As a FSBO or listed through a broker, a neutral third party experienced and knowledgeable will bring about better results in almost all cases.
When I chat with him, he said that he actaully had a pretty good offer, but when they got down and were negotiating the details, he could not detach himself from certain things and the contact fell through.
However, when I asked if he'd let other agent list the house when it comes back on market again, he said that he wants to list it himself again, but he has learned form this lesson and will try to treat this more like a regular sale rather than selling his own home.
The most recent incident was last week and it was totally ridiculous. First, the agent didn't properly disclose that he was the owner. On our MLS, agent/sellers are supposed to include and M6 as well as mention their interest in the property in the agent-to-agent comments. This agent did neither - he did put his name last name down in the "seller" column, but it was a very common name that would probably fill a couple of pages of most phone books. I start negotiating and he claims he already has an accepted offer at asking price. The unit was very nice and well priced, so it was possible that this was true. But I had a very bad feeling. Something was giving me my instinctive " this is a total jacka** alert." Bad attitude and in a HUGE hurry for signed contracts. However, my people decided they wanted the unit badly enough to go $5k over asking. They were also putting almost 30% down - so appraisal was not an issue - a great deal for the seller. We got the AO and had an inspection within two days. The next day the contracts went out (they go directly to lawyers around here.) By that afternoon the agent was on the phone "did they sign them yet?" I'm surprised because they only just got to the lawyers desk 3 hours ago. The agent kept calling and calling saying he had someone else lined up. "It's a boiler plate contract - it should take 5 minutes! Don't you WANT your $5000? Do your F***ing job and get them signed!" I told the agent that I would get paid by SOMEONE down the line and that it had to be a good deal for my people. The lawyer said it was a terrible contract and faxed it to me. I was STUNNED. Boiler plate my eye! As far as my buyers were concerned the riders had created a contract that was like swiss cheese with hundreds of holes they could have fallen through - costing thousands potentially. NO WAY were my people signing that contract. I called the agent and he screamed at me for being unprofessional - and HE threatened to call my manager! I said "go ahead, the number is..... and btw, I'm sure he'll be calling your broker about the disclosure issue that is against the law." He screamed "CANT YOU READ??? MY LAST NAME IS DOWN AS THE SELLER???? YOU ARE INCOMPETENT!!! I HAVE NO PROBLEM WITH NOT DISCLOSING MORE THAN THAT!!! YOU SHOULDN'T EITHER...DON'T YOU WANT YOUR MONEY??
The agent was acting like a maniac and he KILLED the deal all by himself.
I noted that he had another unit in the same building - again no disclosure. In the history it showed that he had under conditional contract for 2 hours! He probably put it there in anticipation of a signed contract but the buyers wouldn't sign because of the riders.
I hope this guy continues to have "no problem" with non-disclosure because I have printed out the listings and am sending them to the Board of Realtors - to the ethics committe.
The lesson: if you can't remain objective DON'T negotiate your own deal. As for going FSBO if you are an agent: It looks bad. It looks like you are too desperate for money and are trying to save every penny. How is that going to help you negotiate a good deal for yourself? It looks strange to buyers who know you are an agent. It looks doubly strange to other agents. Bad idea - and if you are that desperate for every penny, you really should have a 3rd party negotiate for you. Its interesting that this is the 2nd agent/owner I've dealt with in the past few months and both ranked as the most difficult to negotiate because the seller/agent was too emotional and money-hungry. They couldn't be objective about their own property and wallet.
I do'nt know how successful you are in your real estate career. Just like winning at any other endeavor, the ONLY reason I can think of that would cause you to ask this question is that YOU don't see yourself as adding value to a transaction .
The profession of real estate would not still be around if there was not need for it. In the market place, I see agents sell property themselves. Aside from the E & O issue, if I were your broker I would not allow you to sell on your own.
I believe that I bring value to my client's transactions. I believe if they use someone else they will net less for sellers, and pay more for buyers. However, not only do I believe it, I can PROVE it to me, you, and anyone else.
So, IMHO it's an issue of belief. I am sure not I know how to say this without sounding judgemental: If you really think that selling on your own is a sensible option, then you migh want to consider another line of work. It will be very difficult to respond wihen a potential client asks "why should I do business with you?" I know my answer. Do you?
We co-op for a good reason, it's best for the consumer.
For the next several months, this was the talk of the neighborhood. Everyone was asking everyone else if they had seen it. But they all warned, don't take the kids. I couldn't believe this was a Realtor. I took the listing sheet and ran some comps, the house was overpriced by about $100,000 too! The home was finally taken off the market and my Realtor said that fellow Realtors told him that he had become the joke of the industry. Talk about lack of objectivity.
Michel: I thought it was a great question to spur conversation. Sorry people thought you were planning on doing it.
I would also happily pay that agent a commission. It would be earned.
I agree with Paul that we are being hypocritical and not using the MLS.