"For sale by owner" - SOLD? (Workshop)

[StillHope]

Thank you,Kathy and John!
This PW University is great!

[StillHope]

From the other thread:



quote:Originally posted by StillHope

John Rabi, thank you for the explanation of your company FSBO policy.For how long MLS can be listed without "renewal fee" and how much is the co-op fee?


We take listings for one year and the FSBO Program is a "Limited Service Listing Agreement." The co-op fee is up to the seller, it's the amount the seller is offering to brokerage company representing the buyer. (I think her name is Mabel!)

Aloha,
John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"

[StillHope]

From the other topic:
StillHope:

"John Rabi, thank you for the explanation of your company FSBO policy.For how long MLS can be listed without "renewal fee" and how much is the co-op fee?"

John Rabi:

"We take listings for one year and the FSBO Program is a "Limited Service Listing Agreement." The co-op fee is up to the seller, it's the amount the seller is offering to brokerage company representing the buyer. "

[StillHope]

Just for having an option:

Ric:

"Just go to google, type in 'flat fee mls', and your city, you can see if they are available. Usually seller must pay $400-600 up front, and that will get you on the MLS. In some cities there are many, and I would make sure there is a local address where you can go talk to someone, look at papers, and write a check (don't use a web-based one). You still have to offer a 'co-broke' commission if the buyer comes thru another broker. But if the buyer sees your MLS listing and contacts you directly, . . . no additional commission. This does require some business savvy because you will have to be able to understand pages and pages of offers, counter-offers, etc. The fee must also be paid up front and is not refundable if your property doesn't sell. This is not for everyone, some buyers prefer to deal thru a broker, it makes the transaction 'faceless'."


P.S. The quotes are from the thread:

http://punaweb.org/Forum/topic.asp?TOPIC_ID=7750&whichpage=7

[Blakeyboy1]

Half the battle and the reason most FSBO's don't gain traction is the MLS. As stated above you can still get on the MLS as a seller and without a realtor. Well technically you are paying a flat fee to the listing agent ($200-$500) as the state or municipality requires the listing to be by an agent. Many will also assist you with questions on contracts as well (and there are generally additional services for a fee). As StillHope says above just google and compare. Most listings last for 12 months.

A realtor has some advantages as they have access not only to what comparable properties are selling for in your area (easily enough found online) but also trends and what they are actually selling for. Some sellers have no clue or are too emotionally attached to properties or for other reasons should enlist a realtor for selling their property and the realtor certainly earns their 3%. But many other sellers are quite capable of handling pretty much everything the listing agent would do if they are willing to put in a little time.

Just this week I listed an investment property I own in SLC with a flat free service as I prepare to liquidate some properties and move to the Puna area. The service I selected is local and also gets the listing on a hundred or so national sites that people use like realtor.com, msn and aol real estate.

Good luck man!

-Blake
http://www.theboysgreatescape.blogspot.com/



Blakeyboy1

[Blakeyboy1]

I was not clear and John S. Rabi is correct in his statement. The flat fee you pay is to have the realtor (or brokerage actually) represent you on the MLS. That is kind of why I went on to say " Well technically you are paying a flat fee to the listing agent ($200-$500) as the state or municipality requires the listing to be by an agent. "

-Blake
http://theboysgreatescape.blogspot.com/


Blakeyboy1

[John S. Rabi]

quote:

---

Originally posted by Blakeyboy1

As stated above you can still get on the MLS as a seller and without a realtor.

---

I don't know about other states, but not in Hawaii. You would have to sign a "Limited Listing Contract" with a brokerage company here to have your property listed in MLS. I know of only three companies that provide this service in the whole state.

Aloha,
John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"

[mary]

this is an example of who will list it for flat fee on MLS

http://www.flatlist.com/default.asp.pg-HAWAIIFLATFEEMLS

the rest can be done through title company like Title Guarranty and poss real estate lawyer if needed.

[EightFingers]

This week I got a postcard in the mail from an agent willing to "discount" the commission from 6% to 5%. That would be great if there was a little competition in that area.

[nana valley]

Sold my house on FSBO.com within three months on the mainland. The buyer used a title company and paid ALL the fees, even the ones I normally would have paid. Sold as is, too. Easiest venture I ever did. This sounds like an ad...lol. But seriously, this can work and you can save thousands and if you're wanting to sell sooner rather than later, you can market the house at a cheaper, selling price.
I don't know if this works well in Hawaii. When I was shopping for a house in Hawaii, the for-sale-by-owners web sites had very few houses listed in Hawaii. I never knew the reason for that.

He who hoots with owls at night cannot soar with the eagles in the morning.