we are about to put our investment property on the market (in new jersey). the profit margin is very narrow and unfortunately we must do a fsbo. (we

Asked by Dfox, New Jersey Tue Mar 2, 2010

will advertise 3% to a buying realtor). can anyone give us feedback on the success rate of fsbo's these days and a recommendation of n.j. internet "fsbo" realtors. thank you.

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45
Joan Braunsc…, , Morris County, NJ
Sat Mar 6, 2010
I was just happily reading the interesting discourse here and felt no need to jump in until the suggestion of higher commission=higher quality.
Really??? By what logic does that equation become accurate?
I am not talking about flat-fee services versus full service. I believe both have their place and I think it is great for consumers to have the option, as long as they know exactly what each option entails.
But the idea that because an agent negotiates a higher rate with a client that agent is somehow better, is beyond ridiculous to me.
This is a particularly competitive business and I think it is perfectly reasonable to assume that there are plenty of agents who will agree to a lower commission because they want the business. It doesn't mean that they are less qualified, just more competitive. If you agree, as an agent, to a lower commission and advertise yourself as full-service, then you better perform to the best of your ability or its going to come back to bite you.
I'm sorry Dfox because I realize that this is somewhat off-topic but that whole"you get what you paid for" thing really bothers me. It would be fine if it was true, but I know for a fact that 100 agents all charging the same commission are going to provide varying quality.
You've gotten some great advice here. I hope your FSBO experience goes well for you.
4 votes
Marc Paolella, Agent, Succasunna, NJ
Sat Mar 6, 2010
The actual percentage of FSBO's that end up with an agent cannot be proven, and ultimately is not worth the time to bother studying. However, I can say anecdotally that the vast majority of FSBO signs in my area are quickly replaced by agent signs, and usually within 30 days. If FSBOing were easily or clearly profitable, the market would have already marginalized the industry, much like the Internet did to travel agents.

However that clearly has not happened. The industry remains strong because the free market has determined that real estate agencies provide a service that is necessary, requires sufficient skill and expertise, and has value. It's just an immutable fact at the present time.

-Marc
4 votes
Mary Petti, Agent, Edison, NJ
Thu Mar 4, 2010
Well,

My short little post about using a flat fee Realtor really got this Q & A moving. I should have expanded on what was meant to be a "don't do it" backhanded suggestion, but several posters did it for me.

@DFox,
Susan McLaughlin explained that you end up paying about 4% anyway by using a flat-fee service .

Kathy's post from the point of view of an ex-FSBO should be an eye opener...
...I put up with people calling my home at all hours, asking me for my time and information, while refusing to identify themselves. I put up with so many people not showing up at the appointment. I put up with people calling to say they were ten minutes away, then waiting another hour. I put up with people coming to see the house (my mother's) who knew it was listed for $510,000 who wasted my time because they could only afford $350,000. ...
I am sure she could have gone on too !!

Since you said the house was renovated top to bottom (meaning $$$ spent) the only thing that can and should stop you from using a Realtor, and putting up with the above nonsense (which occurs more often than not) is if after speaking to a Realtor and determining the sales price you can expect, you will barely, if at all. make any profit after all the fees and taxes are paid.
4 votes
Voices Member, , Benton County, OR
Sat Mar 6, 2010
Just as it would indeed be foolish to seek out a bottom feeder who is going to Charge you a higher Commission but cost you 5 times that in lack of expertise, talent, and knowledge of the market. Not to mention maybe losing you the house.

No one has said seek out the bottom feeder and I've only said it's important IMO to become informed enough to recognize the bottom feeder
2 votes
Voices Member, , Benton County, OR
Sat Mar 6, 2010
Dfox a lot of yadda yadda from us all but the Bottom line is you have options which now include Commission Rebates....You need to decide what best fits your situation and use it.....

Each option Full Service-Flat Fee-Rebates-Pure FSBO are going to argue their option is best so it's your Responsibility to check and review each of them to determine which to use....It's your Financial Transaction and involves your Finances, not theirs....They (Agents) are SELLING Services

Become informed & Choose wisely
Dunes
2 votes
Voices Member, , Benton County, OR
Sat Mar 6, 2010
"The law is effective immediately and is a significant change to
prior New Jersey law. The Real Estate Commission intends to promulgate regulations to
effectuate the provisions of this law. In the meantime, however, the Real Estate Commission
urges real estate licensees to be guided by the provisions of the Act and by this bulletin.

