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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.
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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.
Thanks...you're right...I did come across that on some of the FSBO websites...but I haven't done it yet. Are buying agents turned off by these listings? I know foxtons can turn away some buyers agents because of the commission cut...but 2.5% to the buyer's agent shouldn't turn them off. Since I am already doing all the work with listing FSBO and have a good attorney...and if I pay to add it into the MLS...would there be any other reason to get a seller's agent involved?
Thanks...you're right...I did come across that on some of the FSBO websites...but I haven't done it yet. Are buying agents turned off by these listings? I know foxtons can turn away some buyers agents because of the commission cut...but 2.5% to the buyer's agent shouldn't turn them off. Since I am already doing all the work with listing FSBO and have a good attorney...and if I pay to add it into the MLS...would there be any other reason to get a seller's agent involved?
Hey. The FSBO sites (like FSBO.com) charge to be listed on their websites but not the MLS. You can also find a ton of listing agents that will place your house on the MLS so it can be seen by realtor and most importantly will show up on Realtor.com. Also, you get rent a lock-box for around $20 that will allow buyers agents to get into the house when you aren't there. Agents are fine with that as long as you offer them 2.5%. With the low price "full service" agents they have to spilt the total commission so they only get 1 or 1 .5% and then have to split it with their broker. This is when they don’t bother to show your house. If you list this way on the MLS there is no point in having a selling agent and you will save 2.5 or 3%, but you will have do to the advertising yourself.
Hey. The FSBO sites (like FSBO.com) charge to be listed on their websites but not the MLS. You can also find a ton of listing agents that will place your house on the MLS so it can be seen by realtor and most importantly will show up on Realtor.com. Also, you get rent a lock-box for around $20 that will allow buyers agents to get into the house when you aren't there. Agents are fine with that as long as you offer them 2.5%. With the low price "full service" agents they have to spilt the total commission so they only get 1 or 1 .5% and then have to split it with their broker. This is when they don’t bother to show your house. If you list this way on the MLS there is no point in having a selling agent and you will save 2.5 or 3%, but you will have do to the advertising yourself.
Can you tell me how we could get it listed on MLS for $300? We live in a doorman building so buyer's agents showing the place is a piece of cake...we just leave the key with the doorman. Otherwise I am okay with doing all of the advertising myself and would rather save money by not using a listing agent. Thanks!
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.
Who are the "first time buyers" and how much can they afford. Many (yes, over hundreds of them) first time buyers referred to me working at Wall St seemed to have a cap on $450,000; that is to say, $450k seems to be the absolutely maximum for first time buyers, about making $150,000 combine family income.
And if you look at Craigslist.org search on "Edison" you may get an idea how much 1st time buyers pay by seeing the condo and townhouse units sold price ...
Many of the first time buyers were NOT even in NJ couple years ago. At least in Edison or Piscataway area is like that. Some came from other country and worked a year or two and buy a 2br 2ba condo, 2br 2ha townhouse or 3br townhouse. Their buying is comparing to the "rental cost" and also "tax issues" since after year or two, they finally realized their high income at Wall St has great benefit to buy than rent...
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.
I just caught a case that may remind you to go back to check all websites of your listing agent's ads for your units. Why?
Look at the case //www.city-data.com/forum/new-j...best-deal.html that I caught. A nice 2br 2ba condo eventually was "bashed down" to be the "lowest listing" of all condo and townhouses in Piscataway and when I carefully examined the realtor.com entry, I found it listed as 3br 1ba rather than 2br 2ba condo.
I kind of want to help you, but I have no specific details of your listing to work on.
But for this listing, I wrote an email to the listing agent who I believe will correct but would not bother to change the lowest price and I posted on City-Data; hopefully, one member buyer looking to buy 2br 2ba condo can get a great deal! Poor seller! Never knew why his wonderful 2br 2ba condo at wonderful community won't sell ???
Can you tell me how we could get it listed on MLS for $300? We live in a doorman building so buyer's agents showing the place is a piece of cake...we just leave the key with the doorman. Otherwise I am okay with doing all of the advertising myself and would rather save money by not using a listing agent. Thanks!
Location: Lived Large in Parsippany NJ - Lived Larger in Livingston, NJ -- Now Living Huge in Bethlehem PA
466 posts, read 2,200,158 times
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Quote:
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.
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Here is what I do now - if I get a realtor to list a property I put them to the test by having friends and family call to inquire about the property to see how this realtor is doing. I once had an experience with a realtor who just listed the property and will not even return calls from potential buyers, he was very difficult to reach either by email, cellphone or his office number. He told everybody in his office he was the listing agent and thus all calls should be directed to him yet he was not returning or answering any calls.
I fired him after 30 days - don't just have a realtor list your property and think they will go out and try to sell it for you follow up on it 24/7 to make sure this realtor is really working to earn the money you'll be paying them.
If you have the time to show it and all that I'd say try selling it yourself because you've lived in the house for a while, know the area etc.
Waiting for a selling agent to sell your house is a passive way of selling your house. You need an agent who will broadcast to other brokers, and mention the new listing at weekly sales meetings, having brokers' opens, in order to create a "buzz", and negotiating a contract. Hiring a company for $300.00 just to put it on the MLS isn't going to do that for you. That is a limited service listing. I think that if you look at limited service listings, they usually take longer to sell than with a "full service" agent. The longer it takes to sell a home, the less you will net.
Waiting for a selling agent to sell your house is a passive way of selling your house. You need an agent who will broadcast to other brokers, and mention the new listing at weekly sales meetings, having brokers' opens, in order to create a "buzz", and negotiating a contract. Hiring a company for $300.00 just to put it on the MLS isn't going to do that for you. That is a limited service listing. I think that if you look at limited service listings, they usually take longer to sell than with a "full service" agent. The longer it takes to sell a home, the less you will net.
So, this unit got listed "mis-matched". Many people looking to buy 2br 2ba condos at Society Hill at Piscataway and willing to pay $275,000, as you can see the email I just received from prospective buyer:
Subject 2br 2ba Condo at Society Hill...
From Sesha
Date Monday, June 18, 2007 2:36 pm
To
Hi,
I am interested in looking at any other condos
available at society hill Piscataway. my max price 275K and am looking for 2 bdrm, 1 bath(minimum) & washer & dryer in the unit.
Please contact me if you have any properties available.
Regards,
Sesha
whereas, this Foxton listing asking only $239,000 and no go. Why? It is the LOWEST 2br 2ba condo listing for say at Piscataway New Jersey (Many of you are realtors can verified with MLS...)
So, my conclusion is still that you need "marketing", either YOU do it (if you prefer FSBO) or "your listing agent" better NOT a lazy or discount one. YOU really need to work close with your listing agent, either "full service MLS realtor" or "discount realtor" like Foxton.
This just another real time PROOF that there are many 1st time buyers out there, and you need Open House and strong marketing to connect your listing to these hundreds of thousands 1st time buyers in NJ ...
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