Home Selling in Round Rock>Question Details

Ken O'brien, Home Seller in Sendero Springs, Round...

I am looking at listing my house in MLS. I am trying to sell on my own. How do I go about getting this done ?

Asked by Ken O'brien, Sendero Springs, Round Rock, TX Mon Jan 24, 2011

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I just can't tell you what a bad idea this is.
Just getting it in MLS does not do the trick in most cases.

It can be done with some of the discount brokers around.
In my opinion in today's market you need way more expertise
than just plugging it into MLS.

For example do you know which lenders close on time?
Would you take an offer from a buyer who is using X lender vs. Y lender?
What happens if the buyer does not close on time?
Are you an expert on real estate contracts?
Do you have an attorney you can call for FREE who is Board Certified in Real Estate law?
Have you been in the other homes for sale in your neighborhood? Do you know what the competition
looks like?....will your home help sell them first, or will they help sell your home first?
Which contracts net more money to you even if top line is the same, but buyer is using Conv, FHA, and VA
How to you get your home to appraise for the purchase price or higher when the buyer's lender sends out their appraiser?
Do you know the FHA buyers that the appraisal stays with the home for six months even if first buyer drops out if the home did not meet appraisal?
Just some of the many 100s of questions and issues that come up these days.
Most realtors I talk to even say just getting a contract is about 30% of the work involved.
Getting it through closing is the other 70%.

If you need a great Round Rock Realtor that can help get you through all these issues and many more we'd be happy to give you a referral.
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Mon Jan 24, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
I am a licensed Realtor in the Round Rock area. I understand that a 6% seems like alot of money to sell your house. Keep in mind 3% is offered in MLS to the agent who brings a buyer and 3% to the listing agent.

Listing your house for sale without placing it in MLS will limit exposure on the internet and to over 10,000 Realtors in the Austin area.

I can assist you for a 1% fee to list your house in MLS, showing the property and complete necessary real estate contracts for the sale of the property, however this fee does not include advertising or flyers. This fee is not paid until your house is sold and comes out of the proceeds of your house. There are no out of pockets expenses to hire a Realtor and a listing agreement can be terminated at any time.

I would be glad to explain this in person as well as giving you a current market analysis for your home.

Thank you for your time.

Cheryl Spencer, Realtor
ROCK Properties
0 votes Thank Flag Link Tue Jan 25, 2011
Remember, most any broker/agent who provides you with a limited service agreement will:

1. add your home to the MLS which feeds into many other sites
2. add your home to free sites (after all, they're hoping to find a buyer and get the 3% buyer agent fee in addition to their flat fee
3. provide an MLS lockbox to allow Austin area agents to access your home regardless of your schedule
4. provide with data (CMA) so you price your home properly
5. Answer you questions and present all offers
6. PLUS much more.

Don't think if you decided to pay a full listing side commission too that you will get all the value many here say you will. I can tell you horror stories of agents who don't fundamentally understand the contract forms and addenda, who believe advertising is adding one blurry photo to the MLS and who will disappear when things get difficult. There are some very good agents out there, but they are far fewer than the public is led to believe. I'm sure this will draw the ire of many, but the truth doesn't change depending on which side of the fence you're on.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Mon Jan 24, 2011
Hi Ken,

I sure hope you can make a decision wth all of this free local advice from great agents and brokers. We pay a lot of money to stay in business as real estate professionals in a very tough market right now. I couldn't imagine having to go it alone right now.

Thanks for reading my blog on the 5 types of sellers. Let me know which one you are when you get the chance?

Best Regards,

Greg Hodge
Broker Associate
0 votes Thank Flag Link Mon Jan 24, 2011
Ken, an agent can do this for you for a fee. You must be licensed to place it on MLS. Consider the following:

If you do sell your own home as a FSBO, you’re incurring a lot of responsibility, but can save a fair amount of money. Generally, seller pays between 4-7% of the sale, to agents. Selling your home without an agent will save you that 4-7%. And since the majority of buyers have an agent, you will have to cover the 2-3 % for the buyer’s agent, meaning you save around 2-3 % on average. This is around $4,000 - $6,000 dollars on a $200,000 home. (I know you will sell your home for more in Sendero Springs, but this is an example only.)You can only speak to buyers that do not have an agent, but then you are quickly limiting your potential customer base. If you do find an unrepresented buyer though, immediately your savings rise dramatically!

Reality of selling your own home - Common sense says being a FSBO can save you money. But, if
this approach saves significant cash, why do only a small percentage of FSBO’s exist?

1. You have to do everything, including taking the responsibility for marketing your home. The downside: cost of marketing & advertising. Plus, your competition consists of experienced agents who are adept at catching the attention of buyers. To get around this issue, mimic ads that catch your eye - & learn from their experience. You could easily spend anywhere between $100- $200 advertising per week.
*A note to remember - when advertising, you have to abide by certain state laws. Be sure to speak with an attorney or an experienced agent who is willing to give you free assistance.

2. You need to price your home. Know your competition - especially how to come against new construction competition. At the very least get a pre-appraisal or pay for a Comparative Market Analysis. Although the CMA will not provide the exact amount you should charge, it will give you a ballpark price.
Here is where agents can practically pay for themselves. Agents have access to key data for identifying
market trends & experience in pricing your home properly. Over or under pricing can have a devastating affect on your result as a FSBO. This is why most people use an agent. Those who fail to properly price may end up getting less than possible (even after commissions) if they had used an agent.
As a FSBO, you’ll find that you will get less traffic walking through your home, unless you are included in the MLS. A licensed agent may charge between $300-$750. If you fail to get good results from the MLS & advertising, the risk of lack of potential buyers looms. Your odds of getting a strong asking price are reduced.

