For Sale By Owner also called FSBO accounted for just 9% of overall home sales in 2010, according to the National Association of Realtors. Every year, hundreds of thousands of properties are listed, not by real estate agents, but by the owners themselves. Often, these are property holders who want to save a real estate agent’s fee. These FSBOs are willing to do the work of researching a property’s correct price, staging it to its optimum, advertising it in the right channels and to the right buyers, and showing, showing, showing.
But sometimes, FSBOs are just owners who have unrealistic expectations of how easy it is to sell a property: just list it on the Internet and the buyers will come, they theorize. That’s why it was a sweet tale for every real estate agent to hear that Colby Sambrotto, one of the founders of Internet listing site ForSaleByOwner.com, ended up hiring a real estate agent to sell his $2 million condo.
Colby Sambrotto, a founder and former chief operating officer of ForSalebyOwner.com, a large website for owner sales, spent six months trying to sell his condominium himself through online listings and classified ads. But the DIY home selling guru eventually decided to turn the sale over to a professional. His agent went on to lure the elusive buyer Mr Sambrotto’s self-help methods had failed to attract for the 2,000-square-foot, 2 bedroom apartment in Chelsea.
The news stands as an enormous validation of the real estate profession and while some may tease, it is no laughing matter and the former FSBO CEO made a good financial decision. A working agent does have a big advantage over an FSBO seller: the owner is selling only one property, but the agent is involved in multiple transactions, has many clients and agent contacts, as well as knowledge of laws to protect you. As a result, the agent can often get a better immediate “read” on the market, due to having a broader sample of information.
For more information on the real estate market in West Michigan call the Andrea Crossman Group: 616-355-6387 or visit: http://www.waterfront-luxuryhomes.com/