While rebates are now permitted in New Jersey, the statute imposes several restrictions
on who may provide and receive a rebate, conditions concerning the providing of a rebate,
limitations on the nature of the rebate that may be paid and requirements on the advertisement of
rebates."

Read the whole thing....http://www.state.nj.us/dobi/bulletins/blt10_03.pdf

I appreciate hearing your opinion Marc as I'm sure Dfox does but for me at least I'm not believing any Broker/Agent is Better because they do not offer Rebates or they charge a higher Commission.

Full Commission Agent Credibility?
Agent Susan Mclaughlin where's your friend Kathy? I dislike Multi-profilers...period

If you wish to try and take shots at my Credibility in the Forum
then let's get to it ....
2 votes
Voices Member, , Benton County, OR
Sat Mar 6, 2010
Dfox

The Commission Rebate is just an option available for you to consider when making your decisions..An option not mentioned to you by the Full Commission Agents and now being suggested not an option worthy of a Consumers consideration

It is an option for the Consumer in NJ..period.

All this stuff about Brokers who give Rebates and Agents who charge less Commission than me are inferior Agents or offer inferior services is just Garbage.

Become informed about and take advantage of the options available, decide what will work best for you and do it....Pure FSBO, Flat-Fee, Commission Rebate, Full Service, it's your decision and make it based on the information you gather and not the recommendations of Agents trying to persuade you to use their option by suggesting they are superior Agents because they charge more....

Just take the time to explore your options and decide what is going to work best for YOU.
2 votes
Voices Member, , Benton County, OR
Sat Mar 6, 2010
Mary

You are right, at this time it is Brokers

Dfox here's an update from the State Gov.. http://www.state.nj.us/dobi/bulletins/blt10_03.pdf
2 votes
Mary Petti, Agent, Edison, NJ
Thu Mar 4, 2010
@Rock

I think your numbers are off or you are mis-reading the statistics:

5,397,000 sold homes in 2008
13% (or 701,610) were successfully sold FSBO's

5,397,000 - 710,610 = 4,695,390 sold by Realtors (both original listers and FSBOS turning to Realtors)

NOW of that 4.6 million, a certain percentage were originally FSBO's, NOT that 90% of them were FSBO's.

I think it's more likely that of the 4.6 million sold by realtors, 87% of them started with Realtors (4,084,989) and the rest were the balance of FBSo's turneded LISTINGS (610,401)

4,084,989 (started with Realtors)
+ 610,401 (started as FSBOS and got Realtors)
+ 701610 (True FSBO sales)
= 5,397,000
2 votes
Victor Kamin…, Agent, Edison, NJ
Sun Jul 18, 2010
@ Dfox
That is subjective, your result may vary depending how driven you are as a FSBO, how aggressively you advertise and where you are advertising to get the word out to potential qualified buyers.

I'd say go for it, see if you can sell it on your own, if not seek help from a qualified knowledgeable agent. I'd be glad to help. If you have any questions in the interim don't be shy to ask. I've helped many FSBO's sell their homes with tips, watching my home seller videos, etc. and if they were not able to pull it off came to me to get the job done.

Good Luck!

--
Victor Kaminski
Broker of Record
Jersey Brokers
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757
Web Reference:  http://www.jerseybrokers.com
1 vote
Deborah Madey, Agent, Brick, NJ
Sat Mar 6, 2010
Dune (and Dfox),

Dune said:
I appreciate hearing your opinion Marc as I'm sure Dfox does but for me at least I'm not believing any Broker/Agent is Better because they do not offer Rebates or they charge a higher Commission.

Deb's response:

I will absolutely agree that paying a higher fee does not guarantee better service. I am saddened when I see listings that I know (because of the brokerage office policy) must be at the higher rate of our market, yet I see a description of 1 sentence, poor (or OMG - NO photos) - marketing sheets that are run on a black ink printer that was running low on ink, and then...if I try to call to make an appt, I cannot get a hold of the agent. That is an extreme example and not the norm. But, I do know of situations where agents regularly list - but do a very poor job at fees that reflect the high end. So, Dunes, I must concur that increased fees will not guarantee higher service or competency, or increased marketing.

