Founder of For Sale By Owner Company Turns to Broker for Help

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Real Estate Agent with The Legends of Real Estate, REALTORS®
http://actvra.in/g7s

Founder of For Sale By Owner Company Turns to Licensed Real Estate Broker for Help

by TIM on AUGUST 4, 2011


From the files of stranger than fiction, the founder and former CEO of ForSalebyOwner.com, Colby Sambrotto, was unable to sell his OWN HOME so he turned to a licensed real estate Broker to get the job done.

According to The Wall Street Journal, Mr. Sambrotto gave  up the FSBO route in favor of hiring a broker. This good decision resulted in attracting multiple offers for his 2000 square foot condominium in New York and a final sales price $150,000 more than the original asking price.  The WSJ said that the listing sold for $2,150,000 which included a 6 percent broker fee.

His own marketing efforts, which included his own online classified ads and FSBO sites, failed to get the job done. This is a trend that more and more sellers are discovering after many months (and sometimes years) of unfruitful FSBO attempts, hundreds of advertising dollars spent, unqualified buyers entertained and general inconvenience and frustration.

The facts speak for themselves. The market is just too uncertain and changing too fast for most DIY home sellers or even for most part-time real estate agents. It is imperative that homes are priced correctly from the very start and if a sale doesn’t come quickly, price adjustment may be required just to keep up and/or ahead of market trends.

If people really want to give the FSBO route a try, I say give it all you’ve got“ but when you decide you need help, for goodness sake, make sure you hire an experience, skilled, professional real estate consultant who will work with you in achieving your goals!

Experienced real estate consultants keep their finger on the pulse of the market daily and are in constant search of better, more effective marketing venues. It only makes sense to hire someone who knows what they’re doing when selling your most valuable asset.

Tagged with: fsbo • selling

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Re-Blogged 38 times:

Re-Blogged By Re-Blogged At
  1. Dawn Maloney 08/04/2011 11:07 AM
  2. Eric Crane -- Your Full Service, Discount Fee Realtor® 08/04/2011 11:30 AM
  3. Bob Southard 08/04/2011 11:34 AM
  4. Scotti Jowers 08/04/2011 11:49 AM
  5. Kristi DeFazio 08/04/2011 11:53 AM
  6. Martha Brown 08/04/2011 12:15 PM
  7. Lisa Orme 08/04/2011 12:38 PM
  8. Brenda Mullen 08/04/2011 12:39 PM
  9. Kelly Mac Group (619) 319-7010 San Diego Beach and Luxury Realtors 08/04/2011 12:47 PM
  10. N E 08/04/2011 12:58 PM
  11. James Lowenstern 08/04/2011 12:58 PM
  12. Victor Zuniga 08/04/2011 02:55 PM
  13. Larry Brewer 08/04/2011 04:12 PM
  14. Cameron Wilson 08/04/2011 08:08 PM
  15. Donald Stirnweis 08/04/2011 10:46 PM
  16. Linda Lipscomb 08/04/2011 10:50 PM
  17. Kari A. Battaglia 08/04/2011 11:43 PM
  18. Sheldon Neal 08/04/2011 11:52 PM
  19. Phil Leng 08/05/2011 12:19 AM
  20. Michelle Carr-Crowe-Selling Silicon Valley Homes in Top Schools San Jose, Cupertino, Saratoga, Palo Alto-Just Call 408-252-8900 08/05/2011 12:44 AM
  21. Praful Thakkar 08/05/2011 01:03 AM
  22. David Shamansky 08/05/2011 01:09 AM
  23. Rosalie Evans 08/05/2011 01:22 AM
  24. Jason Watton 08/05/2011 02:30 AM
  25. Aaron Nelson 08/05/2011 03:11 AM
  26. Andi Grant 08/05/2011 03:36 AM
  27. Mona Gersky 08/05/2011 09:00 AM
  28. Rita Fong 08/05/2011 11:35 AM
  29. Sally English 08/05/2011 04:23 PM
  30. Lora "Leah" Stern 914-772-4528 08/05/2011 06:50 PM
  31. Shannon Jones 08/05/2011 09:05 PM
  32. Susan Neal 08/06/2011 06:32 PM
  33. Juli Vosmik 08/07/2011 12:47 AM
  34. Liz Wallace 08/07/2011 10:38 AM
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Topic:
Home Selling
Location:
Florida Duval County Jacksonville Mandarin
Groups:
Posts to Localism
Tags:
realtor
real estate
fsbo
for sale by owner

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Ambassador
1,586,704
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

The FSBO principle works for all but the captain of the ship. He chose to use a professional, because he knew he couldn't do it himself. Results demonstrate, that if you want to sell it quickly at maximum value without the stress, then enlist and hire a real estate professional.  Where's NAR with this info?

Aug 05, 2011 07:15 AM #55
Ambassador
592,961
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

I'm taking Andi's suggestion and reblogging also.  I'm only sorry that this didn't make headlines in town newspapers!

Thank you so much for YOUR good investigative reporting.

Aug 05, 2011 08:58 AM #56
Ambassador
595,668
Gayle Rich-Boxman Fishhawk Lake Realtor (503)755-2905
Vernonia Realty - Vernonia, OR
"Your Gateway to the Lake" Birkenfeld Oregon

I saw your post on a re-blog by Mona Gersky--love this! I bookmarked it and want to make a copy for all of the new-found FSBO oficiandos who think that they know all about our business.

Aug 05, 2011 11:41 AM #57
Rainmaker
1,386,489
Donna Harris
Donna Homes, PLR - Austin, TX
Realtor, CDPE & ASP - Hill Country Lakeway Austin

I saw that story yesterday and just about laughed! AND paying the "full" commission was the funniest part!

