the market and the only action you will get are buyers looking for desperate sellers and making low ball offers. This is the time that agents are needed the most. When its a hot market, you can sell just with a sign! You'll notice today that many sellers are offering bonuses in addition to bigger commissions to agents bringing the buyers. Your an agent, which home will you show? Get the picture?
Good point, but when I was an agent, I would show anything my buyer wanted to see. I didn't play any of those games a lot of other realtors did (do). I felt that I had an ethical responsibility to my client, so if it was a home they wanted to see, I took them there regardless of commission percentage. Plus, I was so happy to make any money at all, whether 1% or 3%
However, you are so right about the market conditions. Now is probably the most important time to have a realtor...I just thought I could get away with a FSBO since I used to work in the business. But, I wasn't in it for long, and honestly, if we can afford it, I rather have someone else do all the work.
He said that if I do decide to sell my house this way buyers will know I'm not paying a typical broker fee and will negotiate on that along with everything else.
This doesnt even make sense. Sounds like a lot of propoganda to me. Even with a flat fee listing, the buyers agent is fully compensated in the same amount (typically 3%) that they would be on a traditional full service listing. The difference is they dont have to pay the other 3% to the listing agent for doing open houses
This doesnt even make sense. Sounds like a lot of propoganda to me. Even with a flat fee listing, the buyers agent is fully compensated in the same amount (typically 3%) that they would be on a traditional full service listing. The difference is they dont have to pay the other 3% to the listing agent for doing open houses
Wow...if all your Listing Agent is doing to sell your home is an Open House, your with the wrong Realtor. I have a standard list of over 175 tasks I perform to sell a home. Too many consumers have had lazy Realtors in the past and apparently have come to the conclusion that open houses are all Realtors do. Several flat fee Brokers are going out of business in the area and the eList.com listings are just that...you see them listed on the MLS but they don't go anywhere. Also, if you look at the listing ratio of these flat fee brokers vs their sale ratio, you'll see why they have more expired and cancelled listings than full service firms. Sad, but true. If you are even thinking of selling a home with one of these 1/2 asservice franchises, I'd suggest seriously doing the math. There is nothing wrong with being curious but most FSBO's and flat fee franchises sell below 10% what they were listed at...5% is the going rate on a realtor depending on the price range of the property so which would you rather pay...5 or 10%?
Speaking for myself, and I'm sure the many Realtors/Brokers out there..."You get what you pay for". If your really serious about selling your condo, get an agent.
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