For Sale by Owner, any feedback...?

Question

Just let go of our listing agent due to lack of marketing and poor communication skills. Considering selling our house ourselves. When you do this is there a way to put it on the MLS? Also we were thinking that if we list and put a 5% commision for the buyers agent instead of paying a 6% split between the buyers agent and sellers agent.
I have heard that 95% of houses sold were not through the sellers agent.
Any ideas???

I feel I need to clarify a few things.The many agents that received there license when the times were good, have NOOO idea on marketing techniques. They were used to that when you put it on the MLS, you got calls to show. Its sold. If it did sell, you hear the markets not good.
Everything from the flyer to the on-line advertisments were unprofessional, no true information. We would get a call to show, and my own agent would not show up, nor would we receive a call, we had to call them to find out if there still was a showing. When we lowered the price it took 2 weeks to get updated flyers, updated on-line info. The only thing that was changed properly was the MLS. We asked to remove 1 particular pic, not enough space to explain, the day that the contract expired it still was not taken off, nor was the advertising changed. We are priced right, fresh paint new floors, GREAT LOCATION, ready to move and motivated. I am bothered by the 35,000.00 I will pay for what? To get on the MLS?

I feel I need to clarify a few things.The many agents that received there license when the times were good, have NOOO idea on marketing techniques. They were used to that when you put it on the MLS, you got calls to show. Its sold. If it did not sell, you hear the markets not good.
Everything from the flyer to the on-line advertisments were unprofessional, no true information. We would get a call to show, and my own agent would not show up, nor would we receive a call, we had to call them to find out if there still was a showing. When we lowered the price it took 2 weeks to get updated flyers, updated on-line info. The only thing that was changed properly was the MLS. We asked to remove 1 particular pic, not enough space to explain, the day that the contract expired it still was not taken off, nor was the advertising changed. We are priced right, fresh paint new floors, GREAT LOCATION, ready to move and motivated. I am bothered by the 35,000.00 I will pay for what? To get on the MLS?

Answer 1

I think someone who is on the ball can sell their own house. I've done it numerous times. You will have to spend some money on advertising. And yes, it can be a bit touchy to show your own home. It may take some persistence.

Of course, you'll have agents calling, which may be a good way to choose another if you see you would rather use an agent.

You'll need to have a blank contract (several copies) on hand and ready to go if someone wants to make you an offer. Try one of the Office superstores. They have a whole row of blank legal forms.

You have to have a lawyer for closing anyway. So call a title company and get a referral to a lawyer once you have a buyer lined up. Or call the title company now and ask for a blank contract. (freebie) Who knows what kind of help they may be able to give in order to get your business?

Read up on how to add little touches to make your house more sellable. It doesn't have to take a bunch of money.

MLS is totally controlled by realtors. No way in except paying off one of their club members. (That is also known as the commission.) You'll have to use alternative ways to advertise.

Answer 2

Most people looking for houses without agents don't have access to the MLS. I fail to see the great importance of this almighty instrument if an agent listed the house in this great advertisement tool and the house did not sale.

Before you do anything else you have to determine why your house did not sell.

#1 Are you pricing it too high?

#2 Were there any conversations about this with your real estate agent?

Is is Ready to sell?

I mean did you do all the necessary things to place it in it's best light?

#1 Painting inside and outside (Curb appeal)

#2 New carpet or offering a carpet fee to the satisfaction of the potential new owner

#3 lawn care completely done (Curb appeal)

#4 Repaired all visiable defects that you have let go over the time you have been there.

Riding up to the house from your view point would you want to purchase the house as it sit now looking at it from your car window?

If not why not.

If all the above is complete you should not really have a problem selling your property.

Now as far as help goes, I would call a mortgage broker in the local telephone book and ask for his help in exchange for clients coming by that are not pre-approved for his advice and assistance. He can set you up with the professional services you might need like escrow closing agents, title people, appraisers and other real estate professionals that make a sale go sailing through to completion.

You might advertise in the local papers, especially the throw away kind that your house is for sale, place the address, email address (Stating you will send color photos to all that want to see the house via email), asking price and that you are willing to credit carpet to the buyers or any other thing you might think the buyer would want to help you sell you house.

As far as giving the real estate agent 5% for bringing you a buyer, well that is something that you must wrestle with, but they were not very helpful in the past, why revisit a nightmare again?

Get you some flyers and place a color photo of your house to place on it telling a little about the house, # of bedroom # of bathrooms, if it has a formal dinningroom large or small intimate kitchen. how close it it to schools, a little about the neighborhood.
Don't forget the sale price.

Post these in grocery stores and any place else where you are allowed to.

Also get you some type of box and make the flyers available to those that come to your house to look at the property. There must be something you can get from Lowes and Home Depot for this.

You need to schedule several open houses most of them are held on weekends you might select the 2nd and 4th weekend of each month. Don't forget to place this information in your ad in the newspaper. You might also place it on the flyer.

This is hard work but well worth it.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

first, know this rule: never price your house over market listing price. i wonder if you listened to your agent when she brought "comparables" to you and suggested a marketable listing price. who communicated poorly, you, she, or both? the reason you never should overlist your property, even in a seller's market (uh, we will wait for one for about 4 years now...), is because the QUALIFIED buyers of your home at realistic sales price are scared off. then they take their qualifications elsewhere, so you lose them.

there are brokerage companies that will agree to put your listing through the MLS, but consider giving them some money to do it. they have to buy food just like you do.

listing agents take care of all the fine details and yes, they do a great job marketing for you. i wish i knew just why you were not satisified with her plan. if you want to go on it on your own, are you prepared to pay for picture ads in the paper? do you know how much they cost?

are you ready to show your house OBJECTIVELY, without talking the buyers to death? telling them all the little things you have done to your house? good listing agents know what to say when, and how to feel out buyers. they also never show your house to those that will not qualify to buy it. in addition, they don't show it to nosy neighbors unless it's during an open house, when it can't be avoided. in my past, when i held that ultra energy draining open house, even for only 2 hours, i always asked if a party was just a "nosy neighbor." they'd laugh and admit it, in which case i'd laugh too, but tell them they had to wait until a real potential buyer came through and they could walk along.

i had a listing one time that just wouldn't sell, even though everything but the neighborhood made it such a feasible purchase and home. so i suggested that the seller make the commission very high, which she did. then i could remark in the listing that the buyer agents should look at the split. THAT is what made the place sell.

why don't you find an agent you like (unless you are truly the types that are going to be able to handle this professional job on your own and take sign calls at all hours of the night and day...) and then have her list it for greater than a 6% commish? why not do it at 7 or 8%. since all agents have to pay their expenses just like you do, they want to make the maximum amount. it only makes sense. then the split can be 3.5 or 4%. that way the lister and the selling agent are both happy and so are you. (i don't mean to be insulting, but it really is a hard and stressful way to make a living).