MLS vs FSBO (Agent vs Lone Wolf)

[Chris Jensen]

In another post, I explored how people felt about buying FSBO properties and whether FSBO properties were shunned. Several comments in that thread dealt with cons of FSBO and pros of realtor/MLS. So I thought I'd create a new thread just to explore pros/cons of hiring an agent and listing through the MLS vs. going lone wolf and listing FSBO.

Many people choose FSBO, so I know there are at least some perceived benefits of that path. Conversely, many more people choose the realtor/MLS path, so there are a lot of perceived benefits of that route.

Based on your experience with either path, I'd appreciate your comments and perspectives. Clearly agents and realtors will have plenty to say about the pros of the realtor/MLS path. I'm particularly interested in buyers and sellers who have gone either, or both, paths. Thanks all!

[Charlie MacPherson]

@Jonathan Moskal Well, @Mike Cumbie pretty much nailed it.

Selling real estate looks pretty easy from a distance.  So does rebuilding a 4-barrel carburetor.

Once you get into rebuilding that carb, you'll find that there are a hundred little pieces and parts that you need to keep very good track of, or you'll end up with a pile of junk and a car that won't run.

Selling real estate is the same way.  Sometimes it goes perfectly smoothly.  Everyone gets along, price is reasonable, seller accepts the offer, the inspection is easy and it closes without a hitch.  In fact, I had that happen 2 months ago.

However, last week it was different.  Representing the buyer using hard money, our closing is hung up.  The sellers are facing imminent foreclosure, but their reverse-mortgage lender has been dragging their feet on a settlement statement - for TWO WEEKS.

Now it's up to me to hold the deal together.  Manage the respective party's expectations, get extensions executed and keep tempers from flaring to the point that somebody says "f**k it" and walks away.

Re-read the partial list of things an agent does for you that I wrote above.  

If you really want a competitive advantage, list with a strong full-time agent.  Price it right.  Offer a 12 month home warranty (~$500) and a bonus to both agents if the deal is under contract by a target date that you pick.

Good luck!