ForSaleBYOwner.com Founder Sells Home- Using a Broker

Reblogger Jon Quist
Real Estate Agent with REALTY EXECUTIVES ARIZONA TERRITORY DRE# SA113961000

J.Phillip has had some great posts over the years, with some very interesting subjects, all well written.

I don't think, however, he will ever have one as ironic and really funny. 

Who'd a thunk it? You would have thought the guy would have kept that story on the down low.

Wow!

Original content by J. Philip Faranda License # 49FA1074963

Knowledge. The Wall Street Journal has reported that ForSaleBYOwner.com founder Colby Sambrotto has sold his Manhattan condo with a broker after failing for 6 months as a For Sale by Owner. 

Here's the best part: The broker got him $150,000 more than he was asking when he was selling on his own. So much for saving on commission- he netted more even after the commission! 

The story is that Sambrotto went for 6 months selling "By owner" on the Internet, online ads, and the rest of the FSBO gig at an asking price of $2 million for his Chelsea condominium. He then gave up (as 90% of FSBOs will) and listed with Jesse Buckler of Bond New York, who took the unusual strategy of advising Sambrotto to raise his price by $150,000. Clearly, this is a move that only works if you know your market. The home is now closed for $2.15 million after going under contract in May.  

Some have said that the brokers control the market in Manhattan so much that buyers seldom look online, and that is why FSBO failed and the broker succeeded.

Bull.

Manhattan buyers are as savvy as they get, and sites like StreetEasy, Trulia and ResidentialNYC get huge traffic for Manhattan. The truth is that a good broker knows how to sell real estate better, faster, for more money and with fewer headaches than a website developer. 

It all goes to the old story about the plumber who is called in to fix a furnace and after tapping a few times on a specific pipe and getting the thing humming again, mails the owner a bill for $1000. Aghast, the owner objects, saying that he only tapped a pipe. He then got an itemized bill, $1 for tapping the pipe, $999 for knowing what pipe to tap. We are paid for what we know- not just what we do. 

If you want a do it yourself project, build a go cart. For the largest transaction of your life, hire a good professional broker. 

Subscribe to J. Philip's Real Estate Blog by Email

Active Rain members-Feed your mind.  

Memorial Day 2011: Giving Back to a Veteran in Need

  • We Are Westchester County & Metro New York Real Estate. Reach Phil at (914) 723-8900.
  • J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. Vice President, Empire Access Multiple Listing Service. 
  • I am one of New York's premier short sale REALTORS, serving Westchester, the Hudson Valley & Metropolitan New York.
  • Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
  • I am hiring agents. We offer outstanding support, marketing resources, and pasta. 
All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At

Spam prevention
Show All Comments
Rainmaker
185,549
Michelle Burgos
RE/MAX PowerPro Realty - Pembroke Pines, FL
CDPE, Short Sale Expert, Pembroke Pines,Miramar,Davie,Hollywood

Hahahahaha! Too funny!  How ironic is that?  Wait until his clients hear the news...he's going to need another broker to sell his business. 

Aug 03, 2011 05:25 PM #1
Rainer
247,841
Doug Bullwinkel
Envoy Mortgage, NMLS 6666 - Roseville, CA
Mortgage Loan Originator NMLS #281609

Today's market requires a lot more expertise in marketing, contracts and negotiating skills than before.  In the past some  folks could wing it and get by selling their  own home.  Today it is a different story.

Aug 03, 2011 05:36 PM #2
Rainer
145,746
Sarasota & Manatee Counties FL
SaraMana Properties - QuickFreeMLS.com - Bradenton, FL
QuickFreeMLS.com - Listings In Paradise

The irony is fabulous! I enjoyed reading your post! Thank you for sharing it with us!

Aug 03, 2011 06:09 PM #3
Ambassador
1,654,488
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Thaat is really ironic, and it  makes a good talking point when working FSBO .

Aug 05, 2011 04:50 PM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
557,049

Jon Quist

Tucson's BUYERS ONLY Realtor since 1996
Moving to Tucson? Call me.
*
*
*
*
Spam prevention