ForSalebyOwner.com founder gives up on own listing, hires real estate broker


Former FSBO CEO sells home the traditional way

Founder and former CEO of ForSalebyOwner.com, Colby Sambrotto listed his 2,000 square foot New York condominium on his own through online classified ads and FSBO sites, but after six months, he opted to hire New York broker Jesse Buckler who immediately advised a price change as the listing was not attracting the right buyer.

After giving up on the DIY route, Sambrotto’s decision to hire a broker led to attracting multiple offers, closing for $150,000 over the original asking price. The Wall Street Journal reports the listing sold for $2.15 million including a 6% commission.

Many FSBOs turn to Realtors

The news stands as an enormous validation of the real estate profession and while some may tease, it is no laughing matter and the former FSBO CEO made a good financial decision.

AGBeat columnist Herman Chan said, “If people want to take a stab at For Sale By Owner (ie FSBO), go for it. But well over 80% of FSBO’s eventually have to list with an real estate agent to get their house sold. It’s harder than it looks!”

Not a new dilemma

Marlow Harris, Seattle Residential and Investment Consultant at Coldwell Banker Bain Associates told AGBeat, “The ForSaleByOwner.com founder’s dilemma is one we see quite often and is not unusual. Trying to sell your own property yourself or using a discount brokerage, is not the solution for everyone. Unusual properties, properties in the higher price range, these are more difficult to sell and often require specialization.”

Harris continues, “We see these choices across the board, from single family homes to huge housing developments. For instance, Vulcan, one of Paul Allen’s companies which has invested heavily in Redfin, does not use Redfin to market their many condominium projects. They use traditional real estate firms such as John L. Scott, Williams Marketing and Matrix Real Estate, finding that the do-it-yourself approach to real estate just doesn’t work for these types of sales.”

ARTICLE FROM:

This article was published on Wednesday, August 3rd, 2011 at 5:54 PM

BY:

AGbeat News

http://agentgenius.com/real-estate-news-events/forsalebyowner-com-founder-gives-up-on-own-listing-hires-real-estate-broker/

 

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About janetnyc real estate

Merging Artistic Aesthetics with Luxury Real Estate Expertise Janet Zola Cruz has an artistic philosophy when it comes to real estate, believing that a client’s “picture” of the perfect dream home has everything to do with their decision to buy it. She should know. Janet not only sells Manhattan luxury properties, but has a MFA in Fine Arts from Brooklyn College, an Interior Design Degree from the Metropolitan Institute of Interior Design and is pursuing professional certification in real estate finance and investment from the NYU Schack Institute of Real Estate. Janet was born in Brooklyn but grew up on the island of Puerto Rico and developed a love of real estate from her father who was a contractor and investor in prime properties there and in Florida. Learning not only the skills of buying and selling properties, but how aesthetics play an integral part of consumer decision-making, her creative nature and keen business sense were the perfect marriage to propel her to success in New York. Janet has lived in New York--Long Island, Brooklyn and Manhattan--for over over 25 years. While pursuing her interests in the arts and in real estate, she founded her own freelance design company whose impressive client list included nationally-recognized companies in publishing, real estate and retail. Janet’s clients know her as an artistic soul with an extensive knowledge of Manhattan’s real estate industry. Buyers value her ability to interpret what in their “mind’s eye” and sellers consult with her on how to best stage their properties for optimum sales. View all posts by janetnyc real estate

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