1,057,554
CONS (bad news first):
- Check your E/O coverage for agent-owned properties.
- Will this project cut into your time on others (and create a negative cash flow situation at the end of the day)?
- Can you be realistic and objective about what might be an emotional situation?
- Can you have your house show-ready EVERY DAY and still get your 'day job' stuff done?
- Kids, pets. Will they need to be managed while you're out showing property?
PROS:
- $$
I have ALWAYS maintained that should my fairy house be placed on market, my husband and the dog would need to move out! LOL!
Now, it is just me and the dog, but in the event my home was marketed for sale, I would move us out, rent for 6 months, put everything nonessential in storage and enjoy minimalism! House repaired, updated du jour, spic and span, lockbox and have at it biatches.
Also, would pay a healthy coop fee.
AND I WOULD HIRE A BROKER TO HANDLE IT. My best friend is a broker in another office and I could set and forget it with her!
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Kris Collis, Associate...
East Stroudsburg, PA
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Steve Higgins
Kelowna, BC
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Kat Palmiotti
Kalispell, MT
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Kathleen Daniels, Prob...
San Jose, CA
-
Roy Kelley
Gaithersburg, MD
-
Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
-
Pete Xavier
Pacific Palisades, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Barbara Todaro
Franklin, MA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Wayne Zuhl
Cranford, NJ
-
Eve Alexander
Tampa, FL
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Silvia Dukes PA, Broke...
Spring Hill, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Michael Jacobs
Pasadena, CA
808,779
Pros- saving on the Real Estate fees
Cons- possibility of being sued. We just sold one of our personal rental properties I used another agent. We had an agreement I would sell her place for free and she would sell mine for free. We both still had to pay the buyer agent.
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John Juarez
Fremont, CA
-
Pete Xavier
Pacific Palisades, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
-
Candice A. Donofrio
Fort Mohave, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Wayne Zuhl
Cranford, NJ
-
Diana Dahlberg
Pleasant Prairie, WI
-
Lesley Wilson-VanGoethem
Winter Springs, FL
-
Fred Griffin Florida R...
Tallahassee, FL
-
Michael Jacobs
Pasadena, CA
2,684,769
Pros: Save all or part of the commission. Know that your house is being properly marketed.
Cons: No Buyer wants to buy your "home". They want to buy THEIR house. Freudian slip calling it "our home".
Go for it! As Lyn Sims said, you can gain some very useful experience.
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John Juarez
Fremont, CA
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Steve Higgins
Kelowna, BC
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Debe Maxwell, CRS
Charlotte, NC
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Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Nina Hollander, Broker
Charlotte, NC
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Wayne Zuhl
Cranford, NJ
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
5,258,239
Would you do your own open heart surgery?!
Think of the liabilities before you do. Partner up with a local agent - I'd be willing to bet they wouldn't charge you full commission for their service.
You can do your own marketing and let them be the front agent representing to the buyer & their agent.
Also, in NC, if you have a firm license and are the firm's broker-in-charge, it is illegal to represent yourself no matter how much better you think you will represent your own property.
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Steve Higgins
Kelowna, BC
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Tony and Suzanne Marri...
Scottsdale, AZ
-
Lyn Sims
Schaumburg, IL
-
Candice A. Donofrio
Fort Mohave, AZ
-
Pete Xavier
Pacific Palisades, CA
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Wayne Zuhl
Cranford, NJ
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Diana Dahlberg
Pleasant Prairie, WI
1,029,703
Run, Forrest, Run! The number one drawback would be lack of objectivity. What home seller would get warm fuzzies when the feedback is something along the lines of, "What were they thinking when they installed that hideous wallpaper?"
Colorado has laws detrimental to an owner/agent selling their own property.
Find a friend to list it for you at a reduced rate (possibly) and stay in your lane. I list for my friends often because they are aware that they are not a neutral party to a transaction (which a listing agent should be).
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Pete Xavier
Pacific Palisades, CA
-
Wayne Zuhl
Cranford, NJ
-
Diana Dahlberg
Pleasant Prairie, WI
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Michael Jacobs
Pasadena, CA
1,847,731
You're going to hate being a seller but it's good practice so that you know what happens. I am currently doing that & I've never seen such rude people in all my days. I'm not sure who is at fault, the agent or the buyer.