Here's where I will disagree.....There are agents who simply will not lower their fee because of the amount of time, energy, expertise, marketing, and skill they bring to the table. The value these agents add can frequently result in a faster sale at a higher price.

To assume that choosing a lower fee based Realtor assures you of the same skill set and results is also an incorrect assumption.

Sellers.....Interview well!!

Deb
1 vote
Mary Petti, Agent, Edison, NJ
Sat Mar 6, 2010
Dunes,

Just to clarify, the new law does not allow individual AGENTS to offer rebates, Nj is allowing BROKERS/AGENCIES to offer the rebates.

Huge difference....
1 vote
Deborah Madey, Agent, Brick, NJ
Sat Mar 6, 2010
Hi Dfox,

I am the broker for boutique brokerage in the area and we have a complete toolkit for FSBOs. As a boutique brokerage, we have the flexibility to customize programs for our clients and also make special offerings like the FSBO Toolkit. There is no catch, no obligation, and it is free. The toolkit sincludes information for flat fee listing, streamlined listings, and full service marketing options for sellers, with contact information. There is no sales pitch or pressure.

Some sellers are successful selling on their own, and we completely respect your options as a seller without judgment. Some sellers do find the process to be more than they expected. If so, we appreciate the opportunity to be of help. If you find your efforts to produce the desired results, we wish you well and only ask that you keep us and our toolkit in mind as you cross paths with other sellers. That's it. It's that simple.

Feel free to read through a few of my answers here on Trulia. You will find that my contributions contain detailed information. Our toolkit is an extensive package with detailed info, also.

Deborah "Deb" Madey
(732) 784-8450 Mobile
(732) 530-7755 Main
(732) 530-6350 Direct
1 vote
Voices Member, , Benton County, OR
Fri Mar 5, 2010
I'd just like to jump in for one second about the numbers on The 2008 National Association of Realtors® Profile of Home Buyers and Sellers....It was a Survey not a Study.

In other words the % reach by NAR were not based on a study of how many home in the US were sold and how many were FSBOs and and...

This is the NAR Press Release on the NAR site and it explains the method used to arrive the %

"NAR mailed an eight-page questionnaire in August 2008 to a national sample of 133,000 home buyers and sellers who purchased their homes between July 2007 and June 2008, according to county records. It generated 10,053 usable responses; the adjusted response rate was 7.9 percent. All information is characteristic of the 12-month period ending in June 2008 with the exception of income data, which are for 2007. Because of rounding and omissions for space, percentage distributions for some findings may not add up to 100 percent." http://www.realtor.org/press_room/news_releases/2008/11/home…

How reliable these % are in the first place may possibly be open to debate.....The numbers may be far different if an actual study was done of exactly how many people tried to sell FSBO and were successful or not and the difference they got between asking and sales price...

Also this may interest you Dfox as it appears New Jersey has a new option available

"Good news for consumers in New Jersey: A new state law now allows real estate agents to rebate agent commissions to the buyer." http://www.caare.org/content/buyer-rebate-commission-rebate-…

Good luck
Dunes
1 vote
Kathy, Both Buyer And Seller, 07733
Wed Mar 3, 2010
Get yourself a REAL agent, not one of those FSBO list on the MLS deals. You do all the work, make all the appointments, they do not prequalify ANYBODY who comes in your house, cannot advise you on the whys of your market changes, etc. I wasted my money! You are hiring a real estate agent for their expertise, not just plugging it into the MLS. You need an agent who will be your advisor, SCREEN the people who are coming through, answer the calls, etc. It ended up being a full time job taking calls and running over to show the house we were selling, people are late, people don't show, run your own ads, etc. They wanted to be paid to do open houses, paid to have ads run, paid for everything.

And then you have to pay the buyer agent 2.5% anyway, plus the FSBO agency fee. Go for the real deal at 4-5%. It's money well spent, believe me! Good luck.
1 vote
Susan McLaug…, Agent, Shrewsbury, NJ
Tue Mar 2, 2010
If you are already going to offer 3% to a buyer's agent, you are going to end up paying 1% to a FSBO cheapo fsbo agent by the time you purchase all the a la carte services but are still going to end up without the keen market advice of a REAL local realtor. So you will end up paying 4% for do-it-yourself level of service.

