Thinking About Selling Your Home For Sale By Owner: Look What FSBO.com Founder Did
You want to sell your home but you think that paying a commission to a REALTOR® is a total waste of your money. Besides, there are many internet sites now available to aid sellers in the sale of their home.
You wouldn't be alone in this venture. Many sellers looking to save money, begin as a For Sale By Owner (FSBO) including the Founder and former CEO of ForSalebyOwner.com, Colby Sambrotto.
Sambrotto decided to list his 2,000 square foot New York condominium on his own. Like many For Sale By Owners, he enlisted the help of online classified ads and FSBO sites. After six months with no success, he opted to hire New York broker, Jesse Buckler. Mr Buckler suggested a price change because the listing was not attracting the right buyer. A typical problem with most For Sale By Owner sellers.
The decision to list with a broker ended up being profitable for Sambrotto. The price change resulted in multiple offers. The Wall Street Journal reported that the home sold for $2.15M, $150,000 more than the original asking price. The broker received a 6% commission. After the broker commission of $129,000, the seller still netted $21,000 more than he originally had the home listed.
While this news may strike many of us as funny, the reality is selling a home on your own is better left to the professionals. The National Association of REALTORS®, confirms that over 80% of For Sale By Owners eventually list with an experienced real estate agent.
In 2010, the National Association of REALTORS® polled FSBO sellers to find what their most difficult challenges were:
- Getting the right price: 23%
- Preparing/fixing up home for sale: 18%
- Selling within the planned length of time: 14%
- Having enough time to devote to all the aspects of the sale: 13%
- Understanding and performing paperwork: 10%
Even the founder of FSBO.com took the initiative to find an experienced agent when he could not sell his home successfully. That choice ended up netting him a quicker home sale for more money.
If you are currently a For Sale By Owner in Franklin TN, Brentwood TN or the surrounding Nashville area, contact Tammie White at (615) 495-0752 for your free Competitive Market Anaylysis.
Thinking About Selling Your Home For Sale By Owner: Look What FSBO.com Founder Did
Comments (17)Subscribe to CommentsComment