Aug 05, 2011 01:41 PM #58
Rainmaker
209,779
Andi Grant
310-508-4354 | FirstTimeHomeBuyerRealEstate.com - Long Beach, CA
First Time Home Buyers Los Angeles, Long Beach

Please send Tim's blog link to the Realtor Magazine rep who posts here on Activerain.  I want this to be read and understood nationally.

http://activerain.com/blogs/realtormagazine

Aug 05, 2011 01:51 PM #59
Rainmaker
851,641
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

@Andi-

REALTOR probably won't give it prominent ink. The broker, as most brokers in Manhattan, is not an NAR member, it is REBNY territory. 

Aug 05, 2011 03:31 PM #60
Rainmaker
538,497
Tim & Susan Fennell
The Legends of Real Estate, REALTORS® - Jacksonville, FL
Jacksonville Real Estate

I want to once again THANK EACH OF YOU who commented and/or re-posted. I've not been able to respond as I would have liked due to pressing business (closings, etc.) - which is a good thing - and because my mom had surgery (knee replacement) yesterday.  She did great but, of course, is in quite a bit of pain today.

Also, note that I did edit the post as I had originally thought that the broker was a member of NAR but have learned otherwise so I edited the reference to REALTOR®.

I hope each of you has a wonderful weekend!

Tim

Aug 05, 2011 04:14 PM #61
Rainmaker
294,625
Sally English
The English Team - Atlanta, GA
Sally English Atlanta Real Estate Agent

HEY Tim and Susan,

I am amazed people ever beleived they could get a better deal at For Sale By Owner.  I think sellers quickly that buyers are too savvy to just let the seller get away with discounted commissions.

NOW, sellers are learning that an experienced real estae advisor is a must

1. In marketing a home

2. In negotiating a sale

3. In actually getting ANY transaction closed.

 

Kudos to you for tracking down this story.

Thanks for sharing this info, and yes.................. I am re-blogging!

Aug 05, 2011 04:18 PM #62
Rainmaker
185,045
Sheila Moran
RE/MAX Access (Garden Ridge, San Antonio, New Braunfels) - New Braunfels, TX
SanAntonioSheila.com, RE/MAX Access, 210-32

Wow, an excellent example of why to hire a professional (oh, yeah.  You just said that, right?)  LOL

Aug 05, 2011 04:58 PM #63
Rainmaker
236,637
Judy Klem
Transition Stage LLC - Shelton, CT
Home Staging, Senior Move Management, Fairfield/New Haven counties

Hi Tim - That is totally ironic. I'm thinking it's going to be a really hard sell for his company's services from here on in...  ;-)

Aug 05, 2011 07:53 PM #64
Rainmaker
958,333
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
Trusted For Experience - Respected For Results

Tim - is it any wonder many local FISBO's end up being listed ..... For those who are capable it is another option but and former CEO of a FSBO company turns to us for help it has to say a lot.

Aug 05, 2011 09:12 PM #65
Rainer
116,549
Don Barrett
Integrity Real Estate Services - Idabel, OK

Tim and Susan, we are seeing more FSBO right now than anytime in the past. 

Aug 05, 2011 10:58 PM #66
Rainmaker
523,957
Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Tim and Susan, what an ironic turn of events!  Well, at least the guy had enough wisdom to see that things were not wrking for him using his 'established' methods.  And now I can use his story to talk to fsbo listers.

Thanks for the post and best of success to you!

Aug 06, 2011 04:04 AM #67
Rainer
127,146
Heather Russo
Keller Williams Realty - Kerrville - Kerrville, TX
SRES , REALTOR, Kerrville, Texas Homes for Sale

That is so awesome! I pasted a link to this on facebook this morning!

Aug 06, 2011 10:14 AM #68
Rainmaker
1,013,844
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Melbourne, FL
Personal Service, always.
540,705 Points 6 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I wonder if the snake oil salesmen ever used their own product?

Aug 06, 2011 06:35 PM #69
Rainmaker
653,060
Liz Wallace
Century 21 Sherlock Homes - Rockville Centre, NY
Broker C21 Sherlock Homes, Rockville Centre, LI, N

You made my day and I am re-blogging this.  So many others on AR need to do the happy dance.

Aug 07, 2011 10:36 AM #71
Rainmaker
1,091,121
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

I saw this when Phil Farada posted it, I was in tears laughing. Talk about a bad market message for FISBO dot com:))) I was expecting all the late night shows jokers to be on it...since than I have seen it on Local News in Los Angeles....anyway I am traveling in Boston right now so I have not been watching the developments since the past few days:))) Great News for the Listing Agent that sold it:))) He will be a HERO!

Aug 07, 2011 01:03 PM #72
Rainmaker
137,390
Aida Pinto
United Associated Brokers - Downey, CA
Real Estate Broker (562) 916-3237

I will file this under “Real estate irony” ..... Yes, most FSBO end up hiring a licensed broker.....wish I knew the statistics….anyone know?

Aug 09, 2011 02:18 AM #73
Rainmaker
538,497
Tim & Susan Fennell
The Legends of Real Estate, REALTORS® - Jacksonville, FL
Jacksonville Real Estate

Aida,

I don't know tha stats. The last time I heard it was about 80% but I don't tend to put much stock in those types of stats anyway. Each situation is unique and, of course, each market is different. We don't see very many FSBOs in our area right now due to the current market conditions. 

I have a past customer (investor) who did every deal FSBO between 2004 and 2008 because he had the time and knowledge (after dozens of transactions) but then turned to us again when conditions changed and he needed more than a sign in the yard and a few ads to get the job done.

Aug 09, 2011 07:11 AM #74
Rainer
333,212
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

thank you very much for the informative and interesting post. I get so much out of the active rain network.

Feb 06, 2012 05:09 PM #75
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