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Old 04-18-2007, 07:52 AM
 
5,541 posts, read 16,115,294 times
Reputation: 4299

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http://www.iggyshouse.com/

Featured in a CNN Money article this week.
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Old 04-18-2007, 08:02 AM
 
250 posts, read 1,179,793 times
Reputation: 175
I really don't understand how their business model is structured to support this service. It will be interesting to watch.
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Old 04-18-2007, 08:56 AM
 
Location: north carolina
106 posts, read 295,708 times
Reputation: 23
What is nar?
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Old 04-18-2007, 09:05 AM
 
9,676 posts, read 28,050,906 times
Reputation: 10029
Quote:
Originally Posted by Angel_0037 View Post
What is nar?
Here are a few possibilities:

National Assocaition of Rocketry ~ the oldest and largest sport rocketry organization in the world!

National Abyssinian Rescue ~ Organization that Rescues and places Abyssinians Cats across the US!

Just kidding, NAR is the National Association of Realtors ~ Trade organization for real estate agents

I don't know what affect this will have though, I have been watching a lot of FSBO properties on my drive into work through falls river in N. Raleigh. They seem to be sitting on the market longer than the homes I see listed with RE Agencies. I'm sure that isn;t always the case, but that is what I have noticed in my area.
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Old 04-18-2007, 09:21 AM
rfb
 
Location: Raleigh, NC
2,003 posts, read 5,481,875 times
Reputation: 1564
Quote:
Originally Posted by North_Raleigh_Guy View Post
I don't know what affect this will have though, I have been watching a lot of FSBO properties on my drive into work through falls river in N. Raleigh. They seem to be sitting on the market longer than the homes I see listed with RE Agencies. I'm sure that isn;t always the case, but that is what I have noticed in my area.
That tends to be what I see as well. When I see a FSBO, the home seems to sit unsold. A few months later, it gets listed with a real estate agent.

Folks sometimes forget all the wonderful work that real estate agents do for their commission. They assess the the value of your home, are aware of what buyers are looking for and can help you get it setup so as to maximize its appeal, will preview it to other agents so they are aware of the property when showing new homes to their clients, hold open houses, assist in getting qualified help to perform any necessary repairs, and come up with a marketing plan. And that is probably a *very* short list. When I sold my home several years ago, I considered it to be money well spent.
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Old 04-18-2007, 09:44 AM
 
Location: Cary, NC
8,269 posts, read 23,309,097 times
Reputation: 5568
FSBO usually takes a while longer than going with agent just because of less exposure and not enough marketing. I also think that many FSBO sellers have not done enough research ahead of time and get in over their heads. FSBo is great, but it takes a lot of work, perserverence and some level of financial investment as well. Our neighbors tried to sell their own house and all they did was stick a sign in their yard. Of course it never sold! That was their only marketing tool in a neighborhood that people don't even know about!
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Old 04-18-2007, 12:10 PM
 
Location: Wake Forest
3,124 posts, read 11,949,283 times
Reputation: 735
Quote:
Originally Posted by North_Raleigh_Guy View Post
I have been watching a lot of FSBO properties on my drive into work through falls river in N. Raleigh. They seem to be sitting on the market longer than the homes I see listed with RE Agencies.
I've seen that as well. In my area a lesser house sold quickly for not much less then a nice, fairly priced FSBO seems to be just setting there. I figure they are going to go with an agent in the next few months. Lots of people try it on their own and if it doesn't sell quickly, they bit the bullet.
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Old 04-18-2007, 02:17 PM
 
Location: Sarasota, FL
244 posts, read 706,472 times
Reputation: 132
When I sold my home last summer, i listed it with a discount broker for a flat fee of $500. That got my home on the MLS, which is absolutely critical. I listed it with a commitment to pay a seller's broker the usual 2.5% commission, thus ensuring that my house wasn't disadvantaged vs. others in the MLS. The discount broker provided no other services.

My wife and i had sold our house 4 times previously, so we knew our way around the process. It isn't rocket science! I engaged a competent attorney (for a flat fee of a few hundred $s) to handle the legal paperwork, and i had to show the house myself. I made sure that the house was "ruthlessly de-cluttered" and immaculate, especially the kitchen and bathrooms, every time i showed it. I originally priced the house higher than the market suggested, but lowered it by 5% when it was clear that i was being too aggressive. Within a few weeks, we sold the house for 3% less than our revised asking price. With the savings of the seller's broker's commission, this amounted to net full (revised) price. I was very pleased with this arrangement, and would enthusiastically recommend it to others who have the time to show the house themselves.

I would NOT recommend a pure FSBO. By not being on the MLS, your home (and your eventual selling price) will suffer from lack of exposure.
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Old 04-18-2007, 03:10 PM
 
Location: Raleigh, NC
12,357 posts, read 29,697,284 times
Reputation: 9220
I believe that statistics show that 98% of all FSBOs will list with an agent within 2 months. That explains why the new agents in my office call and go door to door to get these listings!!!

Vicki
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Old 04-18-2007, 03:35 PM
 
Location: Raleigh NC
161 posts, read 649,513 times
Reputation: 37
Iggys is quite a unique marketing scheme. Let me get this straight....
1. They post to mls for free and then offer a buyer's agent no commission? This would be the only way the seller wouldn't incur any selling expenses. As a buyer's agent, I will be sure to stop by that house with my clients.
2. They are expecting most other mls listings to offer a buyer's agent commission that they will split 75/25 with the customer.
3. What if everyone signed up with this and no mls listing ever offered a buyer's agent commission....Then Iggy will eventually loose out also.
4. Now if the average commission savings is 11,000. Then the average house is around 600,000?? They must only sell in NY and CA. This all just doesn't add up. It will be interesting to see how this goes.
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