Profile picture for Randeegfeld

I have had my home listed with a realtor for 6 months and the listing is almost up and I am thinking

about listing my condo by owner? Is this a good idea? why or why not
  • April 16 - Boca Raton
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Answers (11)

Depending on the market conditions in your area, the problem might not be the agent..
 
It might be the listing price on your property...
 
Has your current agent provided you with recent comparable listings and sales?
  
And, if so, how does the listing price of your property compare to those comparable properties?

If your on the high end of the price range, it might be time to consider a price reduction.

Always remember... an over-priced property will not sell.. regardless of whether it is on the MLS or listed as a FSBO..
  • April 17
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FSBO is always an option, and flat fee listing services are everywhere and an easy way to get on your local MLS. You need to ask yourself first why your home isn't selling and what your going to do differently then your Broker has done. Being on the MLS is only one piece to the puzzle, you'll need to consider how much your price needs to be adjusted, what kinds of marketing you will do, how long condos in your building sit on the market before they sell, how much of a selling office commission you will offer (buyer's agent commission). You should definitely have an attorney to advise you on the real estate contracts once you get to that point, and you should know who that will be in advance.

Commonly, if you sell your home FSBO and you were already listed YOU MAY STILL OWE YOUR LAST BROKER A COMMISSION. Check what the extender clause in your listing agreement says (with an attorney).

Good luck!
  • April 17
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Randeegfeld,
There are over a million FSBO's a year that sell! There are many flat fee company's that will put your listing into the local brokers MLS. Do your research and good luck  with the sale!
  • April 17
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There are only 3 reasons a home does not sell in this market which has taken an upswing finally PRICE, PRODUCT, OR LOCATION Is your home priced right? Does it show signs of needing improvements? Does it back to busy highway?
  • April 17
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Although I agree that not all agents are created equal, it appears that we are not hearing the entire story. First of all, why did you hire an agent and let him/her work for 6 months to get your condo sold at a price which you knew was too high?  You do realize that realtors work very hard and do not get paid unless a sale occurs, so it is also in your agent's best interest to get the home sold.  Did he/she promote your condo via professional photos in MLS and social media channels? Did your agent communicate with you about the process?  Did he/she suggest possible improvements to your condo and/or price changes along the way?  If so and you ignored the agent's advice, listen now and reduce your price with your current agent.  If not, find a new one after your contract is up but let your agent do his/her job this time before you miss all the snowbirds, if you haven't already.  
  • April 17
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Profile picture for faridabadi
Agree with wedawgs, you should try selling it by yourself. You had an agent who probably did a CMA for you, so you can come up with a price. Hire an attorney to help with disclosures and use him/her once you get an offer. Zillow is a great place for FSBO.
  • April 16
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You probably should find another agent.  Not all agents are created equal.   Remember potential buyers will be negotiating against you and you are probably not equipped to properly negotiate in your own best interest, it's like the Axe Murderer defending himself in court.....Not a good idea.
  • April 16
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Did you have any showings or any offers? You say you have it listed too high. How does it show, presentation to attract buyers. How are the sales in your condo area doing? You can try selling on your own, lowering the price, including discounting the commission cost. You will have to handle all showings, qualify buyers, when you get an offer handle all items to close. Best of luck
  • April 16
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It's possible that you had it listed too high for the market; however, an agent can save you a whirlwind of trouble once you are under contract that you would have to take on yourself once it is.  If your contract with the agent expires, you will likely experience a plethora of calls from other agents looking for you to list with them.  If you have any questions about what any of them say - please let us know and we'd be happy to help.
  • April 16
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Profile picture for Randeegfeld
I have it listed too high-- I feel that by listing myself I can lower the price
  • April 16
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Profile picture for wetdawgs
If you are prepared to step up to the plate with advertising, know the laws about disclosures, are available to have people enter your home (with someone on call if you feel uncomfortable) and have a real estate attorney on your side, you may consider posting your home for sale by owner.  

What do you think that the agent was missing in the listing process so it didn't sell?

  • April 16
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