3. Negotiate offers & close the deal. An agent will know how to deal with the other buyer’s agent, as well as any concerns arising from the transaction. If you are a FSBO, you have to deal with this process & a seasoned agent might take advantage of your lack of knowledge & pressure you into doing more than you need too. To combat this, hire an attorney. Let him or her look over the paperwork & ask for his/her
presence at the closing. Without an attorney, you’re really taking the risk of missing something. Make sure your attorney becomes your friend.

4. Must be flexible! When someone wants to look at your home, you need to be ready to show it & be there! In this market with so many houses for buyers to choose from you have to meet the buyer’s needs. Whereas working with an agent, he or she will take care of this & will work with the buyer’s agent, reducing your involvement dramatically.

5. Know legal issues that may arise! When you work & show your home with the buyer, by law you
are required to take certain steps & provide the buyer with specific disclosures. Again, find a good real estate attorney to tell you what things have to be disclosed prior to a sale. It’s imperative the attorney read any contracts, & ensure you do not inadvertently discriminate against potential buyers. You will be surprised by what constitutes discrimination now in advertising & disclosure!

Feel free to contact my office. I can assist you in some areas.

Goldwasser Real Estate

o 512-420-0300
m 512-736-3124
0 votes Thank Flag Link Mon Jan 24, 2011
Hi Ken,

Check out Yigdigs. The site provides personal FSBO service including flat fee MLS and agent assistance for contracts and closing.

Here is a link: http://www.yigdigs.com/

Best, Todd
Web Reference: http://homesarehere.com
0 votes Thank Flag Link Mon Jan 24, 2011
Hello Ken and thanks for your question,

Selling your home in Sendero Springs is going to take more than just entering your home in the local MLS. We just sold our clients listing in Sendero Springs and know how you will soon be competing heavily with New Construction. Your marketing must and unequivocally out perform your competition…nothing less will do!

Your home also needs to be in the market range and not overpriced. If you would like free information on how to sell your home yourself, please feel free to contact me and I will be happy to send you this free information.

All the best!

Jeffrey Nyland, REALTOR®, GRI, SRS
The Nyland Team
Prudential Texas Realty
512-626-8552 (Direct)
512-267-3640 (Fax)
Jeffrey Nyland TX AUC# 16644
Exceeding Expectations!
Web Reference: http://www.NylandTeam.com
0 votes Thank Flag Link Mon Jan 24, 2011
Good question Ken,

In order for you to have your Home listed in MLS, it has to be done through a Licensed Real Estate Agent. Besides MLS, there are some other websites that will allow you to post your home for FREE! There are others that will charge a small fee.

Feel free to call me with any other questions/concerns you may have and for the list of websites where you can post your home for FREE. …Carlos 512-289-5312 …By the way… I live in R. R. as well.
0 votes Thank Flag Link Mon Jan 24, 2011
Hi Ken,

Everything is negotiable in Real Estate. You can list for a flat fee or anywhere in between depending on your needs and how involved you want to be in the process. We offer several options for sellers like yourself who would like to be more involved in the sale of their home. We also offer financing incentives that can help your home stand out among its competition as our team is also a full service mortgage broker.

Good luck to you.

Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
0 votes Thank Flag Link Mon Jan 24, 2011
Ken, what you're seeking is called a limited represention agreement, and this is how a seller can access the MLS without being obligated to a full listing side commission.

I charge $750 for limited representation with up to 25 photographs and unlimited MLS time. Keep in mind there are also specific TREC rules for limited representation listings (offer presentation, communications, etc.) that agents/brokers must follow.

Finally, as an investor too, I can provide options for you should your home not sell.

Guy E. Gimenez ABR, CRS, GRI
Broker / Investor
The PowerHouse Group
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Mon Jan 24, 2011
Hey Ken, Call me today at 512-250-2121.. We can do this for a small fee! Thanks,Jd
0 votes Thank Flag Link Mon Jan 24, 2011
Hi Ken,
Only licensed Realtor's can list homes in the MLS b/c we pay the dues. As stated in the other answer, you can locate a broker that will do what is called a "limited service listing" and will put your home in the MLS for a fee. They won't do any advertising other than what's already FREE to do through our MLS, such as linking to other websites. Good luck!
0 votes Thank Flag Link Mon Jan 24, 2011
Hello Ken,
You can locate a real estate firm that does very little marketing for your home but who charges you a fee for them to place your property on the MLS. They don't perform Open Houses or send out brochures, nor advertise your home on other avenues but once your home is listed on the MLS many other real estate web sites pick up the listing. Perform a "google" search to find these real estate firms. I can also recommend "forsalebyowner.com".
I hope this is helpful.
Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Mon Jan 24, 2011
MLS - is stated controlled UNLESS you are a licensed Real Estate Agent you won't be able to use MLS only your listing agent professional who can post in MLS.

OR obtain your real estate license, locate a broker, pay office fees, join the board ... you can list in MLS

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Mon Jan 24, 2011
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