Call me, we can give you the powerful representation of a full service, local top producer with exceptional exposure and market presence for that same 4%. I just closed investment property in the Long Branch in December, we had multiple offers. If you are in West Long Branch, even better since it's such a desirable town. Don't go FSBO or FSBO flat service - you are going to pay the same as hiring a real agent who is committed to working nonstop to get your property sold.
1 vote
Mary Petti, Agent, Edison, NJ
Tue Mar 2, 2010
Dfox,

Or you can go with a limited service Realtor. They charge a flat fee to put your home in the MLS, with pictures and a brief desciption, and some even list it on other internet reeal estate websites to give it more exposure, BUT, and this is a big but, they do nothing after that. It's a FSBO with some perks.

However, most FSBO's end up listing with Realtors. Since we don't know your financial situation and how narrow your profit margin really is, speaking to a Realtor will at least give you a better idea of what you can get for your home and help you determine if it's worth your time and effort to sell on your own. There's a lot that goes on behind the scenes during a home sale transaction that Realtors take care of that the general public never sees.
1 vote
Dan Chase, Home Buyer, Texas City, TX
Tue Mar 2, 2010
Below is a well written blog on the FSBO route. It is said to be very very good.
http://www.trulia.com/blog/rockinblu/2008/08/thinking_about_…
Look at his other blogs also.
http://www.trulia.com/voices/profile/Other-Austin_TX-309659/blog/
1 vote
Hugo W Meza, Agent, Clifton, NJ
Tue Mar 2, 2010
About 90 % of FSBO sellers end up listing with a realtor... Adding to the recommendation below, It would be a good idea to work with a lender who can pre approve the prospective buyers. FSBO usually attracts investors or buyers who are looking to buy at very low. Best of luck!
1 vote
Dan Chase, Home Buyer, Texas City, TX
Thu Mar 11, 2010
I find it amazing most of the realtors are saying no fsbo can sell. They forget that a lot of their listings expire before a sale happens.
0 votes
Jeffrey Halp…, Agent, Hopatcong, NJ
Thu Mar 11, 2010
Good idea but the purpose to list with an agent is for the marketing and the exposure. The higher the exposure, the more money you will put in your pocket. 12% of homeowners do sell on their own, but how much more could they have sold it for if a Realtor had handled the trasaction.

However, I invite you to visit:
http://www.prudentialnewjersey.com/jeff.halpern/FOR_SALE_BY_… for 20 steps to sell your home on your own.

Good luck
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sat Mar 6, 2010
Wow, look at the answers you received, not surprising. 3% is a fair payout to cooperating agents - and you are very wise to advertise that you are cooperating. Good luck, if you do not succeed then engage a good agent. I suspect you are concerned about your take away after commission - generally you do better, not worse because you get more exposure and the benefit of an agent negotiating on your behalf. I'm sure this has been beaten into the ground by now.

You can list with a limited service firm to start, that will get you on the MLS and sites that firm feeds. Do advertise that you are cooperating at 3%. Agents that are interested will do business with you at that rate.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Find success at http://www.feenick.com
Web Reference:  http://www.feenick.com
0 votes
Marc Paolella, Agent, Succasunna, NJ
Sat Mar 6, 2010
Yes we can all provide anecdotal examples of poor service for a high fee in any given profession. But they are exceptions. In general you get what you pay for and that is true for every profession, including real estate agents. The best agents charge their full fee, provide the best service, have the best reputation, and are the most successful.

It would indeed be foolish to seek out a bottom feeder who is going to toss you a silly rebate but cost you 5 times that in lack of expertise, talent, and knowledge of the market. Not to mention maybe losing you the house.

-Marc
0 votes
Susan McLaug…, Agent, Shrewsbury, NJ
Sat Mar 6, 2010
Well, in theory I agree with Marc , but commissions are a regional matter, even within the same state or county. While the customary commissions in other states may be 5-6-7%, here - where Dfox is selling - real estate commissions of even the finest brokers varies and it does NOT mean sub-standard service. This is where local expertise benefits a seller who might not know this.

