Tips on FSBO?

Open House today from 1-4 in case anyone is interested!

http://23115thstreet.blogspot.com

Posted by: QS_FSBO at January 25, 2009 8:24 AM in response to Tips on FSBO?

Thank you so much for all of the useful feedback. A few of you mentioned my asking price and said it was a bit high. I did have a few realtors come by to see the place (I was inquiring about listings they had for us to move TO). They all offered to come and give their opinions with no commitments. We got a wide range of suggestions from the high 800's, to the low 800's, so we chose what we felt comfortable with based on why they thought we could get a certain number, plus there's our bottom line of what we put in and what we need to get out.

I'm aware that there are a lot of 2BR/2BA apartments on the market in my area, but the one comment that all the brokers gave was that we have a very unique space (high ceilings, balcony not on the street, a lot of SF etc) and they thought it was worth more than the regular new construction places. I tend to agree with them as I'm a bit of an open house junkie and I rarely see anything I like better than this place.

I'll be sad to move, but I'm crossing my fingers (and doing a lot of hard work) that it will sell!

Thanks again everyone.

Posted by: QS_FSBO at January 21, 2009 2:44 PM in response to Tips on FSBO?

Any idea how low a broker would possibly go on their fee? I certainly believe that a good broker should be able to sell this place, but I do need to have some money in my pocket to be able to move on to somewhere else.

Posted by: QS_FSBO at January 21, 2009 11:15 AM in response to Tips on FSBO?

http://realestate.nytimes.com/sales/detail/253-NS90120463

http://23115thstreet.blogspot.com/

Thank you diors for the advice. My apartment is the only one for sale in the building, so unfortunatly, there won't be any crossover traffic.

Posted by: QS_FSBO at January 21, 2009 10:57 AM in response to Tips on FSBO?

Sorry, I just realized that I wrote "advise" instead of "advice"

Posted by: QS_FSBO at January 21, 2009 10:13 AM in response to Tips on FSBO?

what's the listing # in the NYT and/or the blog address?

Posted by: jnjnjn2 at January 21, 2009 10:49 AM in response to Tips on FSBO?

http://realestate.nytimes.com/sales/detail/253-NS90120463

http://23115thstreet.blogspot.com/

Thank you diors for the advice. My apartment is the only one for sale in the building, so unfortunatly, there won't be any crossover traffic.

Posted by: QS_FSBO at January 21, 2009 10:57 AM in response to Tips on FSBO?

Know your comps and the market well. People think they can get a bargain on a FSBO because they think the owner doesn't know the market and they think the owner might be more willing to negotiate down because of the broker fee savings. But you also don't want to miss a reasonably good offer.

We tried to sell our coop FSBO in 2004 and buyers tried to lowball us. We had decent pictures and a good Times ad. We got much higher offers after we listed with brokers. More than made up for the fee. If anything, I imagine buyers are in even more of a bargain hunting mood now.

Posted by: slopefarm at January 21, 2009 10:58 AM in response to Tips on FSBO?

When I sold my place, I extensively researched FSBO vs. broker and was convinced that a broker was worth it. In this market, I think that's even more true since deals are harder and harder to close and you really need someone who can negotiate on your behalf. That said, you really need the RIGHT broker and they vary greatly. Some are ignorant and still living in the bubble, others saavy and understand how to sell at best price (and most realistic one to close sale) in this climate. Perhaps you could negotiate a lower commission? I know this isn't what you're asking but I had several friends start with FSBO only to break down and use a broker later but it would have been better for the property if they'd gone with a broker from the get-go.

Posted by: Miss Muffett at January 21, 2009 11:00 AM in response to Tips on FSBO?

Any idea how low a broker would possibly go on their fee? I certainly believe that a good broker should be able to sell this place, but I do need to have some money in my pocket to be able to move on to somewhere else.

Posted by: QS_FSBO at January 21, 2009 11:15 AM in response to Tips on FSBO?

I sold my coop FSBO but it was in Queens where there is no multiple listing service and the brokers don't add anything. Take good photos, price realistically, make sure you pick a buyer who won't have trouble getting financing or PMI. A broker is helpful for the negotiating part.

Posted by: mopar at January 21, 2009 11:25 AM in response to Tips on FSBO?

I think you did a fantastic job with the staging and photos. The website is nice too. I would double check some of your comps on price, though. It seems a little high to me for the location.

Posted by: fawn at January 21, 2009 11:25 AM in response to Tips on FSBO?

I just saw the apartment listing with photos and description.
It was beautifully done.
I wish you the best of luck.

Posted by: Ysabelle at January 21, 2009 11:33 AM in response to Tips on FSBO?

As a former broker, I have a prejudiced view. You can successfully sell your own property if you're extremely knowledgable about the market, and how to follow through on a real-estate transaction.
There's a lot more to selling a property than advertising. Listing at the right price is key, and this doesn't mean comparing only to existing similar properties on the market, but also looking at the price that similar properties sold at. You can get that information at sites like Propertyshark.com.

The whole process is like Project Management. If you have the knowledge and time, you can do it.

In terms of commissions, it varies. You can expect anywhere from 3 - 6%. Interview a number of Brokers (if you decide to go that route) and ask them to explain the process to you, and what role he/she plays throughout the entire transaction until closing.

At the end of those discussions, you should have a good idea if this is something you feel comfortable doing on your own.

Posted by: rkohlny1 at January 21, 2009 12:01 PM in response to Tips on FSBO?

I think your packaging looks very good. I'm not sure about your asking price, since I don't know your area and what you are using for comps. I priced mine about 3 % lower than what my comps showed and in the end I took an offer about 6% lower than my asking price. But my buyer was all cash, and that was worth it to me to be certain that the deal would fly. Make sure you qualify your buyer; don't be shy about asking about their assets, salaries, etc.

Curiously, the brokers who were interested in listing were recommending that I drop the price to a number 25K lower than what I ultimately sold it for!

Posted by: diors at January 21, 2009 12:10 PM in response to Tips on FSBO?