For Sale By Owner?

Triple Threat 33T · June 2014

Anyone ever gone that route when selling real estate?

Positives, negatives?

Sometimes I feel, I know, I could do a better job of "selling" than my realtor.

Thoughts?

Mister-Jr · June 2014

Triple Threat 33T wrote: »

Anyone ever gone that route when selling real estate?

Positives, negatives?

Sometimes I feel, I know, I could do a better job of "selling" than my realtor.

Thoughts?

Do you have the time? The patience to deal with tire kickers and ridiculous low offers?

Triple Threat 33T · June 2014

Mister-Jr wrote: »

Do you have the time? The patience to deal with tire kickers and ridiculous low offers?

To a degree.

Although there are structures on the property it's not like I'd have to show it as it's really the land that I'm selling

frank · June 2014

Triple Threat 33T wrote: »

Anyone ever gone that route when selling real estate?

Positives, negatives?

Sometimes I feel, I know, I could do a better job of "selling" than my realtor.

Thoughts?

it's been positive for us, we sold all our previous homes ourselves
make sure to do a thorough market analysis of current/previous sales in the area and hire a real estate lawyer to write up the contract

Fluffy · June 2014

Rich, are you really going to have time to show the property? I'm sure you could do a great job but time is the issue here...

MadScientist · June 2014

Those people are not worth 6%, get them down to a couple thousand dollars or less, then let them earn the money.

WaterEngineer · June 2014

I have done it three times and it has worked in my favor. I will never use a realtor again. I use it to save my 1/2 the commission - I saved nearly $20K on the house we sold in 2012. I pay a 2.5% "co-op" and get plenty of realtor traffic so little additional time on my part - I let the realtors do the work scrambling to get the "co-op." It is all about pricing the property correctly - which is not hard.......like a realtor make you want to believe.

Do not use the folks peddling a "for sale by owner" product - that is a rip off. There is a way to get the listing into the MLS now as a FSBO, for cheap, a few hundred dollars. Once the realtors see it in the MLS the phone starts to ring. Include great photos. Great photos create the foot traffic.

Good luck and tell us how it goes.

West Ender · June 2014

What is the way to get the listing on MLS I have one of my houses for sale right now and have not sold a home in about ten years.

SLW210 · June 2014

Realtors can negotiate their rate.

For Land, if you have time you should definitely do it yourself.

Lucky7Team2 · June 2014

Remember commsison is 6% they split with the other realtor. So assume the sale is 300K, the commission is 18K divided by 2 so 9K each. That's good money. The issue is when you are trying to squeeze 10-30K more out of the sale, its a lot to you but very little to them. No incentive to get you 30K more when it only adds 900.00 in their pocket.

s2kskibum · June 2014

Just had the attorney write up the papers. Put a sign in front of the house, and said hi to the neighbor (was renting next door for five years). Offered full price immediately. Closing in two weeks, am carrying the loan for three years. Zero commission, extra bonus of interest! (Really don't need the money right now...)

fins4me · June 2014

I purchase, divide, recondition and market area farms. When I have one ready for sale I always post it myself first. I have found that very often there are folks who might have had an interest in a property and will act immediately after seeing a sign After a few weeks I move it on the a real estate broker I have used for years who lists them nationally. Always negotiate the rate. Always.

Menzies · June 2014

Lucky7Team2 wrote: »

Remember commsison is 6% they split with the other realtor. So assume the sale is 300K, the commission is 18K divided by 2 so 9K each. That's good money. The issue is when you are trying to squeeze 10-30K more out of the sale, its a lot to you but very little to them. No incentive to get you 30K more when it only adds 900.00 in their pocket.

It's actually worse than that. The 6% is split between the seller's and buyers' brokers, so 3% to each business. That is then split usually 50/50 with the Realtor (more to the Realtor based on a sliding scale of commission they bring in). So in the vast majority of the cases the Realtor is only looking at 1.5%.

Obviously if the one brokerage/realtor gets both sides (has both seller and brings the buyer), then that doubles.

duckmanJR · June 2014

Menzies wrote: »

It's actually worse than that. The 6% is split between the seller's and buyers' brokers, so 3% to each business. That is then split usually 50/50 with the broker (more to the broker based on a sliding scale of commission they bring in). So in the vast majority of the cases the Realtor is only looking at 1.5%.

Obviously if the one brokerage/realtor gets both sides (has both seller and brings the buyer), then that doubles.

Sounds like a racket....that's why I don't use them..ever!

Lucky7Team2 · June 2014

duckmanJR wrote: »

Sounds like a racket....that's why I don't use them..ever!

That's why when you push to not take a lowball offer and ask for more they don't want to. Once the initial offer comes in within 10-40K of the asking they will push you to take it. Saying no means more work for them for what amounts to very little compared to the overall price.

