I was contacted by someone out of the blue asking me to show them a home for sale in Eastchester. They found it on Zillow, which isn't uncommon. I looked up the address on the MLS and it came back with "no properties found." Checking Zillow revealed that the home was for sale by owner. So I called the owner and set up an appointment as if I were calling any other home listed for sale. No sheepish query if they were cooperating with brokers or explanation of my intentions. "When can I show it."

Thursday. So I showed it Thursday. The outcome is irrelevant to my point (no interest from the buyer if you are keeping score), but these people are smart to cooperate with brokers. I don't think I was the only one to contact them, so maybe someone else primed the pump. The more eyeballs on the house, the more likely it will sell. And people working with agents are the more serious (and qualified) buyers.

Will the people save money selling themselves? I highly doubt it. The sale of real estate has too many moving parts to be reduced to a bottom line increased by the addition of a broker fee. I recall, for instance, a home seller whose ineptitude killed half a dozen deals for over $700,000 who finally sold after a year for $600,000. But he saved on the commission. Forget that he lost tens of thousands of dollars in the process! 

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6 Comments on Selling By Owner? Cooperate with Agents in New York

JUN
20
2009
1,393,630 Points 28 Featured Posts Hit Router Called Shot Master

J Phillip, you are so right on with this post.  Some of these FSBO's are so concerned with commission that they loose the big picture and the net proceeds for themselves.
8:32am • #1
620,899 Points 8 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Phil, love those sellers that contacts agents to help. We have a lot of those here in Manhattan New York, at the end of the day, they list with an agent. Cooperate agents do not help them if there are flood of inventories and no one agent is committed to help them.
9:53am • #2
179,056 Points 13 Featured Posts

I could be wrong, but I think we are going to be seeing more FSBOs over the next couple of years.  There are 15 million homeowners that are now under water with their mortgages.  They don't have the equity to pay commissions.  Once they discover they can't sell FSBO, they will get an agent to do a short sale.
10:23am • #3
878,969 Points 75 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

As a seller you would be real smart to at least cooperate with a buyers agent and theoretically save yourself half a commission.
4:28pm • #4
JUN
21
2009
338,233 Points 17 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Just curious, did you ask him if would be paying a brokerage fee?
7:42am • #5
JUN
23
2009

I totally agree on the assuming the cooperation. Confidence and professionalism are key. You have both.
5:08am • #6


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J Philip Faranda, Broker-Owner

Briarcliff Manor, NY

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J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

Address: 522 North State Road , Suite 100, Briarcliff Manor, NY, 10510

Office Phone: (914) 762-2500

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Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 30 agents & closed 350+ transactions valued at $140 million. He is in his 4th term as Vice President of the HGMLS. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900.
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