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Evening...I am curious if you are a licensed agent and wish to move can you list and potentially sell your own home? Assuming of course that you fully disclose to the buyers that it is your own home. That being said I have an ulterior motive behind my question. Recently retired I have been considering obtaining my license, especially since we have not been able to sell our home to relocate. We are upside down and I have cash to buy us out to some degree however the 6% commission really rings up the price tag. So it was suggested to me if I become an agent that skill is transferable pending local state requirements. I could list our own home and possibly shave off half of the commission? Therefore I have a new career started and can hopefully afford to list our home and relocate. Hope this doesn't sound to bogus..Thank you for your input.think:
in my area, yes an agent can sell their own home. they do have to disclose that they have a financial interest in the property.
my office would collect around $2000 from me if I listed my own property. I could choose to offer anything for the selling agent, but anything below 2.5% will have agents turning their nose up and possibly not putting it high on their list to show clients..
you'd have to find an office that offers a reduced split to make it worthwhile, but you still need to factor in the startup costs, which could run upwards of $800 depending on your area.
Yes you can sell your own home, but you will have to hang your license with a brokerage after you get it. Many brokerages have desk fees, transactions fees, franchise fees, and REALTOR dues. You might not save as much as you think you would. Also, be careful of the transfer. I know Oregon requires people to take our classes and test even if you were licensed elsewhere.
Just do a limited representation model. It would be cheaper, in my opinion.
In Hawaii you cannot "FSBO" your home if you are a licensed realtor.
Many people feel, and it's probably true, that to list your own home invites a number of conflict of interest issues. I tend to agree - list with your own broker and let her handle things for you. In the OPs case, I'm not sure all the pre-license classes, insurance, dues et al really would be worth it just to "sell" your own home. And if you did that 5 minutes after having hung your license with a broker, they might be a bit disappointed that that is all you really wanted to do.
Here, it's also a law to disclose if any party to the listing is a licensed realtor. Recently I and my 2 sisters inherited a property in another state which we sold. The realtor knew I was a licensed realtor however did not disclose it in the listing; I had to get them to add it or I'd be in trouble here! I was really surprised that this was not a given but I guess not in every state.
In Florida you can as long as you disclose. With the explanation you gave, I would ensure you get a Broker that provides 100% commission structure. You may have to pay a transaction fee and Error and Ommission Insurance, but you keep the commission.
I work for a Broker here in Tampa where I get 100% commission, but pay 195 per transaction and 35 for E/O.
I would try For Sale By Owner right now and see if you can sell it. Pay a couple hundred dollars to get it into the MLS and see how that goes. Find a good Real Estate Attorney to handle the entire transaction.
In Hawaii you cannot "FSBO" your home if you are a licensed realtor.
Many people feel, and it's probably true, that to list your own home invites a number of conflict of interest issues. I tend to agree - list with your own broker and let her handle things for you. In the OPs case, I'm not sure all the pre-license classes, insurance, dues et al really would be worth it just to "sell" your own home. And if you did that 5 minutes after having hung your license with a broker, they might be a bit disappointed that that is all you really wanted to do.
Here, it's also a law to disclose if any party to the listing is a licensed realtor. Recently I and my 2 sisters inherited a property in another state which we sold. The realtor knew I was a licensed realtor however did not disclose it in the listing; I had to get them to add it or I'd be in trouble here! I was really surprised that this was not a given but I guess not in every state.
Thank you for your info as well as everyone. Realistically I would not attempt to sell this year so I could work as an agent to gain the experience. This would allow me to really get a good feel for our area and know when to put our home up in a better market. Folks out my way are still in a bargain mode and homes over the $225K price range are not selling unless on water, I am not.
Thank you for your info as well as everyone. Realistically I would not attempt to sell this year so I could work as an agent to gain the experience. This would allow me to really get a good feel for our area and know when to put our home up in a better market. Folks out my way are still in a bargain mode and homes over the $225K price range are not selling unless on water, I am not.
Good plan.
Inexperienced agents often stumble hard, technically and market-wise, when selling their own property.
Even seasoned agents can get emotionally involved and bollux it up.
Get good with other folks' transactions where you have no emotional attachment to the outcome and you will do better with the unique legal and ethical pitfalls of selling your own.
Thank you for your info as well as everyone. Realistically I would not attempt to sell this year so I could work as an agent to gain the experience. This would allow me to really get a good feel for our area and know when to put our home up in a better market. Folks out my way are still in a bargain mode and homes over the $225K price range are not selling unless on water, I am not.
That could work for you if you can go through the process of getting licensed, and getting comfortable and settled into an active office, working out a commission split with your manager etc. This is all assuming you actually like being an agent. You might even get your own buyer. However, I would not go through all the trouble you are contemplating just to save a portion of the commission.
Most agents will tell you this:
As an agent, the most difficult home to sell is your own.
That could work for you if you can go through the process of getting licensed, and getting comfortable and settled into an active office, working out a commission split with your manager etc. This is all assuming you actually like being an agent. You might even get your own buyer. However, I would not go through all the trouble you are contemplating just to save a portion of the commission.
Most agents will tell you this:
As an agent, the most difficult home to sell is your own.
About 18 years ago, as a new Real Estate Agent, I decided to list and sell my own home. As a matter of fact, one of the big reasons that I got into Real Estate was that we had bought and sold 4 homes and I wasn't impressed with any of my Agents!
It was very uncomfortable to do my own Open House and I would never do it again! Even after telling the couples that came through that it was my own personal home, the comments were tough to hear!
Another agent brought the buyer. When I presented the offer to hubby, his comment was..."I'm not going to respond to that ridiculously low offer" and "tell them where they can stick that offer".
Of course, we countered (after I threatened to hurt him!) and it did end up selling. He was the WORST CLIENT I've ever had...and I can say that 18 years later!
Nowadays, my company's policy is that they prefer you have another agent list the home and that is what I would prefer to do.
[quote=VickiR;27679162]About 18 years ago, as a new Real Estate Agent, I decided to list and sell my own home. As a matter of fact, one of the big reasons that I got into Real Estate was that we had bought and sold 4 homes and I wasn't impressed with any of my Agents!
Another agent brought the buyer. When I presented the offer to hubby, his comment was..."I'm not going to respond to that ridiculously low offer" and "tell them where they can stick that offer".
Of course, we countered (after I threatened to hurt him!) and it did end up selling. He was the WORST CLIENT I've ever had...and I can say that 18 years later!
Boy the above comments sound so familiar. I keep suggesting to my hubby that we need to drop our price to get more action and he implodes so this is what inspired me to think about becoming my own agent...maybe he would trust me then when I verify that our home is over priced for this market and it is not the RE agent blowing smoke up our hinies..{his comment} to accept a low ball offer. Thanks for your info.
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