to FSBO or not to FSBA

[Jay J.]

Hello all!  I'm looking for input and general recommendations...

I plan on putting my personal residence on the market in the next week or two. I've met with two different agents to kind of get a feel for what they would say (in terms of asking price, what they offer as an agent, any changes to the house, other recommendations, etc..)  They both offer pretty much the same thing in terms of agent % (5/6), asking price, selling methods, etc...  the one thing I did notice is that they both rely heavily on the 'internet', as they said..  basically meaning facebook, craiglist, etc..

...So, feeling that I'm pretty good with fb/craigslist, etc.. should I try and sell my house FSBO and work with whatever buyer I can find? I mean, I can do 90% of the same 'advertising' they can, and any listing service could too.. the house is in a pretty good neighborhood, good schools, and the market is still decent.. its a nice house (for a family, not an investor)..

So I guess I'm looking for some BP'rs that have sold a house FSBO to provide some input.. good/ bad stories.. etc..

..and any Cincinnati specific realtors have any thoughts they'd like to share would be appreciated too!!

[Cara Lonsdale]

Full disclosure, I am a Realtor, so I may provide some bias in answering, but I will try my best to give you an objective opinion.

Anyone can market a house for sale. It is not rocket science. Sure, Realtors have tools that FSBOs don't, primarily the MLS, which is syndicated to over 100K websites (no kidding - that may be a conservative #) through a platform called IDX. That is how Trulia, Zillow, Realtor.com, Redfin and EVERY other website gets ahold of it, not to mention EVERY Realtor's website that provides MLS searches for their clients are also populated by IDX. So, you get the idea. It's NOT just FB and CL. It's global.

HOWEVER, Realtors provide you more than marketing.  As your representative, they negotiate your terms with the Buyer's representative, and advise you of any disclosures, timelines, and issues that will need to be addressed throughout the process.  They also coordinate the showings, inspections, and appraisal.  They set up the escrow, and make sure that everything runs smoothly, including keeping the Buyer, and the Buyer's lender accountable to their deadlines.  They also draft Cure notices when the Buyer and/or the Buyer's lender is in breach, or misses these deadlines.  They will guide you all the way to finish line.

Can these things be done without a Realtor?  OF COURSE they can.  Just like in ANYTHING in life.  If YOU put in the time and effort, YOU can earn the commission that you would otherwise pay a Realtor.  So, no, Realtors are not required for the sale of a property.  However, they do alot, and provide alot for you.  So, you just need to figure out what your comfort level is with the paperwork and activities that they would do on your behalf, and the time it will take to do them.  

Keep in mind, just because you list as a FSBO doesn't mean that won't have a Buyer that comes along with their Realtor who will expect to be paid the co-broke. So, you may be paying a Realtor fee in the end anyway...AND not be able to have the representation for yourself.

Many people find that between coordinating showings and open houses to the paperwork, to the transactional process, it is worth the expense to have someone else do it for you.

If you are in a hot market where just putting a sign in the yard will lead to a Buyer, then maybe it is worth it to you to go it on your own.

Whichever option you choose, I wish you the best of luck!