Real estate prices have escalated in recent years where some of our local towns AVERAGE sale is over 2 million, the 4% commission is standard for exceptional service in a highly competitive market.

In the town where Dfox is going to be selling, the average house is listed for a half million. Today's MLS shows most of the lower priced homes are at 5% commission, with the higher price homes over $500,000 split between 4% and 5% commissions, with a lineup of great brokers who provide fine, not sub-standard service.
0 votes
Marc Paolella, Agent, Succasunna, NJ
Sat Mar 6, 2010
Dunes,

In general, the higher the qualifications and experience in any profession, the more you pay, and the better the service. Exceptions exist, but the rule prevails in most cases. Cut rate professionals provide bad service and that is just a fact. Just like cut-rate lawyers, cut-rate athletes, cut-rate accountants, and cut-rate anything.

Quality costs money, and high-quality professionals charge, and get, more than their less talented and less capable brethren. It's just a fact of life in all areas of endeavor. Real estate agency is no different than any other profession in this regard.

-Marc
0 votes
Susan McLaug…, Agent, Shrewsbury, NJ
Sat Mar 6, 2010
In New Jersey, the rebate has received legislative approval, but the answers to how it's going to work have not been set yet.

Although this new law took effect immediately upon being signed, the New Jersey Real Estate Commission (REC) must adopt new regulations necessary to implement it, thereby allowing licensed brokers to offer rebates without contradicting the REC's regulations which currently prohibit rebates.

Dfox is a seller, not a buyer, though, so it's a moot point, since New Jersey does not endorse Seller rebates.
0 votes
Deborah Madey, Agent, Brick, NJ
Sat Mar 6, 2010
Hi Dfox,

Most of our buyers take our advice about title and use the companies we recommend. When attorneys that know us get our files, they call us to verify "x" is doing the title on this closing.

I am starting to see more and more working relationships between Realtors and title companies. It's really up to the buyer, since they pay the bill.

We recommend title, just as we do attorneys, inspectors, lenders, etc.

BTW, we are in TREND also.

Deb
0 votes
Dfox, Both Buyer And Seller, New Jersey
Sat Mar 6, 2010
my office and main calling area for half of my career has been mercer county. since it was obvious many years ago that title companies would start doing closings, i knew mercer county had settlement experience, being on the borderline of "south jersey". i was right. the difference though is lawyers/mtg. companies are still our clients. not buyers.
0 votes
Deborah Madey, Agent, Brick, NJ
Sat Mar 6, 2010
Dfox,

If you are in title biz, you have access to data that can assist you in pricing, so long as you can step back and be objective. Realtors often overprice their properties.....so no disrespect intended. It's simply hard to be objective about one's own property.

Of course, since you are in my back yard, I am curious about which title company you are with.

Deb
0 votes
Deborah Madey, Agent, Brick, NJ
Sat Mar 6, 2010
As it pertains to rebates, I expect that Brokers will establish a policy for their firms that they will or will not rebate. We could see some movement of agents from one broker to another if they want to offer rebates. I don't expect the rebates to have substantial impact on the market. NJ was one of only a handful of states that did not allow rebates. Throughout most of the US, rebates have been around and full service agents continue to represent most of the transactions.

I have no problem with rebates (nor any type of flat fee or discounted listings) and I believe that full service will dominate the market, at least not in the coming 5 years. A percentage of the consumer market will be attracted to new business models, and those consumers are entitled to the choices. Beyond 5-7 years, I don’t know what regulations, laws, or practices might help streamline (or further complicate) the real estate transaction It is an immensely inefficient process today and that inefficiency drives the cost. The average Realtor income (after expenses) pales compared to pubic perception. If there were some changes to how the transaction is conducted, that would be the catalyst to produce widespread cost reductions, and Realtors might actually make (overall) more respectable incomes even though commisisons and fees lowered. I don’t see substantial changes in the next few years. I think rebates (buy side) and discount or flat fee (sell side) will make their mark, but full service will dominate.

