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[...] This post was mentioned on Twitter by REALTOR® Magazine, YPN, MassForSaleByOwner, Amy E. Mateus, Dalia Beyss and others. Dalia Beyss said: The Vanishing FSBO: By Robert Freedman, senior editor, REALTOR® Magazine Sales might be down for many of you but… http://bit.ly/g3VmMQ [...]
Smart move by homeowners. I’ll start by saying I’m a licensed Realtor in Las Vegas, so you may think I’m biased, but let me share with you my FSBO experience. Most buyers that buy a FSBO are specifically looking for one so they can “cut out” the Realtor commissions. Other sellers are more than happy to negotiate off the price the Realtor fee as well. So this means sellers would net (put the same amount in their pocket) as if they had the professional help of an agent. However, I’m willing to say they could get more with a Realtor. Even when the market was super hot and I heard stories of buyers waiting in Home Depot to find someone that came to buy FSBO sign. I believe this person could have put a lot more money in their pocket had they put the home on the market and created a bidding war. Even in today’s market, utilize all the tools that are available to a home seller, especially the MLS is one of the fastest ways to get the most for your home. Remember, an agent will also guide you through the many terms of a deal, due diligence negotiations, state required disclosures (yes, even for FSBO’s), closing and more.
I dont blame people at all for wanting to get top dollar for their home….but what most fail to consider is “why are potential buyers looking at FSBOS?”. My research says that most are doing it to get a deal…so if the FSBO is going to have to discount the house to get it sold, it seems to negate the reason for selling it that way to begin with.
We think one of the new successful models going forward will be a hybrid of the traditional MLS service and the fsbo strategy. As we know, most fsbo’s fail because they fail to reach the right buyer (exposure).
If however, local buyers are cataloged and aggregated on a local level (some 70% of buyers, buy within 10 miles of their current residence – please correct me if the stat is off a bit) – then a business that connects sellers to those buyers in the dynamic database would certainly bring the cost of transaction down – one of the main purposes of “going it alone”.
[...] Vanishing FSBO January 6, 2011 by Robert Freedman · 4 Comments Filed under: Breaking News, Marketing & Prospecting, [...]
[...] there’s no doubt that working with a reputable real estate professional yields tangible results. Statistics show that the majority of homebuyers and sellers still prefer dealing with agents rather than going it [...]
[...] sell a house quickly and profitably, the first thing you need to do is get a good agent. In 2010, 88% of home sellers sold their property through a real estate agent – that’s approximately 9 out every 10. However, [...]
[...] which is always among the most popular pieces of research NAR puts out for its members, is the disappearing FSBO. It’s a trend NAR has been seeing for a while. Sellers trying to go it alone in today’s [...]
[...] which is always among the most popular pieces of research NAR puts out for its members, is the disappearing FSBO. It’s a trend NAR has been seeing for a while. Sellers trying to go it alone in today’s tough [...]
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