“He who represents himself has a fool for a client”

Several months ago, I met with a potential seller who was interviewing a few agents. Days later, he called and said he had decided to do something else. And it turns out he wanted to sell the property himself. He met with the agents only to pick our brains and get an idea of what his property is worth.

He had pictures taken, got his property-specific domain, and put up a website, using Circlepix. It looked great. But months later, it is still not sold, while the other properties that have come up for sale in his neighborhood did.

He emails/calls me from time to time, so I kept up with the communications. He said that he has invited folks who go to the open houses to come look at his property. As of this time, still no buyers.

He is determined to do this himself.....he said he can pay a flat fee of $7,500 to get his property on the MLS (but he still hasn't), and he still doesn't want to hire a realtor because he doesn't want to pay the $50K for sales commissions. His mind is made up. He said he is a seasoned salesperson who knows what he is doing.

ForSaleByOwner.com founder hires a broker

There are numerous examples through the years of people who tried to sell their homes themselves, but resorted to using a professional. Heck, even I tried it before I became a realtor, and ended up using one, and sold my home shortly thereafter.

But the best known story is about the founder of ForSaleByOwner.com who, after months of no buyers, eventually hired a broker who sold his property for more than he originally tried to sell it for.

Remember this headline? For Sale by Owner Founder sells his home -- using a real estate broker

Highlights: 2012 Profile of Home Buyers and Home Sellers

This report from the National Associations of Realtors is worth reading, and sharing

• 89 percent of buyers purchased their home through a real estate agent or broker, similar to last year’s report—a share that steadily increased from 69 percent in 2001.
• 88 percent of sellers were assisted by a real estate agent when selling their home.
• The typical FSBO (for sale by owner) sold for $174,900 compared to $215,000 among agent-assisted homes...or a difference of $40,100 or nearly 20% less

Read the some of the highlights report HERE

The oft-repeated adage still applies:

“He who represents himself has a fool for a client”