Thinking of Selling Your Home Yourself? Think Again!!

By
Real Estate Agent with Re/Max Chay Realty Inc., Brokerage RECO Reg# 4325734

fsbo

forsalebyowner.com founder sold using 6% full service Realtor.

Before you pay a "for sale by owner" company or a "do it yourself" company, you might be interested in investigating a little more.

The founder of forsalebyowner.com, Colby Sambrotto paid a Realtor the standard 6% commission to sell his two-bedroom Chelsea condominium in New York City.

After spending six months trying to sell his home himself online and with the use of classified advertisements. Colby hired a New York City broker who went on to list the property, secure a buyer and sell the property for $150,000 over list.

People who attempt to sell their home themselves, mainly in order to try and save the five or six percent real estate commission, on average (according to numerous surveys over many years) have netted less than have people who have sold their homes through real estate.

Private Home Selling companies have added the ability to put homes on MLS.  If that were all it took to sell a home, you would that every home on MLS would be sold, but that, like a lawn sign, is only one step in a complicated process.  Some people might get lucky and net as much (or more) than if they were to sell using professionals, but they are in the very small minority.  You have to ask yourself, if the chances are that the money and time I spend are going to produce a negative result, why would I decide to sell my home myself?

There is actually sound logic behind this. Rather than "re-invent the wheel", I have attached links to some well-written posts on the subject:

For Sale By Owner Myths

How to do a For Sale By Owner

Open Letter to For Sale By Owner Sellers

Four out of Five Buyers use a Realtor

Considering Selling Your Home By Yourself?

 

A friend of mine, Ottawa realtor, Valerie Zinger wrote a fictional series of posts on a fictional For Sale By Owner named Mark:

Chapter 1

Chapter 2

Chapter 3

Chapter 4

Chapter 5

Chapter 6

Chapter 7

Chapter 8

Chapter 9

Chapter 10

Chapter 11

Chapter 12

In the last two years, I have helped numerous homeowners who have struggled, spent money up front, sat on open houses weekend after weekend, got a lot of tire kickers, but no offers, SELL their homes.

I work collaboratively with the Home Owner, to develop and execute a plan most likely to attract the type of buyer willing to pay for the features in their home.  Before you spend money trying to sell your home yourself, call me, Chris Smith @ 1.966.936.3500 and I will encourage you to speak to a number of people who tried to sell their homes themselves, and you can discuss with them, if they feel they netted more money with none of the inconveniences and aggravations they encountered by hiring me to represent them and market their home.

 




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Topic:
Home Selling
Location:
Ontario Simcoe County New Tecumseth
Groups:
Realtors®
Tags:
for sale by owner
property for sale

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Rainmaker
177,918
Gloria and Jason Belmonte
Prudential Fox&Roach The Belmonte Group - Rising Sun, MD
www.cecilcountyhomesearch.com

I read the article... Very interesting.

Aug 05, 2011 02:30 PM #1
Rainer
122,721
Derrick Guevremont
Counselor Realty of Rochester - Rochester, MN
Rochester MN Homes for Sale

That really says a lot for full service Realtors.  In Rochester,  MN I see many for sale by owner listings who are in a situation where they are unable to list their homes at a price where a commission is possible without paying out of pocket at closing.  Of course, unfortunately for them, they also do not get many buyers out of a for sale by owner sign in their yard and a newspaper or other classified ad here and there.  I wish all of those sellers the best but also like to know that we real estate agents do provide a service that is worth something.  Depends upon how motivated the sellers are to move their homes.

It is very intriguing article that the owner of a for sale by owner company would decide the best way to go would be to use a professional.

Aug 05, 2011 02:38 PM #2
Rainmaker
572,725
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

Gloria, in hot seller markets, fsbo companies tend to flourish... now that some people think the internet is the driving force, fsbo companies are trying to make a buck off the backs of sellers trying to save money... but at what cost?

Aug 05, 2011 04:13 PM #3
Rainmaker
572,725
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

Derrick, I thought it was a poignant and powerful statement, that after so long, Colby ended up going the route so many people do when they want to maximize their net proceeds...

Aug 05, 2011 04:14 PM #4
Ambassador
772,084
Debb Janes
The Carl Group, LLC - Camas, WA
REALTOR®, EcoBroker Camas, Washington

My husband and I saw a FSBO sign up yesterday and we both said at the same time, "Good luck with that." :)

Aug 05, 2011 04:24 PM #5
Rainer
122,721
Derrick Guevremont
Counselor Realty of Rochester - Rochester, MN
Rochester MN Homes for Sale

That is too funny, Debb; as I have commented the EXACT same thing for years when I see the little "Home For Sale" signs in front yards.

Aug 05, 2011 08:38 PM #6
Rainmaker
572,725
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

Debb, I see them as opportunities.  They are often misguided people trying to do what they think is right.

Aug 06, 2011 10:15 AM #7
Rainmaker
572,725
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

Derrick, sometimes they are people who just need to be educated about the process.

Aug 06, 2011 10:16 AM #8
Rainer
122,721
Derrick Guevremont
Counselor Realty of Rochester - Rochester, MN
Rochester MN Homes for Sale

Exactly right, Chris.  And I am serious when I say good luck.  More power to them if they can sell it themselves.  Really.

 

Aug 08, 2011 01:46 PM #9
Rainmaker
572,725
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

Derrick, I prefer to think of Private Sellers as people who have made a decision without enough information.  When educated, most will choose a full service realtor

Aug 08, 2011 03:33 PM #10
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Rainmaker
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Chris Smith

South Simcoe, Caledon, King, Orangeville Real Esta
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