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"5 Reasons You Shouldn't For Sale by Owner" Real Estate agent propaganda
Posted on 2/6/14 at 2:59 pm
Posted on 2/6/14 at 2:59 pm
LINK
quote:
1. There Are Too Many People to Negotiate With
Here is a list of some of the people with whom you must be prepared to negotiate if you decide to FSBO.
The buyer who wants the best deal possible
The buyer’s agent who solely represents the best interest of the buyer
The buyer’s attorney (in some parts of the country)
The home inspection companies which work for the buyer and will almost always find some problems with the house
The appraiser if there is a question of value
Your bank in the case of a short sale
2. Exposure to Prospective Purchasers
Recent studies have shown that 92% of buyers search online for a home. That is in comparison to only 28% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?
3. Results Come from the Internet
Where do buyers find the home they actually purchased?
43% on the internet
9% from a yard sign
1% from newspapers
The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.
4. FSBOing has Become More and More Difficult
The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.
5. You Net More Money when Using an Agent
Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real commission. The seller and buyer can’t both save the commission.
Studies have shown that the typical house sold by the homeowner sells for $184,000 while the typical house sold by an agent sells for $230,000. This doesn’t mean that an agent can get $46,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.
Bottom Line
Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.
10
Posted on 2/6/14 at 3:00 pm to barry
What I want to know is why someone hasn't undercut their ridiculous commissions the RE agents charge.
It almost seems like price fixing.
It almost seems like price fixing.
Posted on 2/6/14 at 3:09 pm to Overbrook
quote:
It almost seems like price fixing.
I've had agents tell me they won't show a FSBO house, even if its perfect for their customer. Its completely absurd to get paid solely based on the price of the house.
Posted on 2/6/14 at 3:24 pm to barry
quote:
Its completely absurd to get paid solely based on the price of the house.
yup. but they will tell you just how "worth it" they are
Posted on 2/6/14 at 4:06 pm to Overbrook
quote:
It almost seems like price fixing.
It is price fixing and I think they actually have state laws that allow them to do this. (could be wrong)
Posted on 2/6/14 at 4:16 pm to barry
Realtors are like plumbers, only valuable when you need them and no other time. If you choose to do FSBO one had better be up to the task. If you're a capable, diligent person who is willing to do the extra work and knows how to protect oneself in a real estate transaction....go for it. In my experience this is usually about 10% of the population. The usual genesis of FSBO is the want to save money and not an interest in real estate law or transactions. Nobody in the history of real estate has forced anyone to buy or list with an agent. It is a voluntary service like many others. With most people's limited capabilities to understand and execute a legal contract it is however the most prudent choice.
Posted on 2/6/14 at 4:20 pm to BigAppleTiger
quote:
In my experience this is usually about 10% of the population.
Posted on 2/6/14 at 5:40 pm to AngryBeavers
I was a he-man realtor hater until I had to buy a house. Without a doubt the most miserable and protracted experience of my life. Taking care of all that other shite on top of what I already had to do sounds awful, and I was glad to pay someone else to take care of it.
Are they overpaid? Probably, yes, to the extent that anyone who works on contingency is overpaid. You overpay to make up for the possibility that they'll get nothing. That being said, I don't see why it's some ironclad rule that all realtors have to work on contingency. There has to be some space for alternative pricing models.
Are they overpaid? Probably, yes, to the extent that anyone who works on contingency is overpaid. You overpay to make up for the possibility that they'll get nothing. That being said, I don't see why it's some ironclad rule that all realtors have to work on contingency. There has to be some space for alternative pricing models.
Posted on 2/6/14 at 5:45 pm to Cold Cous Cous
quote:
I was a he-man realtor hater until I had to buy a house. Without a doubt the most miserable and protracted experience of my life. Taking care of all that other shite on top of what I already had to do sounds awful, and I was glad to pay someone else to take care of it.
You didn't pay the realtor, the seller did
Posted on 2/6/14 at 5:46 pm to barry
I did and very happy i did. Realtor selling cost is rediculous. However they are good at selling a house. I don't trust them.
Eta: I would absolutely one one to buy a house. However you have to be an educated buyer.
