Should I sell FOR SALE BY OWNER?
Should I sell
FOR SALE BY OWNER?
THE quick answer to this above question is “No.”
The long answer is also, “No.” But let me explain a few things that
caught my eye and why I want to share this! A friend of mine recently
sent this article over to me titled: “Zillow to stop flipping homes for
good as it stands to lose more than $550 million, will lay off a quarter of staff”
The article link is down below. So it seems maybe just doing real estate without a competent agent doesn’t make you money?
THE other article came from my wife who felt a need to defend me after listening to a Freaknomics book being critical of real estate agents, and saying they sell their home for more money then their clients, and also, they don’t care to sell their clients’ home for as much, and essentially the client doesn’t make as much. Yeah, that is false also. Now I will concede, IF YOU USE A CRAPPY AGENT IT WILL HURT YOU. But even then you will probably make more money using a crappy agent than For Sale By Ownering it. I suppose it is up for debate.
SO this leads me to the next article, the one my wife sent me: “Did The Founder of ForSaleByOwner.Com Use A Real Estate Agent?”
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To answer that question, yes. Yes, he did!
Let’s see the article in a nutshell:
”Colby tried for six months to sell his apartment in N.Y. with a list price of $2 million dollars. The home sat on the market for half a year. After New York Real Estate Agent Jesse Buckler was given the listing for a full 6% commission, he increased the listing price of Sambrotto’s apartment by 7.5%, to $2.15 million, and received multiple offers (1).”
SO, this guy who owns FORSALEBYOWNER.com actually made more money after commissions were paid and sold it faster using an agent! I can break it down a bit to make it even better. Selling it by owner, a person would likely still pay a real estate agent, that being the buyer’s agent, I ask for 3%, in turn the seller would have no representation.
I tell people this when it comes up :When I can, I charge 6%. Of that, 3% goes to the buyer’s agent (you most likely will have a buyer’s agent on the other end of the deal) and they will charge something. The other 3% goes to me. 1% of that is for my expert advice--I’ll help you get your home ready and save you time and money there. The next 1% is for my marketing--I pay for expert-quality photos and know where to post your listing, one location being the MLS, which serious home buyers look at and only realtors have access to, and more. The other 1% is for my negotiation advice--I will keep you from saying dumb things. For example, if you run into a buyer at a showing or at your For Sale By Owner Open House and express your desire to sell and to move fast, that probably just cost you all of the commission you would have paid your agent anyway. Now the buyer knows you want to move, and can leverage that info in their offer and through the deal. WITH all that said, hire a competent agent. They will be worth it!
If you are thinking of selling, feel free to reach out to us!
Text Tyler Jackson at 616 540 4606
If you are curious on your home price, go to MyHomeValueGR.com
On Zillow: https://www.marketwatch.com/story/zillow-to-stop-flipping-homes-for-good-as-it-stands-to-lose-more-than-550-million-will-lay-off-a-quarter-of-staff-11635885027
1. https://www.raleighrealtyhomes.com/blog/did-the-founder-of-forsalebyownercom-use-a-real-estate-agent.html