All Forum Posts by: Glenn R.

I was impressed.  It didn't take much over 12 months before they moved in. 

The owner retired young, so he didn't have a job that paid more.  Assuming a 30% profit for a GC, I'd guess he saved $600K+ for a year's work DIY style.   Most people would be happy to make that in a year.  

Grading, foundation, framers, etc...  It's the same subs doing the labor, regardless if an owner/builder hires & pays them or a professional GC does.  

Somebody asked whether this is a hobby or a business.  One man's business can be another's hobby.  There is no right vs wrong here.  

If you want to build a house or do a big addition or remodel I agree that a GC is a good idea.  

If you only need roofing, a paint job, or flooring there's no reason to bother a GC.  

Plenty of people owner build & coordinate all of the subs from the ground up.  My next door neighbor built a 3 story 10K sq ft home with an elevator & wine cellar as an owner builder.  It had him hopping & was sometimes difficult to line up all the subs, but his home turned out beautiful.   

Building your own home is a good way to save money, but it's not something most people can, should, or even want to do.  

This sounds like very good advice to me.  GC's just hire subs, so why not just hire the subs you need too.

Instead of offering a "percentage-based" buyer agent commission I would rather post a " dollar amount" commission for a very unique high-end "estate lot".  $50,000 "sounds" like a nice commission for showing a vacant lot to "the right" client.  Although 1% probably "sounds" like an insult to the profession.

From my perspective, as the seller, I'd think there will be enough motivated agents that actually see an easy $50K on the table.  (Also, they should see the future potential dealings with both parties, not to mention bragging rights of being part of such a noteworthy project.  )

I'm not in a hurry & there are no comparable properties.  I can always increase my offer later, right?

Jon,

Thanks for all the tips.  I found one that seems to click all the boxes you mentioned.

I'm just selling building lots, so it seems like this should be all I need.

I'd like to some feedback from agents about their view on the buyer's agent compensation.  Do you concentrate on the "percentage" offered or do you pay more attention to the actual "dollar amount"?

If you see "$50,000" as the compensation listed on the MSL for selling a vacant building lot would you ignore it if it was less than 3%?  What if it was less than 2%?  Would you mention this lot to your client, if it was a truly unique property that didn't offer the "standard" percentage you normally would receive as the buyer's agent for a home?

Would you forget the percentage rate and still consider it a "good day's pay"?

I am trying to sell waterfront building lots which are rather high-end because they close to a big city.  I was hoping to sell them by simply posting a sign on the lots with an info-box containing a survey & prices.  I have received a lot of interest, but no offers yet.  I really don't think a listing agent deserves 3% for listing a vacant lot, but I'd be happy to give that to an agent who delivers a buyer.

Can you folks give advice about which flat fee services are good & what to be aware of?  I see services from $79 and up.  

"Spending like a millionaire."

That's a funny phrase.  Because "spending" won't make you a millionaire.  

"Saving & investing like a millionaire" is a much more accurate phrase.

I know a lot of "spenders".  They're all still working!   And they all "wish" that they'd saved more.  

Nextdoor has been surprisingly effective.  I've had about 10 folks from this and surrounding neighborhoods asking for info.  I've been sending the lots surveys, prices, & info.  I've been busy refilling the info box at the lots too.  

I'm planning to contact all of the local builders to let them know about the lots.  They aren't around on the weekends when my signs are up.  I think I'll call first to introduce myself and make sure I have the "right person's" email address.  Just sending a blind email to their office seems like sending junk mail.  

I'll post back and let you know how that works out.  

I have a number of waterfront lots that are in a highly developed area of Lake Norman, near Charlotte, NC. Since the remaining vacant lots are becoming rare here I've decided to offer them FSBO. There aren't a lot of details involved with building lots like there are with houses, so it seems hard to justify paying a commission.

I placed FSBO signs & info box at the lots and on the main roads in the neighborhood (only allowed Friday afternoon until Sunday evening). Shared the surveys & info with a lot of local agents & builders. Posted them on Zillow, Craigslist, and Nextdoor.

Initial interest has been very high.  What other types of advertising should I try?

Btw, I just spoke to a builder that claims to be building 11 homes around the lake right now and has 10+ couples shopping for lots now.  He's asking for a discount, asked if I'm concerned about devaluing the market by offering 7 high-end lots (at two different locations) at the same time.  He also mentioned partnering with me, he'd build on our lots & we'd split the profit.  (I listened to a similar pitch from a different builder yesterday.)  

It seems like they're confirming that the market is hot, which tells me to just sit tight and be patient. 

I'm just wondering if there are any other effective, free or low cost, ways I should advertise?

Thanks,