Do Brokers Avoid FSBO Listings?

We don't ignore them but 1) they have to be priced properly and 2) we have to find them.

For #1, there was a UWS studio FSBO who was very public who invited me, among other agents, to pitch her. She wouldn't be swayed by my low estimate of her closing price, saying "I can't lose money." Well, unfortunately, wishes are not horses, so she just sold, after a year, losing more money that she would have if she'd taken some of the pain up front. So just make sure your pricing isn't too aggressive. For a FSBO I would try to be within around 5% of eventual clearance price, depending on your micromarket.

For #2, I am generally going to be looking for FSBOs on nytimes.com. If you're not there, then send an email to me (and all the other brokers who might be working your micro-neighborhood, I don't know where you are) explaining your listing, and then that's the kind of thing that can be dropped in a file and found again when needed.

ali r.
DG Neary Realty

I have seen a number of for sale by owner apartments on streeteasy. Given the number of people who are searching for apartments on streeteasy daily, I would think as long as it is on streeteasy, you will get a number of viewers if it is priced appropriately. We know several people looking on the UWS at the moment and even those working with a broker seem to be doing their own daily streeteasy work.

Thanks front_porch and uptown3 for your comments, very helpful.

For reference, my apartment is active at all of these places:

http://streeteasy.com/nyc/sale/601364-coop-111-west-94th-street-upper-west-side-new-york
http://realestate.nytimes.com/sales/detail/253-NS1104131275

davidirwin..Excellent. You played it perfectly. Good luck. Now when a buyer comes in without a broker(saving you $77,940) and you reach a price agreement then the next thing you say to him/her is "Now please have your lawyer contact my lawyer" and you're done. Oh and you also saved $77,940 dollars! Yes brokers it's as easy as that. Stop saying you do all these magical negotiations, paperwork etc. You don't. You just have a lock on the whole selling system which everyone involved pays for except you.

Hi, David--I think you mean to say 'architect-designed' rather than 'architecture designed'. :-)

since you spent significant amount of money on the kitchen reno, it would be nice to actually get pictures that show that. the bath pics look like 1970's bathrooms.

i would also state "Buyer's Brokers Welcome" to ensure that you will not get flooded with call from every corcoran/elliman/warburg/etc broker trying to convince you that they'll get you extra $5 for the 6% commission.

Serious question, did you mainly do your own reno or primarily use contractors?

Yes, as a broker I avoid FSBOs. It's just as easy to show a broker represented listing as a FSBO and who really wants to deal with a seller who is attached emotionally to the property. Hopefully, you will get a direct buyer and save money but since 80% of sales are thru brokers, it's not likely. Speaking from personal experience, unless I NEED to show the listing I would rather pass.

@bramstar: thanks for noticing the typo
@ab_11218: thanks for the advice, will add some new pictures.

If I were doing FSBO and I wanted to pay a broker fee I would offer 4%. That way I would be sure every broker that knew about my property would take his prospects there right after showing his own listings and before anyone elses. Once you're in the heat of a negotiation things can be adjusted unless someone offers full price. 1% more for a full price offer is worth it.

In the end you have to price it right or it sits.

Pricing seems a little rich given that it's still only a five ... you're pricing like 200 West 86th Street, a building of a similar era which gives a buyer a doorman and a gym at roughly the same maintenance. If you want to get paid for your renovation (which is pretty) I would swap out one of the MBR photos for a detail photo of one of the closets, with as much magazine styling as possible.

ali r.
DG Neary Realty

david - for your price point, I would post better pictures. Get a wide angle camera (28mm is usually fine - Olympus, Canon, Nikon - you choose). Stage your home differently and get rid of the baby stuff (not all buyers will have babies). Get as much clutter and personal items removed and re-take the pictures. Make sure you get good shots during sunny days. You want to appeal to as many potential buyers as possible. Don't think as the owner, but rather the buyers. As they say, first impression is very important. I would also edit your copy to make it easier to read. One long paragraph tends to strain the eyes.

Look up urbandigs data for trends and do some comps on your own to tweak your ask price. If you feel you're not getting enough interest, you can always consult someone like Noah for advice. I believe he does flat rate consulting.

GL

V65

re: your 3-d rendered floor plan:

imo, I would get rid of most of the rendered furniture and appliances. I know you mean well, but I think it makes the property look smaller. Rather, if you do a 3-D rotation without all the furniture and appliances, it will give you better depth of field and create "length" for the short hallway.

justmy2

V65

Basically, all this to save how much? If you are giving 3% to the buyers' broker, and you might have been able to negotiate 5% for your own representation, this is to save 2%, and instead now you have to do all the work yourself? I don't get it... my time's worth too much to me to do this.

@Vintage65: thanks for your advice on the 3d rendered plan, I think you are right. Thanks for the advice on the pictures as well, I will add some others. I already edited the copy as well. VERY HELPFUL, thank you!!

@Front_porch: I have not looked at the 86th St location, but did do some pretty extensive research before listing (including going to more than 10 other open houses). It is also priced in line with an apartment that just sold in my building about 8 weeks ago. Thanks also for the advice on the pictures.

@gkochanov: are you saying brokers don't usually look at NY Times listings or Streeteasy?

@drsugarman: Not a bad idea, I will keep it in mind.

THANKS EVERYONE!!

Are you talking about 6A/B - that is a much bigger apt. In terms of square footage and functionality, I think your apt is much closer to 4F, though you (obviously) have more windows and exposure.

nice unit, very well done in the kitchen.