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Homes For Sell By Owner - FSBOs and Buyer Brokers
You're selling your home as a FSBO (for sale by owner) and you get annoyed when real estate brokers call you, right? That's a reasonable response when you're doing all the work to market your property to save thousands of dollars in broker commissions. However, when a "buyer broker" calls, you might want to listen. Why Listen To understand why I say that, we need to understand the functions of "listing brokers" and "buyer brokers." Real estate brokers can and do serve both functions, though some specialize. Some brokers who call you are interested in listing your home. They want to market your home for you. The amount of commission charged for this service varies, but where I live, most brokers list homes for a commission of 6 percent of the sales price. When the home sells, if another brokerage firm has brought the buyer to the deal, the listing broker pays the selling broker half or 3 percent. When you're successfully operating as a FSBO, you're getting folks to come and look at your house, or condo, or whatever, and you don't need a listing agent. However, what if you've been doing this for a while and none of the lookers has been converted to a buyer? What then? Well, if a broker calls you and says he or she is working with buyers and they'd like to be able to show your home, maybe you should consider it. They probably only expect about half the typical listing commission. That still allows you to save serious money. Perhaps you can even negotiate down a bit from half. This is especially true if your home is appropriately priced above the average price for a home in your area. In my area where 3 percent to a selling broker is frequently acceptable, I've seen brokers accept 2.5 or even 2 percent. It doesn't hurt to ask. As a bonus in that situation, you get someone who is knowledgeable about the process with an interest in getting the deal to settlement. True, they don't represent you. They represent the buyer, but the buyer wants your home and the broker wants a payday. In short, the buyer broker has incentive to put an oar in when problems arise. Don't misunderstand me. I'm not for one second suggesting that you pay more than is necessary to sell your home. At first, take names and phone numbers of "buyer brokers" who call you. Then, if you find you need to, call back the ones who impressed you. There is a middle ground between going it alone and listing with a broker. If you find you need to, this middle ground can be worth exploring through buyer brokers. Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.
MORE RESOURCES: Realtor Lawsuit Settlement Will Change the Housing Market Forever Business Insider Rules that helped set real estate agent commissions are changing. Here's what you need to know The Associated Press The Realtors' Big Defeat The New York Times Why This Real-Estate Investor Favors Commercial Vs. Residential Business Insider Who are real estate lobbyists talking to in New York? City & State New York Public records: Coshocton County, Ohio, real estate transfers Coshocton Tribune Brockton-area real estate sales for Dec. 26 to Dec. 29, 2023. Enterprise News The End of the Super Broker Era in Commercial Real Estate Commercial Observer Refined Real Estate: Historic Queen Anne Polson House lists for $6,950,000 seattlerefined.com Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Real estate shake-up: Possible commission changes ahead 11Alive.com WXIA Real Estate Commissions Are About to Get Much Cheaper. Here's How Zillow, Redfin, and Opendoor Could Be Affected. The Motley Fool On Real Estate: The confusing and contradictory state of post-pandemic retail Crain's New York Business Miami Beach real estate investor under investigation for firing shotgun from waterfront home WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale REAL ESTATE | New signage for Auto Safety Center on S. Main Street, West Bend, Wi washingtoncountyinsider.com Luxury's Latest Battleground: Real Estate | BoF The Business of Fashion A luxury agent on how the NAR settlement will change his business The Washington Post Knoxville School Board to Hold Several Public Hearings Regarding Real Estate Parcels KNIA KRLS Radio Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times Local real estate agents abuzz over proposed commission changes - LVB Lehigh Valley Business Realtor group will pay $418M to settle commission lawsuits The Associated Press Settlement will affect Iowa homebuyers KCCI Des Moines How new real estate rules may impact home prices in Connecticut Eyewitness News 3 Israeli real estate event: Legal complaints escalate NorthJersey.com Will March bring more madness to Craven County's real estate market? New Bern Sun Journal China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal Rules that helped set real estate agent commissions are changing. Here's what you need to know Lufkin Daily News Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter What the death of the 6% real estate commission means in D-FW The Dallas Morning News Hocking County real estate transfers | News | logandaily.com Logan Daily News What Seattle-area homebuyers should expect after national settlement The Seattle Times National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal Realtors settlement brings confusion, relief to Southern California’s real estate industry OCRegister Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal California, United States Luxury Real Estate Home California Listings Making Sense of New York's Confusing Luxury Home Market The Wall Street Journal A commission settlement may affect housing market 9News.com KUSA End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Yoon to scrap 'reckless' plan to raise declared real estate value The Korea JoongAng Daily Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times Wilmington realtor weighs in on proposed changes to real estate industry following major settlement WECT Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily Bridgemarq Real Estate Services (TSE:BRE) Share Price Passes Above Two Hundred Day Moving Average of $12.93 Defense World 4 Ways a Settlement Could Change the Housing Industry The New York Times Revolutionizing Real Estate Lead Generation: Stephen Zochowski's Groundbreaking New Book 24-7 Press Release Colony Ridge violated deceptive trade practices, Texas says The Texas Tribune Real Estate Stocks Drop As NAR Agrees to $418 Million Settlement Markets Insider |
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