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We're trying to decide how to sell a house. It's vacant and about 20 miles from the nearest interested party.
Aside from the obvious need to schlep to the house to show it repeatedly, can those of you experienced share the pros and cons of using an agent rather than saving the commision and doing FSBO? How hard is FSBO?
Any links which compare the 2 processes would also be appreciated?
Also, what are opinions of going improvements (putting in granite kitchen counters) prior to sale vs letting new owner choose their own improvements? The kitchen seems worth it to me, but I haven't seen any stats about return on investment.
This is a really nice home, the smallest @3000SF in a beautiful private street on homes on ~4 acres each. Such privacy and beautiful homes - the best location. The house is just a bit dated inside.
I kind of want to just engage an agent (how to find a good one?), but others involved want to do the FSBO thing, but they want me to manage it all.
I would appreciate any advice and lessons learned!
Search this forum for FSBO. There more than enough info already presented. Is 20 miles withing 30 minutes? Or closer to an hour to travel for showings, inspection, appraisal, contractors, etc?
There are 3 parts to a transaction:
1. marketing
2. negotiation
3. transaction management
You need to decide how much experience, and time you have to devote to this project. Or is it in your best interest to hire someone you can rely on and trust to manage the transaction for you.
I'm not an agent, but I know the process ... which is why if it ever comes to having to sell, I'm going to let an agent handle it.
One big aspect about FSBO ... buyers expect that since you're not paying an agent, your price is going to be discounted automatically, so chances are you won't net any more than you would've if an agent handled it from the beginning. For that "privilege", you will spend many waking hours shuffling paperwork, and waiting around for others to answer.
More time, more energy, more headaches ... and you didn't get any more on the bottom line. Not worth it. Get an agent.
Seller believes what they need/want out of the sale matters to anyone else.
Seller is not motivated to sell.
Seller does not understand how markets work.
No one knows the property is for sale.
Both buyer and seller are trying to save the same 5-6% commission.
Seller refuses to compensate a buyer's agent.
Seller does not return phone calls and/or is not available to show the property when the buyer wants to see it.
Seller believes he/she can hard sell to buyers.
Seller does not know the competition or makes false assumption about the competition.
Seller has no clue how to proceed with the transaction, if there is an offer.
Seller does not know how to qualify a buyer.
Seller does not know how to defend their price or negotiate.
When the occasional seller beats all the odds against them and manages to get to the closing table, they still don't know if they could have done better, had they listed with a competent and knowledgable real estate agent.
I bought 30 and sold 29 properties before becoming licensed real estate agent. I could not imagine doing so as FSBO.
Hats off to anyone to manages to do so, especially in this market, in most places.
I kind of want to just engage an agent (how to find a good one?), but others involved want to do the FSBO thing, but they want me to manage it all.
I would appreciate any advice and lessons learned!
This remark makes it seem like this is an estate - and there are multiple heirs involved.
If this is true, if you haven't already, find a great attorney and an experienced agent.
Death & money bring out the worst in people. (Said by someone who had an estate drag on & stay open for more than 5 years because of bitter, angry people.)
Seller sets a realistic price--slightly less than recent similar sales
Seller puts home on the MLS with a flat-fee service
Seller hires an attorney to make sure the legal angles are covered
Seller compensates Buyer's agent at 3.0%
Seller has some reasonable negotiating skills and can put emotions aside
I don't think doing a FSBO is going to save anyone a ton of money, but it can certainly work if you are realistic about the time and expenses involved. It worked for us.
Some will obviously disagree, but I think talk from listing agents about "marketing" and "exposure" is mostly a lot of hype. Visibility with decent pictures on the internet, and exposure to buyer's agents via the MLS is going to bring your house to the attention of virtually everyone in the market to buy.
This remark makes it seem like this is an estate - and there are multiple heirs involved.
If this is true, if you haven't already, find a great attorney and an experienced agent.
I definitely agree there. When Grandma died, she already has a fair market offer on the table for her property (an adjoining private school that wanted her five acres for future expansion) and it was still messy to get the house sold properly.
Thanks everyone, and yes, it's an estate thing, and has already been difficult!
How do I find a really good agent/broker (I don't know the difference)? I want someone who really knows their stuff and will recommend what improvements to make to increase ROI. How do you know who's good? Unfortunately, I don't know any real estate people as acquaintances and no one I know has sold or bought lately.
Try the local section of this forum to find a salesperson/broker that seems knowledgeable and responsive.
Or let a REP on this forum know where you need a referral - and someone here is happy to assist.
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Reasons why FSBO's CAN work
