Experience missing in FSBO equation

Realtor Notebook

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Inman Connect New York | January 29 - February 1, 2019

I have a friend who is selling his own home. He contacted me last winter and I recommended a listing price based on recent sales in the area. He decided that he needed more money and I told him that I would not list the home at a higher price.

He decided to save a buck or two. He paid a fee to have the home listed on the multiple listing service and he will pay a commission to the buyer’s agent. At the price I have estimated the home will actually sell for, he could save about $12,000 in commissions if he sold it.

Interestingly, he listed it for the same price that he wanted me to list it at. A more logical strategy would have been to use the commission savings to lower the price of the home so that it would sell more quickly.