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Steve Higgins
Kelowna, BC
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Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Candice A. Donofrio
Fort Mohave, AZ
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Wayne Zuhl
Cranford, NJ
-
Diana Dahlberg
Pleasant Prairie, WI
-
Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
5,245,401
I've never done it. Always had someone else!
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Candice A. Donofrio
Fort Mohave, AZ
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Nina Hollander, Broker
Charlotte, NC
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Wayne Zuhl
Cranford, NJ
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
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Steve Higgins
Kelowna, BC
5,583,328
you need to check with your broker/owner....many E&O insurance policies won't cover an agent's home listed by that agent!! you'll need to put in MLS in another agent;s name...or your broker/owner's name....
I've listed and sold many of my homes and always in someone else's name...I let the agent handle the entire deal so there would not be an issue in the future with insurance.....and i paid that agent a listing fee....
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Kris Collis, Associate...
East Stroudsburg, PA
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Wayne Zuhl
Cranford, NJ
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Pete Xavier
Pacific Palisades, CA
679,404
Each one has to evaluate the pros and cons ... personally I think I would rather have someone else dealing with it and freeing me of any liabilities ...
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Steve Higgins
Kelowna, BC
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Pete Xavier
Pacific Palisades, CA
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Wayne Zuhl
Cranford, NJ
259,367
Check your E and O , and what your brokerages policy is...
I would want someone to handle the transaction for me, as i wouldnt want my emotional aspect to be a factor in negotiating.
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Steve Higgins
Kelowna, BC
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
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Wayne Zuhl
Cranford, NJ
-
Diana Dahlberg
Pleasant Prairie, WI
4,584,196
Who would be better? Good luck.
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Nina Hollander, Broker
Charlotte, NC
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Wayne Zuhl
Cranford, NJ
-
Diana Dahlberg
Pleasant Prairie, WI
-
Steve Higgins
Kelowna, BC
-
Debe Maxwell, CRS
Charlotte, NC
1,525,616
You know what it takes to sell your house. The last two times I have sold my house, it has sold really quickly.
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Wayne Zuhl
Cranford, NJ
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Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
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Nina Hollander, Broker
Charlotte, NC
5,773,239
Wayne and Jean,
We listed our home, we had a full inspection done prior to putting it on the market, took care of all the necessary repairs, and replaced our skylight with a new one (even though we did not have to). We sold it a week. A
We value PEACE OF MIND above all. I thing Candice A. Donofrio makes an excellent point. A
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Wayne Zuhl
Cranford, NJ
-
Candice A. Donofrio
Fort Mohave, AZ
-
Pete Xavier
Pacific Palisades, CA
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Nina Hollander, Broker
Charlotte, NC
2,190,182
If you're not the broker/owner there may be a policy against it. Some do. Some don't. I've done it successfully twice.
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Wayne Zuhl
Cranford, NJ
-
Diana Dahlberg
Pleasant Prairie, WI
7,870,816
I plan to use another listing agent. What you do is up to you.
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Wayne Zuhl
Cranford, NJ
-
Debe Maxwell, CRS
Charlotte, NC
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Richard Bazinet /MBA, ...
Scottsdale, AZ
87,920
I see not issues, unless you are extremely emotional and it can get on the way of sale.
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Wayne Zuhl
Cranford, NJ
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
509,449
Cons: We get emotional about the transaction.
Pros: We save on the fees.
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Wayne Zuhl
Cranford, NJ
-
Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
5,116,528
I have never allowed anyone to sell my house except myself. At the end of the day, if I am out listing property and telling people they won't get better than me, why would I not give myself me? BTW, I have always sold my own homes at a premium and no complaints from buyers or their agents.
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Kris Collis, Associate...
East Stroudsburg, PA
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Wayne Zuhl
Cranford, NJ
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Steve Higgins
Kelowna, BC
1,325,924
I sold a rental to the tenant. Not on mls. No broker involvement. No commission. Worked well for both of us.
If on mls, I would have had to pay my broker. In that case, having opened the market to all potential buyers, I more than likely would have had it listed by a team member. The arms-length aspect would have been more compelling.
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Wayne Zuhl
Cranford, NJ
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Steve Higgins
Kelowna, BC
1,554,939
CON: You're too emotionally connected to your principle property, your negotiating skills will be compromised.
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Wayne Zuhl
Cranford, NJ
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Debe Maxwell, CRS
Charlotte, NC
1,449,960
A lawyer hires a lawyer for representation. Get a big fat referral fee for the assistance you give, too
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Wayne Zuhl
Cranford, NJ
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Debe Maxwell, CRS
Charlotte, NC
716,659
I think selling your own home is a very BAD idea. You like to live dangerously?
