Comments on: Marketing my Home on the Internet http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/ Seattle's Leading Resource for Real Estate Information Sat, 21 Nov 2009 06:01:18 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Real Estate Taxi http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-341517 Real Estate Taxi Wed, 08 Jul 2009 18:59:32 +0000 http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-341517 Those are all great ideas. The one about being able to post your home on craiglist and google base and a great idea. Those to site gather a great deal of potential buyers to your listing. Those are all great ideas. The one about being able to post your home on craiglist and google base and a great idea. Those to site gather a great deal of potential buyers to your listing.

]]> By: Seattle’s Rain City Real Estate Guide » Our Home is Now Listed! http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8882 Seattle’s Rain City Real Estate Guide » Our Home is Now Listed! Sun, 18 Jun 2006 06:31:59 +0000 http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8882 [...] More Info on RCG [...] [...] More Info on RCG [...]

]]> By: ARDELL http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8217 ARDELL Fri, 02 Jun 2006 23:04:12 +0000 http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8217 Tim, Unfortunately, there is no real answer to your question, except that as far as I know, appraisers do not make the distinction. Every opinion as to price can have a 5% variance based on many factors. So the commission can be accounted for in the variance. There is no way to say exactly what a property is "worth". My best definition of "Fair Market Value" is the price at which neither party is exceedingly happy. If someone's out dancing in the street because of the great price they got for their house, or the great deal they got on the house...that was not "Fair Market Value". When and if we get to a buyer's market, it will be easier to pinpoint "worth", but right now in many cases "Worth equals 5% more than the last guy got." from a seller's perspective. If a seller is using "comps" to set a value, they are likely underpricing the property. If a buyer is using "comps" to determine offer price, they are not likely getting the property, with a few exceptions. Tim,

Unfortunately, there is no real answer to your question, except that as far as I know, appraisers do not make the distinction. Every opinion as to price can have a 5% variance based on many factors. So the commission can be accounted for in the variance.

There is no way to say exactly what a property is “worth”. My best definition of “Fair Market Value” is the price at which neither party is exceedingly happy. If someone’s out dancing in the street because of the great price they got for their house, or the great deal they got on the house…that was not “Fair Market Value”.

When and if we get to a buyer’s market, it will be easier to pinpoint “worth”, but right now in many cases “Worth equals 5% more than the last guy got.” from a seller’s perspective. If a seller is using “comps” to set a value, they are likely underpricing the property. If a buyer is using “comps” to determine offer price, they are not likely getting the property, with a few exceptions.

]]> By: Tim http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8204 Tim Fri, 02 Jun 2006 06:29:39 +0000 http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8204 Sorry I wasn't clear. I wondered if a home was worth 100K, did it matter if agents were invovled or not. Some might say if it's worth 100K then it's worth 100K, period. Or, would a buyer automatically or presumptively adjust the offer price down because of no commissions involved. This is interesting to me because we have closed a small handful of FSBO's and the philosophy seemed to be the FSBO's didn't discount the price just because there were no agents involved. And yet, we see ads frequently by FSBO's that talk about "save" because no agents are involved, which to me, appears that they are willing or already have discounted at least the selling side. Or, 'make an offer before we list' because the price will be adjusted up to offset the commissions. We've all seen these ads a million times. Sorry I wasn’t clear. I wondered if a home was worth 100K, did it matter if agents were invovled or not. Some might say if it’s worth 100K then it’s worth 100K, period. Or, would a buyer automatically or presumptively adjust the offer price down because of no commissions involved.

This is interesting to me because we have closed a small handful of FSBO’s and the philosophy seemed to be the FSBO’s didn’t discount the price just because there were no agents involved. And yet, we see ads frequently by FSBO’s that talk about “save” because no agents are involved, which to me, appears that they are willing or already have discounted at least the selling side. Or, ‘make an offer before we list’ because the price will be adjusted up to offset the commissions. We’ve all seen these ads a million times.

]]> By: ARDELL http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8203 ARDELL Fri, 02 Jun 2006 04:28:02 +0000 http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8203 Tim, I agree with Craig. If you discount the price because there is no fee, the buyer may want to discount it even further "because there is no fee". So you shoot yourself in the foot and then the buyer shoots you in the other foot :-) Tim, I agree with Craig. If you discount the price because there is no fee, the buyer may want to discount it even further “because there is no fee”. So you shoot yourself in the foot and then the buyer shoots you in the other foot :-)

]]> By: Jason http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8201 Jason Fri, 02 Jun 2006 04:17:22 +0000 http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8201 FREE DIRECTORIES I just came across Postlets.com. You can use their service to create ads and post to free classifieds sites (including Google Base). For some sites like craigslist, it doesn't look like it's automated, but you can at least have it generate the listing for you. Here are a few others they list on their site: backpage.com edgeio LiveDeal Oodle Propsmart Vast BLOG ABOUT NEIGHBORS I think this is a great idea! We want to experiment with this concept by letting listing owners have their words on their listing. They can talk about the things THEY like (neighborhood, views, etc) while, hopefully, creating a stronger emotional bond with potential buyer. In other words faster sales and higher prices. Best of luck to you on your selling! FREE DIRECTORIES
I just came across Postlets.com. You can use their service to create ads and post to free classifieds sites (including Google Base). For some sites like craigslist, it doesn’t look like it’s automated, but you can at least have it generate the listing for you.

