FSBO with 5% to buyer's broker - would this work?

Why not hire a different seller's broker? If you throw a big commission in front of buyer's brokers (which manufacturers of new developments sometimes do) aren't you just creating a split in their loyalty where you're paying someone who has very limited obligations to you?

I work both the buy- and sell-sides so I'm not biased on that account, and I'm not pitching this job (full plate) but it seems to me the solution to a bad-broker experience is trying to get a good-broker experience, not a broker-not-loyal-to-you experience.

ali r.
DG Neary Realty

i think what you are thinking about could be an interesting approach but depends on a bunch of other factors. did you get a lot of traffic, but no offers? no traffic? offers, but all too low (in your estimation)?

are there special issues with your unit...no light, first floor, high monthlies, etc?

and finally....are you willing and able to do the FSBO deal with all of the attendant hassle?

open a personal blog and post fsbo there, you don't need to pay any broker.

if your home is 1m, you save 50k after-tax money

Silly

if you go FSBO, then you offer 2 1/2% to buyer broker and lower the price by the other 2 1/2%. it seems that you've been on the market for 6 months now. there could only be 2 reasons for that.. 1) you're overpriced 2) you made your apartment too taste specific.

has to be a completely new prospect to avoid paying the old listing agent, right?

After being listed in the systems for 6 months, how many of those are out there?

Think ab is pointing to the root of the problem. Issue is that no buyer has chosen to purchase your unit at its current price. The insinuation that providing so much incentive to a buyer agent is quite cynical and seems to be premised on an assumption that most agents lack ethics and work in their own self-interest.

Seems like a viable strategy.

Agree with ab and crescent. You could do fsbo and offer standard buyer's broker fee (3%), but you will not attract new eyeballs unless you lower your price point. Have you been getting good traffic? If so, your price is probably okay but the place doesn't show well. If you're not getting traffic, your price is too high.

also agree with ab. If the market were not as strong as it is, and inventory as tight as it is, maybe we can call it a "marketing" problem. But it seems very clear to be a "price" problem. With that said, todays demand and "hot action" is picky. What I mean is, its the good stuff that is selling fast and furious as buyers pay up for views and renovations. The cookie cutter stuff in a so so area with so so views/light in so so condition is not experiencing the frenzy that the higher quality is seeing out there now. So know which category ur apt belongs in and price accordingly.

Traffic is fair, feedback has been good. Pricing is probably the problem, am planning a price reduction. If I go FSBO and offer 3% to buyers broker, where would be the best places to list? NYT? SE? Is not being on a brokerage database going to be a huge disadvantage?

list everywhere. NYT, SE, Zillow, Trulia, Brownstoner, Curbed, whatever else you can think of. by cutting the price, you'll most likely see more people. you're also coming into a hot season, so there will be new buyers coming out with the "bonus" in hand.

Why not post it here? People on the board are actually quite respectful and constructive when people post there own. See the last fsbo posting for example.

the reason you went with a listing agent in t he first place is to get the exposure that a regular seller would not get. In order for a seller to get top price for their home, it should be exposed to as many buyers as possible. THAT IS USUSALLY DONE THROUGH THE INTERNET. It should be well priced, totally decluttered and well staged and most of all constantly advertised and marketed AND OF COURSE ACCESSIBLE for showing. Your product, your home, should be well shopped and at the end of every week, an evaluation should be performed. Most apartments target a certain audience, are you targeting the right audiense, are you staging for that audience? are you pricind right? Selling on your own is fine, if you get the right exposure. Market is tight and if your home is well priced, well advertised, well exposed, then you should not have any problem.
Good luck.
Fern Hamberger
VP Associate broker
Fhamberger@corcoran.com

I sold on streeteasy, had plenty of traffic... even offered 3% for someone to bring someone over...

why offer 5% to a buyer broker. if you are going to give that much of your money away, why dont you just give 6% away? Oh I forgot, they couldnt sell it.

price your apt right.

Agree w ab_11218

A listing agent's responsibility is to the seller - to get the highest price and best terms from a buyer. If you convert to FSBO and offer buyer broker commission, who will be reprenting you? The buyer's agent will be trying to get the best deal for their client.
Has your current agent offered you advice on staging and pricing and have you followed through? If they haven't offered advice, perhaps you should look for better representation. If they have offered reccomendations and you haven't followed through - then, you need to relist with agent and follow their suggestions on pricing and staging and have representation you need!!
Good luck!
CFW, L.A.B.