First of all, unlikely you are covered by your E&O, second, your liability is extremely high, third, you have HUGE disclosure issues, and third you are not a 'neutral' party. And you can be deemed by the courts as dealing unfairly with a buyer as you are held to much higher standards than a regular seller. You can no longer pretend ignorance.
So, I'd say that selling your own home would be a BIG mistake. So why in the world would you want to do this? To earn/save your own commission? Really? Don't you believe in hiring a professional realtor to represent you?
Have you seen an attorney being sued representing themselves? Why do you think that is?
Rather, get a partner in your office. Work out a deal.
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Wayne Zuhl
Cranford, NJ
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Debe Maxwell, CRS
Charlotte, NC
921,504
Pros....save money.
Cons ....agents don't take their own advise and go FSBO.
See, home owners CAN do it themselves and Save Money!
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Wayne Zuhl
Cranford, NJ
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Debe Maxwell, CRS
Charlotte, NC
556,536
Check with your e&o provider. They might not cover it and/or your rates might go up.
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Wayne Zuhl
Cranford, NJ
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Debe Maxwell, CRS
Charlotte, NC
2,459,243
Interesting answers - Wayne/Jean Marie - Let us know what you decide to do.
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Wayne Zuhl
Cranford, NJ
-
Debe Maxwell, CRS
Charlotte, NC
4,319,873
Wayne and Lynda Gomillion - simple! Do you trust yourself?
I am in the same boat - and I will list my own home for sure.
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Wayne Zuhl
Cranford, NJ
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Debe Maxwell, CRS
Charlotte, NC
6,424,817
I have listed many of my own, every broker and state has their own rules about this.
I also avoid dealing with buyers on any of mine, send them to a member of my team and most are sold by agents in other firms.
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Bob Crane
Stevens Point, WI
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Wayne Zuhl
Cranford, NJ
547,687
3,350,589
I'd first check with the E&O insurance carrier and find out if you are covered listing your own home.
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Wayne Zuhl
Cranford, NJ
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Debe Maxwell, CRS
Charlotte, NC
4,272,934
I did last year and it was no biggie except that my office charged me a commission split and made me pay myself a commission ..
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Wayne Zuhl
Cranford, NJ
-
Debe Maxwell, CRS
Charlotte, NC
1,506,923
Cons: A few extra disclosures need to be made. Your E&O may not cover it either, so you may need to go w/o it on that one.
Pros: Save money, more control.
Personally, I've bought, sold and leased my own properties. Hell, that's half of why I have a real estate license!
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Wayne Zuhl
Cranford, NJ
-
Debe Maxwell, CRS
Charlotte, NC
577,750
You know everything about the house and the neighbourhood and can answer any an all questions about it.. and market it efficiently. Take the emontional quotient out and look at it as a commodity that you are selling.
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Wayne Zuhl
Cranford, NJ
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Debe Maxwell, CRS
Charlotte, NC
4,967,093
5,879,676
I have sold a few of my own homes, but have since attended many seminars with legal advice stating - too much liability. We are held at a higher standard than a normal Seller. Check your E & O insurance, and would not do it myself again. Find a fellow REALTOR to do it for you.
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Wayne Zuhl
Cranford, NJ
902,428
Pro's - you should know what you're doing, stage it right and take great photo's. Con's - emotions get in the way?
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Wayne Zuhl
Cranford, NJ
3,168,134
our E&O does not cover us listing our own properties.
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Wayne Zuhl
Cranford, NJ
3,071,589
4,800,132
If you can remain emotionally detached and handle it as you would any other properties, you won't have a problem.
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Wayne Zuhl
Cranford, NJ
1,242,204
Get someone to represent you never double end..... Big trouble....
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Wayne Zuhl
Cranford, NJ
3,986,308
I have sold numerous of my own properties. I have not seen a down side
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Wayne Zuhl
Cranford, NJ
3,988,013
Pros- you know the property better than anyone, you can save on commission, you can't blame another agent for doing a less than stellar job
Cons- liability, possible mistrust from other agents or buyers, lack of E& O coverage
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Wayne Zuhl
Cranford, NJ
2,785,456
No matter what you say or do you end up taking things very personal
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Wayne Zuhl
Cranford, NJ
1,389,205
4,434,177