Question Details

April, Both Buyer and Seller in Potomac, MD

As a Realtor would you list your own house for sale or would you hire another Realtor?

Asked by April, Potomac, MD Sun Apr 13, 2008

Why do you so choose?

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April,
Different brokerages have different rules on their E&O (error and omissions) insurance... many insurance policies will not cover an agent if there is litigation and the agent was representing themself. That being aside, there are lots of us who have agreements worked out with a co-worker that we help eachother out when buying or selling our own homes. There is an enormous amount of liability involved with a real estate agent selling their own home. Being we are "professionals" in the field... there is a higher standard placed on a real estate agent representing themselves. In general... it's better to have someone there to represent you whether you are an agent yourself or a non-licensed homeowner. This way it is business and handled by a "neutral" agent. Good post!
1 vote Thank Flag Link Thu Apr 17, 2008
I've had a fellow agent in my office list my homes for me. For many of the legal reasons listed below, and the fact that as a seller, I could not detach the way I really needed to. Another reason for listing with an agent is that when I meet with other sellers thinking of selling FSBO, I share with them the fact that as an agent, I won't even list my own house. If I, as a professional won't do it, what makes them think they can? Many sellers have been surprised to hear this, and in fact it has convinced several of them to list with me. Besides making for a good analogy to tell, it makes even more sense from a legal standpoint.
0 votes Thank Flag Link Thu May 29, 2008
Locally, I listed and sold my own home. I chose to do so because my company waives their 3%. So I only had to pay 3% to the buyer's agent. I made it a point to disclose owner/agent in the MLS listing and on every advertisement I had including the sign in the yard.

I have a house in DE, and chose to hire a Realtor. I know as a Realtor, someone who specializes in the area is better with the market than me doing FSBO. My husband holds a non-active license in DE, and we still chose to go with an experienced Realtor in that area.
0 votes Thank Flag Link Wed May 28, 2008
I'd pick a good Realtor. There's just no way to do it justice yourself. Our broker will not let us list our own due to E&O restrictions, but why on earth would you want to. I always tell my buyers I love it when the owners are at hom. I engage them in basic conversation while the buyers look. They ALWAYS spill their guts...every single time. ...Hi....I'm the Realtor...where you moving? when are you moving? How long have you lived here? Any problems with the house? How are the neighbors? As a Realtor/Owner/Seller-how are you not going to answer those questions. If you keep your mouth shut you look unhelpful. If you lie, then you risk legal trouble. If you tell the truth you potentially give away some of your confidential info. Better let someone else do it.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed May 14, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Hi April!

I did. I used a real estate agent to sell my home in the past and was happy to do it. It was not my geographic area of expertise and she was the local expert. She knew the local market better and I trusted her. She was fantastic. Plus, I had my own clients that I had to take care of. I did not have the time to dedicate to selling my own home.

Rudy
Social Media Guru at Trulia.com
Web Reference: http://www.truliablog.com
0 votes Thank Flag Link Wed May 14, 2008
I'm currently selling my own home. Typical seller reactions! Finding it hard to do!
0 votes Thank Flag Link Wed May 14, 2008
I sold my own condo 5 years ago and was careful to detach as much as possible. I followed the same advice I give my clients. It sold in no time at a price I was happy with and had multiple offers (again, 5 years ago).

I have to say that it worked out fine. The only thing was that I felt under more scrutiny and pressure from my peers who would be looking at my home (note, I said "home" - apparently I was not as detached as I thought) and judging how I lived, etc.... I used extra care if anything to make sure that it all looked great and was available to show anytime!

When I see an agent selling their property, I am honest but I handle objections diplomatically.

An agent may also have to come to grips with how he or she is perceived by other agents in the area. If he or she is rude, doesn't return feedback calls, and is generally a bully in negotiations - it might be best to hire another agent! (What comes around goes around. It's human nature.)
0 votes Thank Flag Link Mon Apr 14, 2008
I've been a Realtor for 20+ years, and every time I have seen an Agent try to sell their own home, they are ALWAYS more Seller than Realtor - they make the same mistakes, same emotionally charged negotiations as a seller direct to the public. Be smart. List with a Realtor friend you trust, and let them do it.
0 votes Thank Flag Link Mon Apr 14, 2008
I would certainly say if you feel you can handle it, sure. I specialize in listings/sellers and believe in doing more than just throwing them into the mls. If you are interested in services you are not set up to provide, than using a seller specialist would be beneficial too. Depending on the price of the home and the amount of marketing/advertising you want, it might be cheaper to hire someone who already has various packages in place to provide full coverage.
0 votes Thank Flag Link Mon Apr 14, 2008
Hi April,
I'm sure you'll get answers saying that one way is better than the other. We listed our own home last year. While it didn't sell, our situation changed where we no longer needed to move so it wasn't a big deal.

Some agents may not want to hear all the comments about their own home, although it makes you know exactly what a seller is going through. It was rough at times for us, mainly because we had a 3 month old baby at the time.

If your broker will allow you to do it, our take is why not? You'll just save that portion of the commission when it sells.
Web Reference: http://www.myhome.tc
0 votes Thank Flag Link Sun Apr 13, 2008
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