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Realtors vs FSBOs

Realtors vs FSBOs. What is a Realtor?. A Realtor is a real estate licensee that pays annual dues to be apart of the Association of Realtors. A real estate licensee is someone who took a two week class and passed a test.

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Realtors vs FSBOs

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  1. Realtors vs FSBOs

  2. What is a Realtor? • A Realtor is a real estate licensee that pays annual dues to be apart of the Association of Realtors. • A real estate licensee is someone who took a two week class and passed a test. • The class DOES NOT teach you how to sell real estate, NOR teach you how to be a good real estate agent.

  3. What is a FSBO? • FSBO stands for For Sale By Owner. • You are completely on your own to find the house, negotiate price, complete contract, handle appraisal, order inspection, set up closing with title company or escrow agent (depends on state).

  4. How do they compete? • Most people are scared to either sell or buy without a Realtor because of the last point. • 70% of all real estate for sale is listed with a Realtor. • 30% is being sold FSBO. • Great deals can be found under both types of sellers, if you know what you’re doing.

  5. How do Realtors market their listings? • Primarily through the MLS • Sign in the Yard • Open Houses • Internet sites • Home Magazines • Direct Mail • Realtor Network • Round Robin Auctions • Buyers list • Social Networking Sites

  6. How do FSBOs market their property? • Sign in the yard • Internet sites • Maybe • Talking with personal network • Social Networking sites.

  7. Using a Realtor on the buy side • Do not let them negotiate for you • Do not let them determine the market value of the home • One exception for the above two points is if they are a way above average Realtor. • To retain them exclusively some may charge an upfront fee. • If you are new to an area, allow them to pinpoint areas that interest you most in your price range. • Be accurate with your price range • Give them extremely specific criteria so they can find you properties.

  8. Before hiring a Realtor to sell your house • If you’re selling a house ask to see their marketing plan in writing and a printout of their current listings and recently sold listings. • Analyze the following • # of listings (if they have a lot do they have an assistant) • Avg. days on market to contract • Number of price corrections • Review actual marketing actions taken to sell those houses. • Results are the only things that matter. Getting your house sold quickly for top dollar outweighs whether or not you like your Realtor.

  9. Before Hiring a Realtor as a buyer’s agent. • Request to see past performance history. • Can they show evidence that they fought for the lowest price? • How did they locate a property? • What are their negotiating tactics? • What do they charge?

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