WaterEngineer · June 2014

Lucky7Team2 wrote: »

That's why when you push to not take a lowball offer and ask for more they don't want to. Once the initial offer comes in within 10-40K of the asking they will push you to take it. Saying no means more work for them for what amounts to very little compared to the overall price.

Or saying the same thing with a different twist, you taking the deal at a lower price frees up the realtors time to work a different deal where the commission check is much larger than the incremental difference of the 10-40K Lucky is using for an example. If they are working for me, I want them working for me (which they are not,) not working for the next guy. That is why I FSBO, to control the deal and save money.

surfman · June 2014

When I sold my house I just put a sign in the fron yard “House for Sale” and I got a couple people that were interested and then one guy made an offer, I countered and he bought it. I first contacted a title company to find out what is necessary and they said they would provide me with all the contracts and paper work I needed. I used them for the closing. Piece of cake and I saved $6500. Some people might not think it is worth the 6 or 7% and that is fine, I pretty much got what I wanted and the buyer was happy too.

Lucky7Team2 · June 2014

It's also a seller's market right now. Low inventory lot of buyers. Most houses getting multiple offers. Sell it urself.

mikev · June 2014

I'll be watching this thread. I may want to sell my house at some point soon.

ZimmerNole · June 2014

frank wrote: »

it's been positive for us, we sold all our previous homes ourselves
make sure to do a thorough market analysis of current/previous sales in the area and hire a real estate lawyer to write up the contract

This x2

duckmanJR · June 2014

Lucky7Team2 wrote: »

That's why when you push to not take a lowball offer and ask for more they don't want to. Once the initial offer comes in within 10-40K of the asking they will push you to take it. Saying no means more work for them for what amounts to very little compared to the overall price.

I understand exactly how it works... That's why I said "sounds like a racket" ...

It is also why I don't use an agent... They are playing both sides of the fence many times...hurry up and close a deal and move to the next one rather than tell the seller " Hold your price..it is in-line with the local sales picture"

The thing I have learned in life is " Nobody watches out for you...like *YOU* will! "

APE · June 2014

fins4me wrote: »

I purchase, divide, recondition and market area farms. When I have one ready for sale I always post it myself first. I have found that very often there are folks who might have had an interest in a property and will act immediately after seeing a sign After a few weeks I move it on the a real estate broker I have used for years who lists them nationally. Always negotiate the rate. Always.

Do you have any farms or homes listed in Carter county?

fins4me · June 2014

APE wrote: »

Do you have any farms or homes listed in Carter county?

Nope,, I am not that far from Carter Co however. Are you looking for a small retirement type place or something bigger?

I have 2 I am working on now. They will probably go on the market next spring. I am running cattle and trying to get some hay off of them this year before I tear them up.

TripleX · June 2014

I can be of assistance with capturing a short aerial video of the property for your listing!!!

Captain Dave · June 2014

There are hard working realtors that care and will do a great job for you, often selling your home for over that 6% fee. You just may have to do some extra homework to find them. If you aren't selling it's possibly a marketing issue, but it's more likely it's priced too high. Either way your current realtor should be all over it like stink on a monkey to make adjustments and get your property sold.

I'm sorry, but this these below are just plain funny.

http://www.heraldtribune.com/article/20140515/ARTICLE/305159993

http://newsgeni.us/?p=97996

JaxNole · June 2014

Menzies wrote: »

It's actually worse than that. The 6% is split between the seller's and buyers' brokers, so 3% to each business. That is then split usually 50/50 with the broker (more to the broker based on a sliding scale of commission they bring in). So in the vast majority of the cases the Realtor is only looking at 1.5%.

Obviously if the one brokerage/realtor gets both sides (has both seller and brings the buyer), then that doubles.

Not sure why this is still allowed in FL for obvious reasons.

Finger Mullet · June 2014

Captain Dave wrote: »

There are hard working realtors that care and will do a great job for you, often selling your home for over that 6% fee. You just may have to do some extra homework to find them. If you aren't selling it's possibly a marketing issue, but it's more likely it's priced too high. Either way your current realtor should be all over it like stink on a monkey to make adjustments and get your property sold.

I'm sorry, but this these below are just plain funny.

http://www.heraldtribune.com/article/20140515/ARTICLE/305159993

http://newsgeni.us/?p=97996

Oh please Dave, have you ever posted or suggested ONCE, that hey now may not be the best time to buy perhaps you should hold out a little? I remember your posts from 2003-2006, just sayin.

Captain Dave · June 2014

Finger Mullet wrote: »

Oh please Dave, have you ever posted or suggested ONCE, that hey now may not be the best time to buy perhaps you should hold out a little? I remember your posts from 2003-2006, just sayin.

I'm sorry my crystal ball at the time wasn't up to your almighty standards. We've never met, you know absolutely nothing about me, and yet you STILL have a stiff wee wee for me anytime I post an opinion on RE. Give it a rest dude, seriously.

For Sale By Owner?

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