FSBO.com Founder Sells Condo — Using Real Estate Agent
They’re known as “FSBOs” — properties that are For Sale By Owner. Every year, hundreds of thousands of properties are listed, not by real estate agents, but by the owners themselves. Now, I’m a real estate agent, but I do understand this: Often, these are property holders who want to save a real estate agent’s fee. These FSBOs are willing to do the work of researching a property’s correct price, staging it to its optimum, advertising it in the right channels and to the right buyers, and showing, showing, showing.
But sometimes, FSBOs are just owners who have unrealistic expectations of how easy it is to sell a property — why, just list it on the Internet and the buyers will come, they theorize. That’s why it was a sweet tale for every real estate agent to hear that Colby Sambrotto, one of the founders of Internet listing site ForSaleByOwner.com, ended up hiring a real estate agent to sell his condo.
The sale closed earlier this summer. The sales agent reportedly took a 6% commission, which is usually considered a full commission.
Now if you follow real estate, you know that this story isn’t that unusual. I believe I’ve heard craiglist.org founder Craig Newmark say three different times at three different conferences that he loves his real estate agent.
Perhaps that’s one reason why FSBOs accounted for just 9% of overall home sales in 2010, according to the National Association of Realtors.
In fact, nearly a quarter of FSBOs surveyed said that “Getting the right price” was the hardest thing for them to do, even ahead of “having enough time to devote to all aspects of the sale” (23%) and “preparing/fixing up the home for sale” (18%).
Now if you’ve read this far and still want to go FSBO, don’t let me stop you. Just remember, it’s not as easy as the Internet gurus make it look. Read the full story here > > >
Story by Alison Rogers for TIME
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