FSBO vs Realtor Statistics: What Are They?

By
Real Estate Agent with One Sotheby's International Realty- Miami Beach Real Estate

  

 

I was watching Property Ladder on TLC earlier this week and the host, Kirsten Kemp, was giving property sales stats on FSBO vs. agent-handled sales.  Here are the stats she gave, I was riveted:

 

"Stats show that the median selling price of a FSBO are 15% lower than a house that is listed with a Realtor.  Homes listed with Realtors sell in less than half the amount of time than FSBO's"

 

My question:  Does anyone know where she/they got these stats?  I'd love to (as we all should) have these stats at my fingertips.

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Anonymous #38
Anonymous
Whadayano

Why isn't anybody talking about the NEW FSBO category... Flat Fee MLs listings that allow FSBOs to co-op with buyer agents, get MLS exposure, AND save the listing side commission.  For a several hundred bucks!  These services are everywhere, and growing like crazy. 

NAR includes these FSBO's who list with a Flat Fee as "realtor assisted", so their NAR statistics look good!!!  NAR doesn't reference this group at all.   Give me a break.

Google FSBO, or FLAT FEE MLS, and you will find a HUGE underground source of national and local FSBO sites, agent sites, title companies, etc that are mushrooming up to take on these listings.  These "FSBO's" are unreported trends...conveniently disguised by NAR as "agent assisted sales"...

 And in case you're wondering, I'm an agent.  Professionally and long term.  I see a need for realtors...FSBO isn't for everyone.  But, don't act like this trend of savvy sellers are not there.   I lost a lot of respect for NAR when I read their statistics section on FSBOs. Our commissions are falling, and they just put their head in the sand, and "say it ain't so"...  NAR is good at that.   

March 13, 2011 12:48 AM
Anonymous #39
Anonymous
Trying to decide FSBO vs. agent

Thanks for offering the great and interesting opinions!

We are sellers currently trying to decide which route we will take.

We live in a very small community with few agents. The town has national historic designation, was the filming location of a popular TV show, and is a tourist destination (lots of second homes). Our home was built in the last 5 years and designed to match the historic character, it is located in the most "desirable" section of town (according to the real estate agent) and is significantly larger than most the adjacent historic homes. 

We are trying to work with an agent who is locally known to be good - we even purchased this place through her originally. However, I do feel that I am going to be ripped off because she will simply add it to the MLS listings, plant a sign, and post it on craigslist if I am lucky. 

Why do I think that?

I contacted her a few months ago and told her that a relative is moving to town and is interested in a particular house, or others in a similar price range. She said that someone was looking at it the next day and she would contact us after with an update. Then.... nothing.  No return call or email... 

I contacted her again once we decided that another location may be better for us in the long term since the relative is moving out. A week later she stopped by and talked to us, was very encouraging about the likelihood of moving the house fast and getting what we need out of it. She said that she would follow up right away with a further description of what she would do in terms of advertising, etc. Now, 9 days later, we haven't heard a peep. 

We really WANT to believe that she'll perform for us (I know her kids and everything), but she hasn't given us any reason to think that she will follow through on her promises. We are thinking of going FSBO because there simply are not that many agents in our area that seem better. 

Just thought I'd post our situation... and totally open to advice. Thanks.

April 24, 2011 11:07 PM
Anonymous #40
Anonymous
Jack Maxwell

I believe the statistics you are looking for are in NAR's Profile of Home Buyers and Sellers.  You can find it on-line on realtor.org for a small fee of $19.95 for members or a more substantial fee of $149.95 for non-members.

May 31, 2011 10:28 PM
Anonymous #41
Anonymous
JD

As someone considering my options, I must say that the agents posting the same old reasons to use a realtor are only driving us away. Bottom line for you (as an agent) is that you won't show or work with an FSBO. After reading the comments left by seasoned professional agents, that there are Flat Fee MLS services available and they can work for some of us, I realize there are still some pros out there that would certainly be worth the money. But that doesn't change our bottom line. Your fees are too high for the amount of work you do. Period. Change your fee structure. Learn to compete.

July 24, 2011 02:32 PM
Anonymous #42
Anonymous
Janet Thornton
Did you all see the article about the Founder of ForSaleByOwner.com? After 6 months of trying to sell his NY flat on his own, and using his own service, he eventually turned to a broker. Turns out he had it priced way too low, and after hiring the broker, sold his flat ABOVE list....could have saved himself a lot if time and $$ if he used a realtor from the beginning. I find this happens a lot with FSBOs.
September 24, 2011 03:15 PM
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