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By teardowns.com | Real Estate Pro in Clarendon Hills, IL

Active broker sells own home without the MLS

We had a closing today.  Our client has been an active real estate broker in our community for over 30 years.  After starting as a broker-owner, she now sells from one of the country's largest national franchises.

We have a great working relationship.  She refers clients she thinks would be better served using our products, and we reciprocate with the same.

A few months ago, she and her husband decided to sell their home.  Coincidentally, her husband has a management position at the same national franchise.  While they easily could have used the broker in which they are employed to list their property, they used us instead.

Why on earth did they do that?  They wanted to reach the best buyer for the least amount of hassle and the least amount of expense.

To make a short story even shorter....we got her property sold quickly at the price they wanted and at a cost they couldn't replicate themselves...even at their brokerage.

One of the points of this story....there are many marketing solutions for brokering real estate, and each has its own benefits and shortcomings.

This story is proof of that fact :)

Thanks,

Comments

By Steve Gallagher,  Fri Jul 12 2013, 08:13
I believe that exposing the property to the whole market is critical, anything short of that you might not be doing your fiduciary duty. Recently a home here in SF sold off the MLS to a buyer who gave the seller a 30 day free rent back. It sold for all cash at $1.5 million. Three days later, the new owner put the home back on the market for $1.6 million. The new owners, who had never moved in of done anything to the home, sold it by exposing it to the whole market, for $1.8 million, all cash with a two week close. You can only imagine how the original sellers feel about their off market sale and their Realtor.
By teardowns.com,  Fri Jul 12 2013, 08:29
Steve,

Exposure seems to be the focal point for many debates on the subject. Lately, I've been trying to understand that logic and how it counters Zillow's FSBO product and its 50 Million users a month...don't think any MLS or marketplace can compete with that in terms of exposure? I would argue that those large numbers don't really matter (they are not localized)....but that's a discussion for another time.

Lots of factors, and each customer has their own idea of how they want their transaction handled and I think it's our job to have choices which make sense for their specific wishes or demands.

Back in the day, we heard and were involved in the scenario you mention - lot's of quick sales turn into flips. IMO, the current market is supporting that particular scenario.

Thanks,
By Kelvin Wallin,  Fri Jul 12 2013, 09:34
I believe you should check the state regulations regarding any real estate transaction. Should there be a home sold without due representation of a licensed professional or real estate attorney, in some states, there could be grounds for legal action. Some County Recorders may not complete the legal transfer without representation.
By teardowns.com,  Fri Jul 12 2013, 09:50
Kelvin,

Do you know of a State that won't let a consumer buy a home without a Realtor involved? :)

Thanks,
By Sue Smith,  Fri Jul 12 2013, 09:57
I agree with Steve Gallagher. I don't live in a market area like he does but what I know and see is that it is very very important to expose the properties to as many buyers as possible. When I comes to Zillow.com I have never seen a more inaccurate website. I check my listings on Zillow.com and find that they use my pictures that I took and my verbiage that I wrote but yet they say not for sale. It never fails to show a property that is on the market as being not for sale.
Exposure, exposure, exposure!!
By Debbie Scrimshire,  Fri Jul 12 2013, 12:29
I am a Realtor in Texas so clarify for me. The sellers were Realtors and used your site to advertise their home correct ? So you are an advertising source not a broker in a transaction ? If so....you did not sell their property...they did and used your site as an advertising source.
If you actually handled the transaction without a license and you are in Texas you can go to jail. You have to be licensed here to sell real estate unless it is your own or you work for a builder as an open house person. I don't know about other states.
By teardowns.com,  Fri Jul 12 2013, 12:40
Debbie,

I was the broker on the deal, the seller/broker was my client. However, you are correct, any agent, broker, professional or individual can access our buyers for a fee - as an advertising source.

In this case the broker wanted me to represent her.

If you feel our business can help enhance yours - check this out :) http://www.teardowns.com/agent_program

Thanks,
By teardowns.com,  Sat Jul 13 2013, 07:16
Sue,

I accidentally deleted my response to you...oops!

In essence, my reply was: quality can trump quantity in many cases.

Customers rule :)
Thanks,
By drew2065,  Sat Jul 13 2013, 07:41
I agree with Steve's comments above. Our clients property should be exposed to the widest market possible.
By Janet Hawkins,  Sat Jul 13 2013, 07:49
I think people here are missing the fact that the seller was/is a realtor/broker (for 30 years) and is very familiar with your company. It was her decision to use you and that is her right. If you exceeded in getting her the price she wanted then you did what you were hired to do.
By Judi Monday, CRS,  Sat Jul 13 2013, 11:56
I agree in most cases the more exposure to buyers the better the outcome. And then there are those properties for which no matter much you do they don't sell or sometimes the reverse is true--it doesn't take much and it happens fast. Congrats on the sale.
By teardowns.com,  Sat Jul 13 2013, 13:39
Janet and Judi,

Appreciate your support and the fact your mind and attitude is open :)

Brian
By Valerie R. McGillivray,  Fri Jul 26 2013, 08:02
Teardowns.com ??? Over 1.5 Million? wow...that wouldn't be the site I would be looking for that price range on...we must be in a totally different mindset here in New England ...
Best to you !
By Valerie R. McGillivray,  Fri Jul 26 2013, 08:03
Teardowns.com ??? Over 1.5 Million? wow...that wouldn't be the site I would be looking for that price range on...we must be in a totally different mindset here in New England ...
Best to you !
By teardowns.com,  Wed Feb 26 2014, 08:49
Valerie,

Well, it only took me about 7 months to respond to your comment...sorry, I just didn't see it :(

FYI - we have sold many properties out in New England, most in Fairfield Co (CT) and Westchester Co. (NY). Many of our sales out there were over $1MM - the biggest sale in terms of sales price was 23 Bedford Road in Greenwich - $1,775,000. Our system and program works best in high valued communities.

Thanks,

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