Make sure buyers’ agents will show clients your home
Most people don’t realize that 80% of all home buyers are in fact represented by real estate agents. How is this possible in the age of the internet? The fact is real estate commissions are extremely lucrative, a home purchase or sale is a big enough decision for most people where in-person sales is effective, and there are so many “boots on the ground” in terms of agents advertising everywhere that buyer representation is free. Because of this, many buyers will not hesitate to use an agent to help them with their home search, especially if they are new to an area or would like help organizing a weekend open house tour.
Most buyers do not realize that their agents will typically only show them listings by other agents. The reason they do this is because the tradition of co-broking, or sharing of commissions all paid by the seller which typically range from 5-6%, is so established between agents that buyers’ agents will feel comfortable that they will actually be paid for bringing a buyer. This is the reason so few who sell FSBO in NYC actually succeed. They either say “no brokers please” in which case they’ll remove 80% of potential buyers from the pool, or they’ll write “will work with buyers’ agents” or even “will pay 3% to buyers’ brokers” in their FSBO listing. In the latter case, even when FSBO sellers explicitly offer 3% to buyers’ agents in writing on their FSBO Zillow or StreetEasy listing, it is an uphill battle because the FSBO seller is an unknown individual with no history of co-broking.
A buyers’ agent will instinctively prefer a traditionally co-broked listing by another agent instead of a FSBO listing where they have to worry about the seller going around them or not honoring the commission. For this reason it’s extremely important to engage a company like Hauseit who will list you not only on over 80 popular websites but also on all the relevant inter-broker databases under a local listing agent.
I don't think you are losing traffic due to listing with a flat fee brokerage. My guess is that it has more to do with the price. if a home is priced just 1% over market value, the amount of traffic dies down to close to zero. Buyer's know exactly what homes are worth these days, and they are ALL looking for a great deal. If you want to e-mail me the address or the MLS number for the home, I will gladly send you a detailed CMA/BPO which should give you a good idea of what your home is worth.
Keller Williams Realty
Exposure is wonderful in theory, but all the marketing exposure and plans in the world won't sell a home if it isn't priced correctly for your market. Other considerations are how does it show and how do the pictures on the MLS look? Depending on the property, I have become an advocate for professional photography to showcase a home. The tough part about selling a home you are living in is that you are living in it!! What is written in the MLS listing matters also...I have seen some listing services write up some pretty nice listings and they don't seem to be FSBO even though they are - so maybe there is something in how it is written up.
How long has your home been on the market? I would be genuinely interested in hearing more about your flat fee experience.
CA DRE 01775528
I can tell you that the home my dad purchased many years ago was a FSBO in Solana Beach and we walked into it with his agent...at our request. He actually wishes he didn't bring the agent!! I do honestly feel she would have just passed it up if we didn't tell her to stop.
If you are feeling frustrated, there is a company in San Diego called ipayOne that charges 1% commission to sell your home. You can find them at IpayOne.com...and no, they don't do the minimum for that 1%, they will go the full distance and do as much if not more as any other brokerage in town.
If you like, I can put them in touch with them as well - just shoot me an email or call. Otherwise, good luck with your sale!
CA DRE 01775528
The agents with real buyers will avoid you. Fact of life. Do an agent assisted FSBO if you're really intent on saving $$. Like some of these other comments have mentioned, go with a company like Hauseit if you're in NYC for example that'll get you on the relevant broker databases and websites. For us it'd be RLS and StreetEasy etc. Good luck.
Do you have it listed on Trulia or FOR SALE BY OWNER.com?
If so, Realtors may not see it there.
When I send buyers listings, I send them directly from Paragon. (Our MLS for SD county)
If you want more showings best to list in MLS. Find an agent who will negotiate the commission with you if that is a consideration-I have had to help many clients in my career to get their homes SOLD that were just trying to avoid a short sale.
Remember Realtor commissions are not set by law and are negotiable-you just need to find the right agent who will help you!
AND PLACE ON MLS FOR YOU..If you are already offering a little commission, than it is feasible that you may already be offering 1 or 2 %.
Please contact me if you need help!
The thinking is that a buyer's agent would rather deal with a listing agent than with a seller. Seller's tend to be more emotionally involved with their homes than a listing agent. This often prevents sellers from pricing a home properly, staging the home, or seeing the home realistically.
