And the typical FSBO property sold for $380,000 compared to $435,000 for agent-assisted home sales last year, according to data from NAR. Real estate agents have pointed to this data as evidence that selling a home with a professional results in higher profits.
Of course they would say that - with no evidence to back up their claims.
Significantly more likely (and I speak of a 30+ year serial home buyer/seller) is that people with lower-value properties very often look to put more value on money and less on time & effort in selling their home.
I sold my first house without an agent, but I did have an atty review all the docs.
I have sold houses with realtors too, the last one I may get money from the class action lawsuit about real estate fees whenever it is settled, but still I made the decision to use a realtor so whenever and whatever it is just bonus money for me
Most states for RE transaction forms. Hire an RE attorney to review the contract. Most RE agents don’t do enough work to earn 6-7% (or half).
I used a standard sales form I got at Staples on 2 homes. For buying a home I will use a realtor. But I insist on paying a flat fee like $5k.
assuming one can figure out what their property is worth, a good option can be an agent who handles the details of the sale for a fixed price ...
such an agent will have the property listed on the MLS, facilitates whatever State inspections are required, and handles all the closing paperwork necessary to bring the sale to a close at the title insurance office ...
often the agent acts as a neutral party, and simply ferries offers and counteroffers back and forth without advise or comment until the seller and buyer reach agreement on a final signed contract ...
aside from the MLS listing, usually the seller handles the selling part themselves, including additional advertising, arranging open houses, and conducting requested walk-throughs, though different kinds of fixed-price agents offer different levels of service ...
the paperwork and/or inspection requirements are often ridiculously complicated and voluminous in some states, along with terrible legal consequences if incomplete or incorrect, so it pays to have all of that handled by an experienced agent ...
Some of the biggest liars I ever came across were realtors. They’re right up there with used car salesmen.
BEWARE
Commissions were 3% until recently. people are fools to agree to pay 5-6.
Rec property is worse. We sold a cabin a couple of years back. I used a friend who was a realtor who did it for 3. After it was listed other RE firms tried to poach me. They wanted 25%!! F*** realtors. Some States make it nearly impossible to sell it yourself.
In 1981 I bought a home FSBO. Paid 37,000 for it. Sold it a year and a half later for $45,000. A 21.62% increase.
The seller should have used a realtor, but oh well. It worked out for me.
In almost every real estate transaction I have been involved in where there was a realtor involved, I had to hold their hand every step of the way to get the deal done. A few earn their commission but most just chase listings. Not a fan.....(Full disclosure: I was a real estate appraiser for a number of years. That may have slanted my opinion!!)
Dangle a price and time to sell incentive bonus under their nose and see what haapens.
After I retired I flipped a few houses for a nice profit. My daughter was my realtor.
My last house my daughter (who found the property) told me she could not list my house at the price I wanted for multiple reasons including it was way above the neighborhood’s #1 house. No comps. She and I agreed I would do a FSBO. Not an issue with her - we are still close.
I had 2 realtor friends agree that my price was reasonable and not too high. They both said its value would be evident to buyers. I showed house to maybe 10 realtors agreeing to pay them 3% as buyer’s agents. Sold house at my full asking price and had one offer above asking price. Paid buyer’s agent his 3% & happy to do so.
Later had a valuable wooded 5 1/2 acres/building site for 2 houses with 2 perk sites I tried to sell myself w/o success. Retained my daughter for reduced commission (her offer, not my request) and property sold quickly for more than our asking price.
Conclusion: you never know.
BTW - buyers fell in love with house and what I did with it and became friends - that was 2017. Couple downsizing with 4 kids out.
Sold my last three houses without a realtor and without regrets. I didn’t miss agents dragging people with little to no interest in our house on short notice. Not saying I’ll never use an agent again, but I’m leaning in that direction.