Just say NO to the FSBO

By
Real Estate Agent with William Raveis Real Estate 0757389

I know everyone wants to save money these days.  I do too.  I look for the best deals out there and I research my options before making any buying decisions. But when it comes to selling your home, Realtors are who you should call.  By not choosing to hire a Realtor, you could be costing yourself valuable TIME and MONEY in the long run.  

 

 

I read recently that CEO of ForSalebyOwner.com, Colby Sambrotto had listed his 2,000sf New York condominium on his own using FSBO websites and placing online classified ads, but after 6 months with no sale, he decided to hire a Realtor.  The Realtor advised him that the price point he was listed at on his own was not attractive to buyers and advised him where he needed to be priced in order to attract the right buyer. 

 

Taking the Realtor’s advice proved to be a wise decision on his part.   The Wall Street Journal reported that his condo sold for $2.15 million including a 6% commission.  That was $150,000 more than his asking price and there were multiple offers. I can only imagine that left him in good negotiating positioning throughout the entire process from Contract to Closing.  The Realtor’s commission he was trying to save was well earned.  The experience and expertise his Realtor brought to the table was the reason he went from a stale, 6 month old, incorrectly-priced listing to SOLD.

 

According to the NAR 2010 Profile of Home Buyers and Sellers the service sellers wanted most from their Realtors was to help them price the home competitively.  Clearly, the Realtor Sambrotto hired did just that. 

 

Further, the 2010 Profile reported that FSBO sellers were on the decline. Down 5% in 2010 from the 2003 – 2004 market.  More and more sellers are turning to Realtors to help them sell in this tough economical time.  Realtors are showing their worth to the transaction over and over again.    

 

Before you place a FSBO sign on your front lawn, think about Sambrotto and his list-to-sold story and contact a qualified Realtor in your town today!

Posted by

 

Linda Edelwich Realtor

 

                       Linda Edelwich Realtor facebook               Linda Edelwich Realtor Glastonbury Google            Linda Edelwich Realtor listings           Linda Edelwich Realtor linkedin listings             Linda Edelwich Realtor twitter

TOP 2% of  Realtors in Connecticut

International Sterling Society

Multi-Million Dollar Producer

William Raveis Real Estate
218 New London Turnpike, Glastonbury, CT  06033

860-818-3610 (c)

 

Visit me anytime in Glastonbury www.iglastonbury.com

 Linda Edelwich, Glastonbury real estate

 

and www.WeknowGlastonbury.com  

 

Selling Glastonbury Real Estate blog by Linda Edelwich, Top Producing Real Estate Agent. Updates and information about Real Estate in Hartford County, Glastonbury, CT, Hebron, CT, Marlborough, CT , Portland, CT, and East Hampton, CT be sure to check out my market updates for valuable information about what is happening in YOUR town!

 

2011 linda edelwich award2012 and 2013!

close

Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Scotti Jowers 08/22/2011 01:35 PM
  2. Catherine Ulrey 08/22/2011 01:45 PM
  3. Donald Reich 08/22/2011 05:33 PM
  4. Heather Littrell 08/23/2011 02:11 AM
Topic:
ActiveRain Community
Location:
Connecticut Hartford County Glastonbury
Tags:
for sale by owner
fsbo
sellers
selling your home in glastonbury

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
845,894
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Hi Linda-that article was a chyampion for our cause. Just show it to a FSBO and say "need I say more?" Done deal:)

Aug 23, 2011 12:59 AM #40
Rainer
135,536
Margie Kopp Sorrell
Coldwell Banker Lake Oconee Realty and Lake Country - Greensboro, GA
Lake Oconee Real Estate

I would leave a comment but I'm too busy looking for this article so I can print and hand it to every FSBO I try and reach out to....

Aug 23, 2011 01:06 AM #41
Rainmaker
1,358,177
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Linda, some people have to learn the hard way. Does he still promote FSBO's after this?

Aug 23, 2011 01:10 AM #42
Rainmaker
1,487,959
Mike Cooper, GRI
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Excellent example, Linda.  I love stories like that one.  It shows the value of what we do!  Good post!

Aug 23, 2011 01:22 AM #43
Rainmaker
984,323
Corinne Guest
Barrington Realty Company - Barrington, IL
Barrington Lifestyles

Sometimes it just comes down to exposure. The buyers are all with Realtors, the buyers know we have the lions share of the homes for sale, so cutting us out is crazy. We have so few FSBO's here now.

Aug 23, 2011 01:41 AM #44
Rainmaker
2,894,902
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Great blog.. they key is home owners try and save pennies while losing dollars. A good listing agent more than covers the commission with a quicker sale at the best possible price. The listing agent provides up to date value information, sales assitance, prequailifies buyrs, pays for teh extensive marketing and advertising needed, makes sure your local, state and federal disclosures are inline and guides you through each step of the selling process.

Aug 23, 2011 01:42 AM #45
Rainer
93,232
Michael L. Brownstead
Keller Williams Realty - Allen, TX
ABR, GRI, MRP, SRS, 1SG US Army (Ret.)

Excellent points Linda, figures do show that the majority of FSBOs end up listing with a real estate company!

