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When an owner attempts to sell a house/apartment on their own, how do they handle brokers who bring clients to open houses, etc.....do they make some sort of side deal on a reduced commission if an offer is accepted OR ask the brokers to charge their own clients?
>OR ask the brokers to charge their own clients?
Great idea. All of a sudden, that prospective buyer is no longer interested because of some significant "flaw" in the apartment that the broker found while protecting his buyer client from a "problem" apartment... glad we caught that one mr. mybroker, please show me some other places that don't have that problem.
What neighborhood is this in?
its a general question.....not neighborhood specific...
Is this a question for your "friend"?
(always wanted to go skiing there btw...)
On your listing (or whoever the seller is), simply put "brokers welcomed". Then you pay them 1/2 of the full commission if its in NYC. 2.5-3% based on 5-6% commission. I defer any legal stuff to the lawyers. Not so hard really, but consult an attorney to make sure.
I sold my own house as a FSBO for full price in 48 hours. I wouldn't allow Brokers. "Principals only" is often included in the language of a FSBO advertisement meaning "No Brokers." I didn't include that in my ad, but I did ask the question, "Are you a real estate agent?" when calls came in. If the answer was, "Yes," and there were a few, I politely told them "principals only."
Allowing Brokers access kind of defeats the point of selling FSBO; you don't want to pay the commission. And Brokers who call you wanting to show the property are often fishing for a listing; they're taught to do that and it's a respectable method of getting a listing.
Selling FSBO is HARD WORK. I'm a professional salesperson so I applied time-honored sales techniques to get my house sold. But I don't recommend FSBO to the average Homeowner; selling a home is not for the faint of heart. I've never sold real estate before or since my own home and I'm glad I don't.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
Question, where do FSBO sellers usually advertise? I see very few on SE, few "real" ones on CL, and not a lot on the Times. Does almost no one pursue this route?
Just took a quick glance at Manhattan CL "by owner" listings and pier45 seems to be correct: not a lot of real FSBO's.
I don't know where they advertise, frankly. When I did I was on Long Island and put my ad in the real estate section of Newsday.
you sold your house at full ask in 48 hours--how is that hard work?
seems you priced it correctly and it moved, as would usually be the case, broker or not, and with 6% savings, ebven if you underprice a touch, you do better.....and likely with less hassle, given the cheesey mold that grows all over most brokers, the stench of which you can steer clear of
advertise everywhere where brokers do. SE, Times, CL, Trulia, Zillow.....
@yikes: believe me, it was hard work. I did my first showing Friday morning and by 6pm Saturday I was ready to shoot myself. Yes, it was priced right, and I was incredibly tough in narrowing incoming prospects down to workable leads, but it was hard work.
@ab: Trulia does not permit FSBO ads.