Eta: I would absolutely one one to buy a house. However you have to be an educated buyer.
This post was edited on 2/6/14 at 5:48 pm
Posted on 2/6/14 at 6:06 pm to barry
Lol. Sell FSBO, give the 1st realtor who brings you a deal and does all the paperwork, 3%. It's what I did, and worked well.
Posted on 2/6/14 at 6:46 pm to kywildcatfanone
quote:
Sell FSBO, give the 1st realtor who brings you a deal and does all the paperwork, 3%. It's what I did, and worked well.
The last two properties I've sold have been FSBO.
The first sale the buyers wanted the house so bad that they paid their agent not me. The second sale I paid their agent the 3% for bringing me the buyer. They were cash buyers and could close within a week.
It's also easier if you have a pretty good relationship with a title attorney or title co.
Posted on 2/6/14 at 7:25 pm to barry
Once you buy your first house if you are paying attention then you know everything you need to about buying and selling residential real estate.
Posted on 2/6/14 at 7:35 pm to barry
Bought a house FSBO early last year and it was ridiculous how easy it was. I will never work with a realtor if I can help it.
Posted on 2/6/14 at 7:36 pm to barry
We did FSBO when we sold and it was easy. Had to deal with a few realtors who came in to try and low ball us, but other than that it was pretty smooth.
There are a lot of good realtors, but ther are also quite a few bored housewives looking for a part time job that are shite for brains.
There are a lot of good realtors, but ther are also quite a few bored housewives looking for a part time job that are shite for brains.
Posted on 2/6/14 at 10:16 pm to barry
quote:
Studies have shown that the typical house sold by the homeowner sells for $184,000 while the typical house sold by an agent sells for $230,000. This doesn’t mean that an agent can get $46,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.
This is truly nonsensical garbage.
Posted on 2/7/14 at 6:33 am to Lab
Did this on the last house I sold. Offered 2% and the realtor agreed.
Posted on 2/7/14 at 7:32 am to Bistineaubengal
Damn, next thing you know we shoot people's dogs 
.
My value is knowing my market. All markets are different. I don't know anyone else's market, so to make a blanket comment would be as shortsighted as many other posters here.
I do 1-2 transactions a year with FSBO's, always been smooth. There has been one transaction where I honestly believe the seller got about 1-2% more by going FSBO (about 6k). Every other time it's even money or my client paid under, sometimes well under market value. Typically the buyer entertaining FSBO has the same mindset as the seller selling FSBO, which is they are looking to save $. Again, this is my market I am speaking about. I have no idea how things are shaking down in Dutchtown.
To quote the late great Tommy Callahan "you can get a good look at a T-Bone by sticking your head up a bull's arse, but I'd rather take the butchers word for it"
. My value is knowing my market. All markets are different. I don't know anyone else's market, so to make a blanket comment would be as shortsighted as many other posters here.
I do 1-2 transactions a year with FSBO's, always been smooth. There has been one transaction where I honestly believe the seller got about 1-2% more by going FSBO (about 6k). Every other time it's even money or my client paid under, sometimes well under market value. Typically the buyer entertaining FSBO has the same mindset as the seller selling FSBO, which is they are looking to save $. Again, this is my market I am speaking about. I have no idea how things are shaking down in Dutchtown.
To quote the late great Tommy Callahan "you can get a good look at a T-Bone by sticking your head up a bull's arse, but I'd rather take the butchers word for it"
This post was edited on 2/7/14 at 7:34 am
Posted on 2/7/14 at 7:48 am to ItNeverRains
Sold my last 2 houses FSBO. Not a lick of trouble. If you get he comps that have sold recently and you set a fair price, you do just fine selling a house by yourself. Neither time did I sell to someone who was using a realtor. I figured that I'm the one keeping the house up and keeping the yard up, so why should I pay someone else when I'm doing all the work. Got the generic FSBO contract, agreed on a price, fixed the things that the inspector thought should be fixed, showed up for closing, and walked away with a larger check than the one the guy down the street, who used a realtor, walked away with.
Posted on 2/7/14 at 8:06 am to guttata
Guess that answers my Dutchtown question
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