In addition, buyer's agent's are concerned about having the listing represneted properly in terms of the the paperwork. Although I do support fsbo sellers, you are not going to know the paperwork, the ins and outs of the laws, and so on. Quite simply, buyer's agents don't want to take it on.
Usually the a FSBO seller is perceived to be one who does not want pay a commission because they do not see the value of a Realtor. I only see opportunity. Either I am going to negotiate a greater commission from the seller to bring a buyer or I am going to negotiate with my buyer to pay my commission and that most likely will be reflected in the offering. Regardless, I will be representing my buyers best interest.
I am not a fan of the discount broker because I believe you get what you pay for. That said, I would say a discount broker is better than no broker at all...
Remeber, the owner of one of the popular FSBO websites couldn't sell his mulit-million dollar condo in NYC. He had to get an agent. The agent decided he was priced to low and his condo received offers and sold quickly after it was listed, marketed and price properly (it sold for well above what he was listing it at on his own famous FSBO site.)
Good luck, contact me if you need any questions answere. I'm happy to help. email@example.com. BTW I'm in Chicago and can't list your property, but I can answer questions.
From a marketing stand point I sell houses all the time at a higher price then their neighbors because of my marketing skills. Just putting the home in the MLS doesn't get you showings or offers.
I would talk to a local agent about selling your home. If you choose the right Realtor you most likely will get a higher price on your house, the commission will pay for itself, AND... (most important) someone will be protecting your ASSets.
I looked at your listing and it has only been on the market for 22 days. It might help you to study the comparables and market data for your property and pay attention to not just the pricing (#1) , but DOM (Days on the Market). This will give you a reality of how long it might take to sell your home. This current market is a bit more complex. Perhaps for this condo and area, you are going to need to be on the market for a while before selling.
I do show ALL properties that my clients have identified as being interested in regardless of commission type or percentage as my duty is to my client. I use the auto search system, plugging in my clients search criteria, so you are wise to have it in the MLS.
Marcie Sands, REALTOR
Simply The Best Real Estate Co., Inc.
The problem with FSBO is the lack of marketing. Listing that your willing to comp the commissions will allow agents to come through, but I dont think they will go out of thier way to show your home.
I looked at your listing, and yes, pictures could be improved. They need to be inviting and give people a sense that this is a place they would want to live. The pros use a wide angle camera to really capture the place. They are the first glimpse people have of the house and you don't want it to be their last.
I will call you later to talk about ideas and send you some MLS sheets of other listings in the area so you can see how they are being presented and then you can bring yours up to that level.
CA DRE 01775528
FSBO's can be successful, but you have to THINK like an agent. I have used them in the past and the two I used did not do anything that I could not do myself. But I had the knowledge and ability to make it happen.
I can tell you that sending out postcards is not a great idea. Most will end up in the trash. Example - when I get junk mail, catalogs and other stuff like that in my mail or inside my newspaper, I dump them in my recycle bin on the way inside.
One solution would be to offer a bonus of 2% of the sale price to the selling agent. That may help, good luck, hope it works out for you.
@Beachbroker - it is listed in the MLS... so that is a good start and thanks for the tips and encouragement! I will definitely look into ipayone if I get to a point of total and complete frustration.
@Minnie... seriously, THANK YOU for being honest. I had a feeling that might be the case. I want to scream from the mountain tops that agents really do want to know me. I am in a position to be able to help expedite their short sales. Of couse, I would only do what was legal and legit, but knowing someone in the right places can get your short sales expedited exponentially.
clients as do most other agents. It is not that I would not work with you, we do
not know you are out there. I have a program where I will sell a FSBO with
"full service" for a small fee including MLS, in return I represent you on your
new purchase. It saves you about 3% of the selling price.
If you want to find out more about this give me a call or e-mail me.
Monica Greenwood, Realtor
I'm answering for Andy here. This is Minnie Rzeslawski. Unfortunately, you are correct. Most agents feel that they are doing the work or 2 agents while doing a FSBO and only getting paid for half of the commission. It is always best to possible increase price to reflect the 6 or 5% commission and have both seller and buyer representation to cover all basis. It also involves extra liability on a buyers agent with this type of transaction. Please visit my website for more information at http://www.24krealty.com. Good luck and please let me know if you have any further questions at Minnie24krealty@gmail.com.