Aug 23, 2011 01:47 AM #46
Rainmaker
837,393
Barbara Altieri
RealtyQuest/Kinard Realty Group, Fairfield and New Haven County CT Real Estate - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

Linda -- Good advice. FSBOs think they're saving commission when in fact any buyer who comes along is thinking the same thing.  Homeowners who try to sell on their own are rarely successful, but at the same time, it's a real eye opener for them as to how much work is involved in selling a house.

Aug 23, 2011 01:56 AM #47
Rainer
84,244
Heather Littrell
Keller Williams - North Concord, NC
ABR,GRI,SRES Cabarrus County NC

The FSBO days of it being a seller's market are over and even then, unless you have a brave, intelligent seller, this never really worked anyway and once they see they are going to have to pay an agent 3%, they really just throw in the towel and the 3% doesn't seem all that big of a deal anyway.

Aug 23, 2011 02:09 AM #48
Ambassador
1,612,668
Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

We need to get this information out there to all FSBOs

Aug 23, 2011 02:27 AM #49
Rainmaker
469,396
Bruce Kunz
C21 Solid Gold Realty, Brick, NJ, 732-920-2100 - Howell, NJ
REALTOR®, Brick & Howell NJ Homes for Sale

Hi Linda - great article. With evidence that using a REALTOR® often results in getting a better price and all the frustrations of directly dealing with buyers, their agents, their financing, & their attorneys it's hard to understand why people want to go it alone.  It takes a special seller to make it as a FSBO. The ones in it just to save a few dollars are not usually happy in the end.
Bruce

Aug 23, 2011 02:39 AM #50
Rainer
97,429
Glenn Freezman
Nucazza LLP & Home Buying Evolution, & Family Abstract, Inc - Fort Washington, PA

 Why not work with the FSBO as their consultant or advisor.  "Partner" with the seller so you can be paid and the seller can have the fiduciary and functionary council to assist them in their sale instead of fighting them on it.  THEN, if the whole "I want to be a FSB thing" goes away, you'd be the realtor standing first in line to take over the listing?

Aug 23, 2011 03:00 AM #51
Rainmaker
515,304
Morris Massre
Pembroke Pines, FL
Real Estate Instructor Broward County Florida

You are so right.  I hate guys like this.  FSBO's are bad enough, but this guy makes our job even tougher.

Aug 23, 2011 03:33 AM #52
Rainer
308,074
Jennifer Chiongbian
Specializing in all types of Manhattan apts & townhouses - Manhattan, NY
Real Estate Broker - NYC

I hate FSBO's with a passion but that is another marketing outlet to help build our business.  I'm so glad to hear that someone who has this FSBO site realised the value of his broker.  How could he contiue to tout his FSBO online service when he himself wasn't successful selling his own place???

Aug 23, 2011 04:57 AM #53
Rainmaker
316,101
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Great Post. This is an embarassing story for him. I wonder if he is still doing his FSBO company?

Aug 23, 2011 10:52 AM #54
Rainmaker
3,069,876
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

We don't see too many FSBO's on Long Island anymore. Actually, can't remember the last time we saw one. Guess they finally realized our jobs aren't as easy as some TV shows make it look...put up a sign, have an Open House and Ta-Da house sold ~ Don't think so! 

Aug 24, 2011 01:24 AM #55
Ambassador
698,098
Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Linda,  I too saw the article, but you're post is a great recap!  Amazing how folks think they are saving money by not using a Realtor® when as Mr. Sambrotto learned just the opposite is often true.  Wow I'm sure this is one story he DIDN'T want to get out!  Not really good for business ~

well his anyway!! :)
Pamela
P.S - congrats on the well deserved  
27 Featured Posts

Aug 24, 2011 03:20 AM #56
Rainer
125,916
Chiara Petro
eXp Realty - Angie Cody Team - Knoxville, TN
Your KEY to Home Sweet Home - Knoxville TN

Got to say, I'm seeing more and more FSBO's popping up in my neck of the woods...and many of these folks are pretty resisent to talking to a real estate agent, even buyers agents, especially if they sat on the MLS for months before turning FSBO.

Of course, advice from Kiplinger's September issue to not use a real estate agent if you have "a lot of energy" isn't helping much eaither. http://kiplinger.com/magazine/archives/should-i-hire-a-real-estate-agent-or-sell-my-house-myself.html

Perhaps Kiplinger should have done some more research! Gotta love it! :)

Aug 24, 2011 07:07 AM #57
Rainer
117,035
Linda Edelwich
William Raveis Real Estate - Glastonbury, CT
Glasotnbury Office's #1 Top Producing Agent-not on

Thank you for all the great responses! I hope this message gets the attention I know it deserves. 

Aug 25, 2011 01:09 AM #58
Rainmaker
1,728,458
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

Linda.....I heard about this....amazing that people still try......I love the apples....I grew up on a farm and we had two apple orchards and supplied some of the grocery stores in town....I've shined a many of them in my time....Nice post and Congrats on the Feature!
Hope you have a great weekend!---Rob

Go Vols!


Aug 25, 2011 11:59 PM #59
Post a Comment
Spam prevention
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?

Rainer
117,035

Linda Edelwich

Glasotnbury Office's #1 Top Producing Agent-not on
Ask me a question
*
*
*
*
Spam prevention

Additional Information