Here are a few others they list on their site:
backpage.com
edgeio
LiveDeal
Oodle
Propsmart
Vast

BLOG ABOUT NEIGHBORS
I think this is a great idea! We want to experiment with this concept by letting listing owners have their words on their listing. They can talk about the things THEY like (neighborhood, views, etc) while, hopefully, creating a stronger emotional bond with potential buyer. In other words faster sales and higher prices.

Best of luck to you on your selling!

]]> By: Galen http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8144 Galen Thu, 01 Jun 2006 18:13:39 +0000 http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8144 Craig - I knew that NAR was likely skewing the FSBO data somehow, but that 16% less involves family-to-family transactions hadn't occurred to me. Good call! Craig – I knew that NAR was likely skewing the FSBO data somehow, but that 16% less involves family-to-family transactions hadn’t occurred to me. Good call!

]]> By: The Future of Real Estate Marketing » Wayfaring brings mapping to the masses http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8130 The Future of Real Estate Marketing » Wayfaring brings mapping to the masses Thu, 01 Jun 2006 17:24:20 +0000 http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8130 [...] One way to take advantage of this dynamism is to create an in-depth profile of your neighborhood. Dustin, over at Rain City Guide, was recently looking for new ways to market a home on the Internet, I think Wayfaring is a fantastic way to go beyond just a simple listing description and get into the meat of what makes your home a great place to live. Let's face it, the house itself is only part of the equation, your community is a big factor here as well. [...] [...] One way to take advantage of this dynamism is to create an in-depth profile of your neighborhood. Dustin, over at Rain City Guide, was recently looking for new ways to market a home on the Internet, I think Wayfaring is a fantastic way to go beyond just a simple listing description and get into the meat of what makes your home a great place to live. Let's face it, the house itself is only part of the equation, your community is a big factor here as well. [...]

]]> By: craig http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8124 craig Thu, 01 Jun 2006 15:31:31 +0000 http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8124 Ironically, Tim, your question should not be directed at agents -- after all, it assumes there is no agent involved. If you were to ask me -- an attorney who regularly assists buyers and sellers in FSBO transactions -- I would suggest that they not discount, at least initially. Leave the discount calculation -- if any -- up to the buyer. They can revisit the issue when they have an offer in hand. As for how much I charge, I usually don't act as escrow. Rather, I provide counsel to the buyer or seller throughout the process, including use of my forms. I note that most FSBO sellers and buyers don't have access to the MLS forms like Dustin and Anna. I charge a flat fee (no limit to my time) of $875. Finally, in regards to that "16% less" statistic, that includes ALL FSBO deals, even those between family members, and not just arms-length transactions. A sale between family members is more likely to be at a discount. Accordingly, the numbers are skewed. Besides, given the source, the number should be taken with a grain of salt (as FSBO is direct challence to the NAR model). Ironically, Tim, your question should not be directed at agents — after all, it assumes there is no agent involved. If you were to ask me — an attorney who regularly assists buyers and sellers in FSBO transactions — I would suggest that they not discount, at least initially. Leave the discount calculation — if any — up to the buyer. They can revisit the issue when they have an offer in hand.

As for how much I charge, I usually don’t act as escrow. Rather, I provide counsel to the buyer or seller throughout the process, including use of my forms. I note that most FSBO sellers and buyers don’t have access to the MLS forms like Dustin and Anna. I charge a flat fee (no limit to my time) of $875.

Finally, in regards to that “16% less” statistic, that includes ALL FSBO deals, even those between family members, and not just arms-length transactions. A sale between family members is more likely to be at a discount. Accordingly, the numbers are skewed. Besides, given the source, the number should be taken with a grain of salt (as FSBO is direct challence to the NAR model).

]]> By: Tim http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8121 Tim Thu, 01 Jun 2006 05:13:17 +0000 http://raincityguide.com/2006/05/29/marketing-my-home-on-the-internet/#comment-8121 By the way Dustin & Anna, my wife thinks you should create a place where people can bid on real estate services! Someone out there with tech. expertise, write that idea down and build it! Maybe it would really work well, particularly in a changing market environment? Hey Craig, how much would you close their home sale for? We'll do it for $495/side plus tax, regardless of price. And that's a win win for both sides. Plus, if you don't use us, you win again, How? Because you can use our price to your advantage and have a title company match ours. Or, cooler yet, here's a trick-- Put the maximum escrow fee amount both parties agree to pay in your purchase and sale agreement. Escrow has to follow the P & S to the tee, unless they refuse your business. :) By the way Dustin & Anna, my wife thinks you should create a place where people can bid on real estate services! Someone out there with tech. expertise, write that idea down and build it! Maybe it would really work well, particularly in a changing market environment?

Hey Craig, how much would you close their home sale for?

We’ll do it for $495/side plus tax, regardless of price. And that’s a win win for both sides. Plus, if you don’t use us, you win again, How? Because you can use our price to your advantage and have a title company match ours. Or, cooler yet, here’s a trick– Put the maximum escrow fee amount both parties agree to pay in your purchase and sale agreement. Escrow has to follow the P & S to the tee, unless they refuse your business. :)

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