FSBO -- rules on buyer's agent commissions?

given how obstinate brokers are that they 'deserve' a 3% commission, I think you'd get nowhere on the 1% idea. I think the better options are to 1) try and sell it w/o commission - many, if not most, buyers will search for properties themselves, and if they believe that they and you are effectively splitting the saved commissions, they would be fine not having representation. 2) try the 'open listing' idea where you pay the buyer's broker 3%. Personally I think that many brokers, out of spite or ego, will not show the place anyway, so you won't get that far, but I have no personal experience with that. Also I don't understand why negotiating directly w/a buyer's broker would be illegal - perhaps one of the agents on this board can elaborate.

Thanks printer, sensible advice.

Actually just minutes ago read in the WSJ about a FSBO of $12M+ wow! He offered 2% buyer's commission, so I guess it is done.

(By the way, I meant to type "what have I got to *lose*" not "loose" whoops.)

look into these two things:

Keith Burkhardt - he has a selling option that might fit your profile

and

www.nbpny.com - i used this site and service to sell my property ($835K 2BR) FSBO a little over a year ago.

there are plenty of posts on this board regarding every aspect of my sale and the sale process if you do a search for Sniper.

If you search for sniper's story for FSBO tips, don't forget to search "407PAS" for FSBO pitfalls to avoid.

good point!

You are brave to sell on your own in thie market, which is not to say it can't be donehttp://www.highrisesociety.com/selling/can-i-sell-my-own-apartment/. I did it using an open listing several years back near the height of the market. The apartment sold via an open house that I advertised in a matter of weeks --yes, alas, that was then and this is now. I'm the author of The NY Co-oo Bible, which I gratefully note has been mentioned in these forums. I jusr happened to have posted on article on the steps to selling on your own last week on my website,High Rise Society.
Here's the link http://www.highrisesociety.com/selling/can-i-sell-my-own-apartment/

Good luck!

Thanks all. I did read a few pages about 407PAS, ha! We might be as deluded price-wise, but have a nicer and more unusual apartment. I'd post my ad, but am afraid of getting slammed...

Still would like definitive answers and my questions re: buyer's agent's commissions. Can I offer 1% or 2%? And will this work? I wonder how many buyers really work with agents, I know I wouldn't bother.

Also is there ever a case where the buyer pays the buyer's agent a commission separately? (I have a $5 bet with a friend about this, she says it does happen, I say never in NYC).

When we did FSBO, we simply said "All bids will be evaluated holistically." So if Buyer A bid $100/no broker and Buyer B bid $110/6% broker commission, Buyer B would have won.

i sold my place as FSBO. tons of brokers contacted me about having "very ineterested buyers." i told them that i was not offerring commission. after i had 2 offers on the place i opened up my listing and offered 2.5% to all those brokers to bring in their "very interested buyers." NOT A SINGLE ONE showed up. Not one. You can offer them a smaller percentage but a lot will claim that their company won't let them accept it. i think that is too bad for them. everything is negotiable in this city.

I was able to get a broker down to 3.5% if the apartment sells to a broker in his firm or 5% to anyone else.... is that fair? Any thoughts?

I have worked three hybrid FSBO/broker listings(something I created) and quite frankly the most important factor, especially in this market is correct pricing. Two of the listings are currently in contract, I'm not really using this model any longer.One of the listings did go into contract via an ad on Zillow that an out of town buyer found without a broker. To sell FSBO you need to be able to commit quite a bit of time and have an equal amount of patience. If my clients were not so busy I would ask them to write about there experience on my blog, they did a great job and sold their place direct.

Feel free to call me and I will be happy to provide you with information on the FSBO experience and answer any questions you may have. I love talking about my experiences with these alternative models I have been working with. This is not a solicitation for your business,after I give my opinion on price, most sellers throw me out (;

Best,

Keith Burkhardt
http://theburkhardtgroup.com/agents_details.php?agent_ID=7619

I'm doing an FSBO right now. Not sure I totally understand the process, but here's what I've done. First listed the apt in the building with a flyer, two cash offers about 17% less than ask, so I passed on those. You can access MLS, which is huge for expsoure, by going to flatfeelisting.com. I think they charge you $275 and then I upgraded for more pictures and 12 months for like another $150. They say I'm listed on 50 websites that have MLS listings. They assigned me to a local broker to work through their license. In filing out the paperwork, you have to list how much commission you are willing to give to buyers broker. Min is 1.5%, which I signed up for. I don't believe I have to pay any commission to the listing broker as they get a chunk of that $400. The only service they provide is access to MLS, if someone wants to see the apt, they call a scheduling company, which contacts me and then I call buying broker back directly to show apt. myself. The nice thing is the 4 people I've shown since MLS started, 2 had brokers, 2 did not, and the ones who don't have brokers, if a sale, no commission is paid. Finally, you cannot accept the bid directly from either a brokered party or a non brokered party, they have to relay it to the listing broker who relays it back to you. I'm concerned I'm missing something fundamental in the process, but I don't think so, also, the brokers who show the clients the apartment, seem to have no idea only 1.5% commission is being offered, which I find interesting because I put that in my paperwork. I guess they'll find out at the closing?

Tallisman, why don't you put in the listing, "if you bring a broker, it's list plus 1.5%"? You know like gas stations that give cash discounts?

I know the mafia will take 5% of for not using a personal check.... I mean the RE brokerage gotta be more lenient than the mob, no?

omfg, i missed an "f"

try to sell directly to a buyer without any broker involvement. people are savvy nowadays about internet searches and will find you if you're in the right places( Times, St-easy)
I did FSBO and had an all cash offer in 20 days. But I had a prime 3BR in a prime hood.
Good luck. That's part of the equation too.

Thanks all. So interesting. Tallisman -- are you in Manhattan? I thought MLS didn't work in Manhattan?

I live in Manhattan, the unit I'm selling is in a different borough and probably 1/4 the avg square foot price in Manhattan. Check out the website above, it really brings lots of exposure. W67, I've seen you on these boards for at least 2 years and know not to tangle with you. I have no idea if your statement was pro or anti broker, but when it comes to a buying broker, I think they'll go the way of the travel agent. What can i say, I'm FSBO looking for SENB, and I need the exposure. If you can legally find the backdoor to the MLS system, why the hell not. SENB= Smart Enough, No Broker.