Industry News

For-sale-by-owner chaos

Diary of a real estate flipper
Published on Jun 2, 2006

What does it mean to market a property? I know all of you who are Realtors have your canned listing presentation answers. But actually stop and think about it for a minute, as though you're a FSBO. The reason this question came up is that I befriended a FSBO in my building – and tried to help her out. I am one of those people who think that not every broker can be as great as my sponsoring broker, and that if people want to sell their own apartments well then, that's fine. I have a lawyer, OK two lawyers, but the point is that there are professionals who charge me $350 an hour to review my contracts and draw up my partnership agreements, and yet I did my pre-nup over the Internet. Some things you want to do yourself to save money: I get that. So when I meet this FSBO, and she said she would pay 3 percent to any broker who would bring her a buyer, I threw my hat in. "Sure, pit us against each other, and see who brings you a buyer," I said. "You'll get the best service that way." ...

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