Options for avoiding high sellers' agent fee in hot neighborhood
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
We're selling our home next month. We are in an exceptionally hot downtown DC neighborhood and the house was fully renovated 2 years ago. It shows very well and there's almost no inventory in our neighborhood. I have watched all sales in my neighborhood for the last 2 years and am confident as to my list price and expect to sell at around $1.3m or above, and that it would go under contract on the first weekend.
When living in another state, I sold two houses FSBO and had no problems. I'm an attorney, I used a real estate attorney to review the closing docs, hired a photographer for $175, etc. FSBO was not uncommon in that neighborhood. I plan to offer 2 or 2.5% to buyers agent. Can people tell me the various options for avoiding the "full" (i.e., 2.5-3%) sellers' agent fee in a hot neighborhood like this? Ideally, I'd keep fees at nil (~0%). At most, I'd like to pay 1%. If I can keep fees at a minimum, I am okay handling the whole process myself (hire photographer and real estate attorney, use lockbox, attend open house, etc). If I pay an agent as much as 1%, the only services I would like are: handle photography, attend open house and any other showings during the first weekend, receive and manage incoming offers, attend inspection, and help manage docs for closing. Low end: FSBO. How would this be perceived in a hot downtown neighborhood? Are buyers okay working with a lockbox system for visits outside the open house? High end: Redfin. Do they still charge 1% in DC? In between: discount brokers. Any that you can recommend? What services are included? |
Anonymous
|
there are some fixed value costs online
just google fixed cost broker in dc and you will find a bunch Thats what we used and paid $2k for the service. They did all the paperwork, etc. We had to do open houses, be there to open the home, etc. Saved us at least 30k in comission |
Anonymous
|
I would do it FSBO just like you had before. And pay for it to be listed on the MRIS. Post an open house on Sunday 1-4pm like everyone else, collect the bids and choose between them.
I didn't need the hand holding that redfin gave. As a buyer, it wouldn't bother me that a house is FSBO. In a not so hot area, I would expect some small discount for buying an FSBO if I didn't have an agent. Maybe you could say 2% to buyers agent or to buyer if no agent present? |
Anonymous
|
Rob Spicer is a discount broker with a few lower cost options...
https://www.spicerrealestate.com/ |
Steve
Member Offline
Member Offline
|
A. Low Cost:
If it's as hot as you say, I'd do the following: i. Pre-Market: Send out letters to neighbors that you're selling so they can tell their circles; List on Zillow as MMM (ignore the agents). You could pay 0% commission. ii. Active: List on MLS Flat Fee: http://www.dcurbanmom.com/jforum/posts/list/475296.page#7298461 B. Mid i. Limited Services/Flat-fee agent. I usually perform services for friends and family at $5k. With a limited services like the one you described, it shouldn't be a problem getting an agent to ink the deal. C. "High" i. 1% flat fee RedFin - I like them, but they're discriminated against. There are plenty of others. |
Anonymous
| You're severely limiting your options by not paying a seller's fee. Most buyers still work with an agent. Just offer at least 2% or 2.5% to a buyer's agent. List for a flat fee. |
Anonymous
^^ Oh sorry. I'm being stupid. I mean to say limiting your options by not paying a buyer's fee. Yeah, just list for a flat fee. Take pro pictures. Declutter like crazy. |
Anonymous
OP here. As noted above, I plan to offer 2 or 2.5% to buyer's agent. |
Anonymous
Offer 2% or 2.5% to a buyer without an agent too. I would be more likely to buy your house over another if that were the case. When looking for a new house, I really only get an agent in order to open doors for me. I don't need a buyers agent and prefer not to have one. |
Anonymous
| I recommended a flat fee listing company that charges $300 and somebody removed the posting. hmmm... |
Anonymous
I saw your post! Where did it go? I thought your post was helpful. |
Anonymous
Yes! OP here. Saw your post linking to a 2015 thread, right? |
Anonymous
Wait, no. Just realized it was another post I was thinking of. I checked out your link and it went to something super sketchy. The link and info wasn't valid. Maybe that's why it got taken down? |
Anonymous
|
Zillow
Trulia Craigslist Military by owner FSBO Neighbors listservs Snapchat Linked in messaging |
Anonymous
|
Yes, their website got hacked and they are working on. You can email them at netrealty@netrealtynow.com or cal them 703-581-8605.
Full disclosure: I don't work for them but have used their services once and liked it. My primary driver is that I hate real estate agents and I think they are overrated and ultimately offer no value in today's internet world. Americans have to learn to deal with buyers and sellers directly like in the old days. I want to educate people that there are alternatives to using real estate agents. |