Selling Without Realtor

[Stephen E.]

I own a home in New Orleans, Algiers Point. I bought it just before Covid and it doesn't really fit my plans going forward, but it's actually in a great spot and well set up for people looking to work at home. I currently have it rented to a monthly long term tenant for basically break even money on my mortgage/tax/insurance with the tenant responsible for all maintenance. So technically I'm making money because $500 of that mortgage goes against principle. In other words, I'm not desperate to sell the property.

I recently sold a condo without using a realtor because it was a referral from another condo owner in the same complex and it was great.

My main problem with using a realtor is the 5%. I think this house should sell for $459,000, possibly $449,000, which is break even money. To cover the realtor fees I would have to increase the price to $475,000, and I don't see the house selling at that price.

I'd love to know people's thoughts on this. I own 3 properties and have sold one. My best deal I ever got was buying a property from someone I knew who was willing  to sell it for much less because we didn't use a realtor.

Thanks in advance for all thoughts!

[Steve Morris]

"My main problem with using a realtor is the 5%."

There is NO standard fee agreement among brokers.  2 suggestions:

1) Ask each: "Can you do better?" OR

2) Find one of those 1% or FSBO places that'll get your property on MLS. Be prepared for a buyer agent allowance.