Licensed Real Estate Salesperson
CHARLES RUTENBERG REALTY
212-688-1000 EXT-435 (O)
Can I ask why did you decide to sell on your own as opposed to going with a broker? Obvious answer is to save money and commission. My question is, are you familiar with the entire process?
I work with many for sale by owners and after tracking them for the last two years, approximately 8 out of 10 FSBO's end up listing with an agent after weeks or even months trying to sell on their own. I'm not saying that FSBO's never sell on their own, and they do, but it takes them longer and usually for a lower amount.
Here is why. FSBO's want direct buyers unless they agree to pay a buyerâ€™s broker. If they are lucky enough to land a direct buyer issue # 1 will arise. Buyers and sellers have two different agendas. Your agenda is to NET the highest price, their agenda is to pay the least amount. Buyers typically deduct brokerâ€™s commission off your asking price and then start negotiating on what they want to really offer you. There is a chance that they don't qualify to make this purchase and then you can also run into a problem of your building not being qualified to get a loan. Today we qualify both our buyer and building of interest before any offers are ever submitted.
FSBO apartments that sell on their own are typically in a better area, nicer building and aren't your typical cookie cutter layouts. If they are your dime a dozen apartment, in that case it has to be priced accordingly. FSBO sellers never get the real read on buyers. Buyers try to be polite, they love the apartment, and seller feels optimistic for such great feedback except no offers ever come in.
Your other obstacle is that many brokers simply do not work with for sale by owners and would rather show their buyer apartments listed with other agents. In fact, 9 out of 10 transactions in New York are broker to broker.
Linda. If you live in a good building, have a great apartment, you have the time to show whenever someone calls, you know how to qualify a buyer, you are convinced they have a good attorney who isn't going to ruin the deal, you have a good attorney who can save a deal, you know how to put a board package together if it's a coop building and you know how to negotiate and back up your asking price with real statistics not what you "want to NET" than by all means give it a shot and try to sell on your own.
I love Trulia, but not once have I seen anyone sign in at our open house and put down Trulia as the source where they found our listing. To you as a seller it can get expensive. You want to be on NYTimes, StreetEasy, Trulia, Zillow, PropertyShark, HomeGain, Google, etc... That's roughly $200 for each and most have a time limit on how long they will feature your apartment. Because we never know where our buyer comes from we try to market everywhere. And we do this week after week not just once. For a seller this can add up to few thousand dollars when all is said and done.
Ultimately it's your decision and only you know which approach is the smarter business decision.