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Started By
Message
School Me on Sale By Owner
Posted on 7/28/16 at 7:34 am
Posted on 7/28/16 at 7:34 am
I am getting ready to put a condo that i own on the market. How difficult is it to sell on my own? I know nothing about selling a home without a realtor involved. Can someone point me in the right direction to learn the process?
Is it worth saving the bit of money or just use a realtor?
Is it worth saving the bit of money or just use a realtor?
12
Posted on 7/28/16 at 8:24 am to GeauxTime9
Get ready to be bad mouthed by every realtor in the parish. They get pretty winy because they think are entitled to sell every piece of property around.
Posted on 7/28/16 at 9:05 am to GeauxTime9
Pretty easy. Lots of tools online to keep you straight. You may still offer 1-2% to a buying agent for bringing you a buyer.
Posted on 7/28/16 at 9:49 am to GeauxTime9
The hotter the market, the easier it is to sell by owner.
How's the condo market in your area? In a lot of places, condo markets are tough.
How's the condo market in your area? In a lot of places, condo markets are tough.
Posted on 7/28/16 at 10:20 am to GeauxTime9
I can't answer this question but what I can say while in the process of buying a house right now, I have lost what little faith I ever had in Realtors. Buying Realtors, Selling Realtors, both. They could frick up a wet dream if they wanted that's how terrible of an experience I've had so far.
A monkey could do that job better than the people I've dealt with so far.
A monkey could do that job better than the people I've dealt with so far.
Posted on 7/28/16 at 10:21 am to GeauxTime9
To me it's worth it to save the 3-5% that realtors think they deserve for doing very little. If the property is attractive it sells itself. If the location sucks then maybe you need a realtor to help get more interest if you don't have time to do it. FSBO provides realtors to help with comps so that is a large portion of the realtor advantage that doesn't exist anymore. I've sold 3 properties on FSBO and bought two houses as well. It's so much easier. Find a mortgage company who does their job well and they can help you out even more. Assurance Financial was great for me. They shopped to get the best rate and they took care of any realtor type questions as well as attending the closing to make that easier.
Posted on 7/28/16 at 10:44 am to GeauxTime9
In my opinion realtors are basically for busy people, lazy people and stupid people.
You have to answer these questions:
1. Are you capable of determining the best possible price you can get for your property?(basically can you use Google and/or a phone to call an appraiser)
2. Are you capable of putting a sign in front of your place and listing it in the MLS system?(basically using a phone or one of the internet services which list it for you)
3. Are you capable of showing the condo to a rando who wants to buy it?
If you can do these 3 things and have the time to do it then it might be work the 5-6% of your property value to do it yourself. Assuming it's like a 150k condo I'd say it's at least work a shot for 7-9k.
You have to answer these questions:
1. Are you capable of determining the best possible price you can get for your property?(basically can you use Google and/or a phone to call an appraiser)
2. Are you capable of putting a sign in front of your place and listing it in the MLS system?(basically using a phone or one of the internet services which list it for you)
3. Are you capable of showing the condo to a rando who wants to buy it?
If you can do these 3 things and have the time to do it then it might be work the 5-6% of your property value to do it yourself. Assuming it's like a 150k condo I'd say it's at least work a shot for 7-9k.
Posted on 7/28/16 at 11:03 am to BeerMoney
quote:
3. Are you capable of showing the condo to a rando who wants to buy it?
Do I think realtors are worth 6%, no. But 3% and 4% is fair.
OP you realistically want someone in the middle of you and the buyer. Especially when wive's are involved. You don't want to have to be there to show a home, and more importantly the buyers don't want you there when they are looking. Who wants to walk around and nit pick a home in front of the seller? No one.
IMO you are literally going to have people not want to look at your home unless it is a prime location if you are the one that is showing it.
IMO FSBO is well worth it while offering 2.5-3% to the buyer's agent who will be there to show the home and as a middle man for negotiations.
This post was edited on 7/28/16 at 11:04 am
Posted on 7/28/16 at 11:18 am to baldona
A good real estate agent is worth their weight in gold, that is a fact. From the time spent marketing your home, to the expertise presented in the negotiation/contracts portion of the deal, to the fiduciary protection they offer to protect the average consumer within the transaction - there is a reason the profession has stood the test of time.
Now, that being said, a bad or lazy real estate agent can cause you quite the headache. I can see why some would wonder what's the point?
There is a real line between a true professional agent, and just someone with a license.
You want to hire the former, worth every penny IMO
Now, that being said, a bad or lazy real estate agent can cause you quite the headache. I can see why some would wonder what's the point?
There is a real line between a true professional agent, and just someone with a license.
You want to hire the former, worth every penny IMO
Posted on 7/28/16 at 11:34 am to 19thHole
The problem with the industry is the ease in which someone can obtain a license to broker hundreds of thousands of emotional dollars from people. The more agents, the more dues collected by firms and associations. Its a money grab.
In reality it should be ridiculously hard and expensive to be an agent to weed out the knuckleheads but thats not a risk the industry is willing to take.
To the OP, in a sellers market an agent is much more valuable than in a buyers market, especially if you feel proper timing and marketing will yield multiple offers.
In reality it should be ridiculously hard and expensive to be an agent to weed out the knuckleheads but thats not a risk the industry is willing to take.
To the OP, in a sellers market an agent is much more valuable than in a buyers market, especially if you feel proper timing and marketing will yield multiple offers.
