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Old 04-11-2011, 06:54 AM
 
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Has anyone had any luck with selling a property by owner? Any tips would be most appreciated. We have a rental property we would like to sell and we really can't afford to hire an agent to list it. We have marked it down as low as possible so there is no money to pay a listing agent. We have it on forsalebyowner.com, craigslist, facebook, and linked in. Is there anywhere else to list it or other ways to get the word out? If anyone has been successful with a FSBO, I would be curious what you did and how long it took you. Thanks in advance for your responses.
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Old 04-11-2011, 07:46 AM
 
Location: under the beautiful Carolina blue
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As someone who bought a FSBO last summer, I can tell you I won't ever do it again, at least not in NC. I wouldn't even look at one to be honest. THis may be what you are up against. JMHO.

If a person has signed with a buyer's agent, they may not even know about your house. They may be relying on an agent to bring them to appropriate homes, and a buyer's agent may just not want to bother with you, since many FSBOs (especially in this market) are going to be difficult to negotiate with.
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Old 04-11-2011, 08:13 AM
 
Location: DC
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Quote:
Originally Posted by bachgab View Post
Has anyone had any luck with selling a property by owner? Any tips would be most appreciated. We have a rental property we would like to sell and we really can't afford to hire an agent to list it. We have marked it down as low as possible so there is no money to pay a listing agent. We have it on forsalebyowner.com, craigslist, facebook, and linked in. Is there anywhere else to list it or other ways to get the word out? If anyone has been successful with a FSBO, I would be curious what you did and how long it took you. Thanks in advance for your responses.
Offer a full commission for the buyer's agent and they will flock to your property. Real estate agents are motivated by money almost exclusively. If they don't have to split the commission with the selling agent, they will bring a flood of buyers to your property. I can assure you that all the sellers agents know of your property and some will call you and make disparaging remarks about the property and your chance of selling it. Ignore them. Make sure your property is fairly priced, but your asking price should be higher than what you'd like to settle for. You always have to negotiate a sale price. Have an open house on the weekend.
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Old 04-11-2011, 10:05 AM
 
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As far as advertising is concerned, you have missed most of the web traffic. There are plenty of real estate sites you could use for free ads: hotpads, zillow, trulia, etc.

Anyhow, an experienced agent is most helpful with the inspection, appraisal, financing, and closing. I think most people can do advertising, flyers, signage, and negotiating themselves, but don't forget that the other things aren't as simple.
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Old 04-11-2011, 10:06 AM
 
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Thanks to both of you for the feedback. Interesting that both of you are emphasizing marketing to buyers agents, not just buyers. I think you are onto something there. I think I might do one of the flat fee MLS listing things. That will definitely make more agents aware that it is available if it is on MLS.
One of our biggest challenges right now is that it is currently occupied by tenants so we don't have great pictures and open houses are not easy. Plus, it probably wouldn't show that well with the tenants stuff in it. We were advertising it for a couple of months to landlords as a tenant occupied investment property, but now our tenants gave notice they are moving out May 31, so we now feel more under the gun to sell it before May 31.
Twingles, I am just curious why you say you would never buy another FSBO in NC? What was so bad about the experience? Maybe I can learn from your seller's mistakes.
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Old 04-11-2011, 10:39 AM
 
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the last two FSBO's I sold (before the crash) I offered a commission to the buyer's agent and sold both to couples represented by realtors.

I always recommend hiring a professional, but sometimes, you just can't find the money to do so, and a buyer's commission might be your best compromise for increased marketability.

That said, make sure you know what you're doing so when you land a buyer, you can close correctly. Have your paperwork and property in order.

Good luck!
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Old 04-11-2011, 10:52 AM
 
Location: under the beautiful Carolina blue
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Originally Posted by bachgab View Post
Twingles, I am just curious why you say you would never buy another FSBO in NC? What was so bad about the experience? Maybe I can learn from your seller's mistakes.
I'm from NY and in NY attorneys handle everything - all the RE agents really do is negotiate the sale. Down here, RE agents act more like attorneys in NY do, handling all the things that should go in the contract, what you should ask for after the home inspection is done....I'm sure you are a reasonable person, but when it comes to selling their home most people really aren't reasonable. The people we purchased from were losing money on the deal - we paid them $5000 more than they had paid 2 years before, but they had done some work on the house. This made them extremely cheap and difficult to work with. My sellers were also dishonest about how willing they were to work with a buyers agent - something I am still peeved about 8 months later. I think anyone who has dealt with real estate around here in the past is going to realize how much work a RE does, and be reluctant to take on that role themselves. Additionally, as mentioned above, if someone has already signed with a buyers agent, they are probably not looking for houses on their own, or if they are, they may be reluctant (or their agent may be reluctant) to see your house. They aren't going to want to fall in love with your house and then have a difficult time making a deal.

Next time I buy a house in NC it will be ONLY with the help of a RE agent and I won't be seeing any FSBOs unless the seller signs my agent's agreement before we go into the house - and even then I'll be wary. The people we bought from had signed with some other peoples' buyers agents and then called the potential buyers and told them to call back when their agreements expired.

Don't take this the wrong way - it's hard to convey tone - but most people know that people who are doing a FSBO are either
1 really cheap
2 really desperate
3 really overreaching on asking price
and both of those will make you difficult to negotiate with.

We really wanted to live in this neighborhood so we did what you aren't supposed to do - let emotions get in the way! But, we are extremely happy here and have no regrets. There were no other houses here at the time we were looking, and we needed to get settled before school started.

Sorry for the book!
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Old 04-11-2011, 10:57 AM
 
513 posts, read 1,514,406 times
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Get a realtor...atleast a flat fee broker that will handle negotiations for a discounted rate (pm me for my realtor)

Townhouses in wake county are a dime a dozen so you really need a realtor. good luck!

Last edited by Green Irish Eyes; 04-11-2011 at 12:31 PM.. Reason: Realty recommendations are NOT allowed
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Old 04-11-2011, 11:10 AM
 
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Default Buyer's Market

Quote:
Originally Posted by jshallen View Post
Townhouses in wake county are a dime a dozen so you really need a realtor. good luck!
Something potential buyers should keep in mind.

I drove through Heritage the other day and I was surprised how much prices on townhouses have come down.
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Old 04-11-2011, 11:15 AM
 
392 posts, read 756,761 times
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The condo / townhome market is very tough, especially in a buyers market. You need to be on the MLS and get with a good agent to drive traffic. Lots of people won't even look @ FSBO properties. But some have had good success with it. So you can always give it a shot if you don't really "need" to sell.

You need to know about the comps in the area and price your house to market, and not what you think it's worth.

I went with a 3% discount broker for 6 months and didn't get a single offer. I then hired a higher profile 5-6% agent and had an offer in 60 days. Part of that was pricing your house correctly and to sell - not to sit on the market.

I was amazed at the professional photography and how much better my house showed online with my newer agent as well.
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