For Sale By Owner refers to a real estate property that’s been listed for sale by its owner. Colby Sambrotto, the founder of forsalebyowner.com created one of the most popular websites to help a homeowner market their home online for a fee or course. For Colby, this business is more than just selling a home, it’s been a way of life!
People sell their homes without an agent simply to save money however many don’t realize that using an agent could actually bring you a faster sale, a higher price and way more exposure to market your property! Colby Sambrotto realized this first hand and he’s a guy who actually makes a living off of people selling their own home!
Mr. Sambrotto had his New York apartment listed for 2 million dollars for about 6 months, of course he didn’t use an agent as he is the FSBO king. After half a year on the market with no bites, he contacted Jesse Buckler, a real estate rep. in New York. They raised the price from 2 million to 2.15 million (a 7.5% increase), received multiple offers on the listing all while the agent Jesse Buckler was given the listing for a full 6% commission.
Now this is a tipical situation that may happen here in Ontario, Canada with someone not as hight profile as Colby Sambrotto. Sellers mainly think that agents place a sign on their lawn, do some paperwork and presto we make a deal. But this is proof that if you hire an experienced realtor, who knows what they’re doing, they will reach a larger target market of qualified buyers and eventually make a deal a lot faster.
Other recognized name that sold their property through a real estate agent and not for sale by owner was Craig Newmark, founder of Craigslist and Al Bennati, owner of buyowner.com.
Homeowners: if you list your property online buyers will not magically come! Just because so many people are on the internet is not a reason to make you think you’ll sell your home the same way. A good Real Estate Agent knows the market, will set a proper listing price and market the property to the right type of buyer. They will also stage the property to make sure it has the best exposure to potential buyers and will answer all questions correctly avoiding any legal issues should you say anything that is incorrect. Always remember, people sell homes not the internet!
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