Posted on 7/28/16 at 11:36 am to ItNeverRains
right on, I know EXACTLY what you are saying
however, I think it just adds value over the long-term to professionals like you as the wanna bees fizzle out and you just maintain and gain market share
however, I think it just adds value over the long-term to professionals like you as the wanna bees fizzle out and you just maintain and gain market share
Posted on 7/28/16 at 12:09 pm to 19thHole
The average agent last under two years. But there's always a readily available new supply to feed the machine. It is what it is
Posted on 7/28/16 at 12:42 pm to baldona
quote:
Do I think realtors are worth 6%, no. But 3% and 4% is fair.
Just for clarification, i don't think the poster above wasn't saying one realtor is worth 6%.
Fyi, and correct me if I'm wrong, but what what I've learned is that 6% is built into the price of the home: 3% for buyers realtor + 3% for the sellers realtor.
This post was edited on 7/28/16 at 12:44 pm
Posted on 7/28/16 at 1:00 pm to TexasTiger34
quote:
Just for clarification, i don't think the poster above wasn't saying one realtor is worth 6%.
Fyi, and correct me if I'm wrong, but what what I've learned is that 6% is built into the price of the home: 3% for buyers realtor + 3% for the sellers realtor.
Agree, but what he was saying was that you could do the whole thing yourself including walking buyers around your property if you are motivated enough and have the time. What I'm saying is that even if you have the time I don't think its a good decision financially to not offer to pay a buyer's agent.
I've literally known FSBO to not allow agents in their house, a terrible idea. There are a lot of buyer's who simply would feel more comfortable with an agent to simply point some minor things out: people new to the area, first time buyer's, etc.
All I'm saying is that a middle man is going to cost money, and somewhere between 2-4% is probably what it is to have a decent professional.
Posted on 7/28/16 at 1:53 pm to GeauxTime9
quote:
School Me on Sale By Owner
Put up for sale by owner sign. Offer any realtor who brings you a buyer 3%. Keep 3% in your pocket, and have them do all the work. They will beat your door down.
Posted on 7/28/16 at 1:58 pm to GeauxTime9
FISBO for 4 weeks. If no bites, move to a realtor.
Have an inspection done first. Fix what you're going to fix now. Give both to your prospects. Increases their confidence in dealing with you greatly.
Have an inspection done first. Fix what you're going to fix now. Give both to your prospects. Increases their confidence in dealing with you greatly.
Posted on 7/28/16 at 2:07 pm to baldona
I have often felt that using a realtor as a buyer was a complete and utter waste in this day and age.
Then when I was looking to buy a house, I would call the listing agent to arrange to see a house, and not get a call back. This happened at least 25 times. I was also told by two agents that they would not show me a house unless I was represented by another agent!! I mean, the buyer's agent pretty much does nothing. They fill out a form - which you can fill out online yourself - and send it in. They handle negotiations with the other agent - but considering they come to you for everything, why not do it yourself? They arrange for an inspection - which you can do yourself in 2 minutes. Everything else is between you and your lender.
We ended up buying a house that was FSBO. Between us and the sellers, and our lender and closing company, we got it all figured out.
When it comes to selling a house, there is something to be said for actually marketing the house - giving advice on how to stage the house, being able to show the house, doing advertising beyond just listing it on the MLS and putting a sign in the yard, etc.
Most agents are terrible. But a few are good at selling homes and are probably worth 3 percent.
Then when I was looking to buy a house, I would call the listing agent to arrange to see a house, and not get a call back. This happened at least 25 times. I was also told by two agents that they would not show me a house unless I was represented by another agent!! I mean, the buyer's agent pretty much does nothing. They fill out a form - which you can fill out online yourself - and send it in. They handle negotiations with the other agent - but considering they come to you for everything, why not do it yourself? They arrange for an inspection - which you can do yourself in 2 minutes. Everything else is between you and your lender.
We ended up buying a house that was FSBO. Between us and the sellers, and our lender and closing company, we got it all figured out.
When it comes to selling a house, there is something to be said for actually marketing the house - giving advice on how to stage the house, being able to show the house, doing advertising beyond just listing it on the MLS and putting a sign in the yard, etc.
Most agents are terrible. But a few are good at selling homes and are probably worth 3 percent.
Posted on 7/28/16 at 2:34 pm to LSUFanHouston
You can definitely sell your house if you are willing to put in the work. If you look up the most recent sales in your area, you can find out a good price to list it at. Do not overprice your house, list it for what it's worth.
Someone told me one time, well I will only show my house on Saturdays. Good luck was my response. If you are not willing to show it when it is convenient for the buyer, then the odds of selling it go down drastically.
Take good pictures and list it on the FSBO sites. In the BR area, FSBOBR is a really good site. You should then post the link on your social media and encourage your friends to share the listing.
I would also offer buyer agents 3%.
Good luck!
Someone told me one time, well I will only show my house on Saturdays. Good luck was my response. If you are not willing to show it when it is convenient for the buyer, then the odds of selling it go down drastically.
Take good pictures and list it on the FSBO sites. In the BR area, FSBOBR is a really good site. You should then post the link on your social media and encourage your friends to share the listing.
I would also offer buyer agents 3%.
Good luck!
Posted on 7/28/16 at 2:52 pm to GeauxTime9
I sold a condo a year after Katrina. I turned almost a $25,000 profit on it.
I had a couple of realtors call me and ask me about giving them a a percentage to send their buyer my way. They both got pissy when I said no.
I said "I have been on the market less than 48 hours and I have 12 offers, WTF do I need you for?"
I had a couple of realtors call me and ask me about giving them a a percentage to send their buyer my way. They both got pissy when I said no.
I said "I have been on the market less than 48 hours and I have 12 offers, WTF do I need you for?"
Posted on 7/28/16 at 2:55 pm to SG_Geaux
After Katrina was a completely different story. You could have sold anything in BR for a good bit.
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