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Selling By Owner? Cooperate with Agents in New York

By
Managing Real Estate Broker with Howard Hanna Rand Realty License # 49FA1074963

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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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

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.

Jun 20, 2009 01:32 AM
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

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.

Jun 20, 2009 02:53 AM
Mark MacKenzie
Phoenix, AZ

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.

Jun 20, 2009 03:23 AM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

As a seller you would be real smart to at least cooperate with a buyers agent and theoretically save yourself half a commission.

Jun 20, 2009 09:28 AM
Miriam Bernstei
Rochester, NY

Just curious, did you ask him if would be paying a brokerage fee?

Jun 21, 2009 12:42 AM
Jennifer Maher
J.Philip Real Estate - Lake Mahopac, NY
Jenn Maher

I totally agree on the assuming the cooperation. Confidence and professionalism are key. You have both.

Jun 22, 2009 10:08 PM