The challenge of the real estate transaction exceeds most people's expectations, which is why so many FSBOs do actually end up listing with a broker. For those sellers that are happy with their FSBO results, I am totally fine with that and happy for them. On the buy side, most buyers need full service (otherwise we would see a much stronger gravitation to rebate services in other states.) If someone wants to provide full service and rebate part or all of their commission back to the buyer, it is certainly their choice.

The issues I have are when claims of equal service at a dramatic discount are made but the actions do not support the claim. If a broker chooses to discount or rebate, I support the right to choice - I advocate for honest representation to the consumer.
0 votes
Dfox, Both Buyer And Seller, New Jersey
Sat Mar 6, 2010
marc,
agreed! fortunately i am in a regulated business. have been for over 30 years. unfortunately, everybody is now in my business. title insurance.
your input has been great.
0 votes
Marc Paolella, Agent, Succasunna, NJ
Sat Mar 6, 2010
Dfox,

Don't worry about it at all for now. It should not affect you. Many other states have this setup and there has been little effect on the day-to-day market since it went into effect. What usually happens is that some bottom-feeding agencies spring up like weeds in an empty lot, offering "full service" for "half" pay. But the public quickly learns that you get what you pay for. The agents willing to work for next to nothing are not talented, or hard-working, or successful, they don't make money, they can't feed their families or themselves, and they eventually drop out and get a regular job.

Let's face it. How much do you really save by getting a couple of thousands in commission rebates when your agent costs you $10,000 because he doesn't know the market and doesn't have the expertise to move an offer to a closing.

Whether it's cheap lawyers or cheap plumbers or cheap landscapers, the result is usually the same. People who prostitute themselves and work for nothing are generally not the people you want to trust when you need something important done.

-Marc

Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Web: http://www.marcpaolella.com
0 votes
Dfox, Both Buyer And Seller, New Jersey
Sat Mar 6, 2010
while the law is becoming familiar, will it be a deal killer with buyers changing brokers so they can reap the benefit. will sellers be compromised while broker by broker gives in to the demand. between this rule and the new HUD rules and the recession, could 2010 get any worse.
0 votes
Marc Paolella, Agent, Succasunna, NJ
Sat Mar 6, 2010
What is going to happen once the law becomes well-known is that the consumer is going to request the rebate up front from the agent. In fact, many buyers will likely select their agent based on the size of the rebate.

The agent will then transmit the request back to the broker who will then decide on whether to allow the rebate.

But although the law specifies that the broker offers the rebate, in the real world it is the agents who are going to be dealing with the rebates because of the consumer to agent to broker chain of communication.

-Marc
Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Web: http://www.marcpaolella.com
0 votes
Dfox, Both Buyer And Seller, New Jersey
Sat Mar 6, 2010
dunes, the article says "at the heart of this matter... consumers right to negotiate.
the buyer doesn't pay their agent, the whole commission comes out of the seller proceeds. i wonder why it's geared to the buyer and not seller??
0 votes
Dp2, , Virginia
Fri Mar 5, 2010
You might consider selling it with owner financing.
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Mar 3, 2010
Realtors frankly don't have the time search for FSBO based on number of reasons. MLS is quickest more accurate search engine we use work with clients.

Lynn911

Good luck
Web Reference:  http://www.lynn911.com
0 votes
Marc Paolella, Agent, Succasunna, NJ
Wed Mar 3, 2010
I remember you Kathy, I think you were in Hillsborough. I remember it being a hassle selling for your mom's condo. However I'm glad you got it sold and have moved on.

Yes, as agents we are happy to put up with the nonsense because when a deal finally does close amidst the many that do not, it is a huge rush, sort of like the Nature Channel when the cheetah finally drags down a meal on the prairie. It's just a weird aspect of sales psychology.

As far as Rockinblu, some people want to FSBO, others want us to take over. To each his own. Success can come from either approach depending upon the needs and temperament of each individual.

I do think agents need to be less arrogant though when it comes to FSBOs. If someone wants to go that route why shouldn't they?

-Marc
0 votes
Kathy, Both Buyer And Seller, 07733
Wed Mar 3, 2010
Hello to Rockinblu, the last poster. I don't understand your message, but I can tell you I am a physical therapist, not a real estate agent. and happy that I am not! I could not deal with the nonsense that real estate agents have to, customers that don't show up and people that waste your time, when time is all we have. At least I get paid for my hours. In the end, I was HAPPY to pay for a professional to take over after wasting money and MONTHS of my time running around while using a FSBO assist service. I am still aggravated enough eight months later to write!

I put up with people calling my home at all hours, asking me for my time and information, while refusing to identify themselves. I put up with so many people not showing up at the appointment. I put up with people calling to say they were ten minutes away, then waiting another hour. I put up with people coming to see the house (my mother's) who knew it was listed for $510,000 who wasted my time because they could only afford $350,000. I know a good agent would have helped us pin down the right price, ask the right questions, pre-qualify the buyers so time is not wasted showing them a house they couldn't afford, etc. I do believe we could have done better if we had not wasted time in-season if we had good strategy from the start. Just my experience.
0 votes
Dfox, Both Buyer And Seller, New Jersey
Wed Mar 3, 2010
i should have added to my question that this investment home is newly renovated, top to bottom, is unfinished and vacant. thanks, dfox
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Mar 2, 2010
It's in your best interest to use an agent--the longer you sit on the market the more money you stand to loose--consider--In a business, a professional is able to best to protect your interests. A real estate professional is better at selling your house than you could be at selling your own. Or if you’re not in a rush to sell your house pick a sales price that you’re happy with; buy a sign and put it on your curb location listing only your phone number; wait for calls or knocks on the door. Sometimes the process works. If it doesn’t call a professional who can explain the marketing strategies……
0 votes
ian cockburn, Agent, New Orleans, LA
Tue Mar 2, 2010
FSBO's are suffering..usually the suffering happens when they think they have a buyer but instead end up with a big fat liar..basically they get caught in a 90 day spiral of people who do not understand the changes the banks have made and really think the Chase and other big banks are out to help them..instead they get reeled into the "just one more week" scenario.

If I were in your shoes, I would have potential buyers fill out a form...make up your own, with real basic info such as what is their budget, who is their bank/mortgage company and so on before you take any offer. Next, clearly lay out timeframes / milestones for when whatever you negotiate will be completed. Do everything in writing.

Since you are a fsbo..always have two of you selling..negotiate from a position of strength, and if you are told something by a potential buyer you find offensive, blow it off and just say, "well, that sounds great, but my other partner may not agree" Always have a 3rd party beyond you...always..a Realtor, a snufalopacous, a someone to help leverage a deal.
Web Reference:  http://iansellsnola.com
0 votes
William Troy, Agent, Toms River, NJ
Tue Mar 2, 2010
Hi Dfox,

I hate to give you the bad news, but the agents that responded below are correct, the odds are against you that you will sell this on your own. You are also going to get flooded with calls from the sign out front from agents soliciting you. You will get calls, but the bad news is that you are mainly going to get calls from buyers that have been turned down by real estate agents because they are not qualified to get a mortgage. I do have an option for you though, and it is not a paying typical 5-6% commission, if you call or email me directly I can give you some alternatives that will help you to get this home sold before the tax credit expires.

William Troy
Veltri Realtors
O- 732 557 4600 EXT 422
C- 732 600 1570
willtroy81@aol.com
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Tue Mar 2, 2010
Dfox,

Give me a call and I will give you some recommendations (and I'm not going to try to sell you to go full service).

Francesca
732.606.2931
Web Reference:  http://www.PatrizioRE.com
0 votes
Marc Paolella, Agent, Succasunna, NJ
Tue Mar 2, 2010
Hi Dfox,

The fsbo real estate service that has the most visibility is http://www.forsalebyowner.com I would use them if you are going to go the fsbo route. They are probably your best bet.

Make sure you take great, and I do mean great, photos. Very important. You can also use http://www.postlets.com for some additional exposure. It's free and you supply the ad copy and the images.

Using a realtor is quicker and more efficient, but you can do it on your own successfully if that is what the situation dictates. Make sure the house is spotless also make sure the tenants do not get in the way of showings. I can tell you that if an agent wants to show it and the tenant is in any way uncooperative or restrictive about when they will let them in, you will be dropped instantly. If you have to be there for every showing with the keys, then so be it.

Good luck!

-Marc

Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Web: http://www.marcpaolella.com
0 votes
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