Olga Mayayeva & Simon Ilizarov's Blog
About EXIT Realty: Founded in Canada in 1996 with offices across the continent, EXIT is a proven real estate business model that has to-date, paid out more than $225 million in single-level residual income - for agents, this means security, stability and direction; for agents' families, security in the form of beneficiary and retirement residuals.
EXIT’s MIND-SET Training Systems offer the industry’s best hands-on, interactive sales training. State-of-the-art technology, including the Digital Marketing Strategy, gives agents the edge in a competitive marketplace.
A portion of every transaction fee collected by EXIT International is applied to its charitable fund. To-date, $2.25 Million has been pledged to Habitat for Humanity. For more information, please call Olga Mayayeva at 718-781-3074.
This blog prides itself on the quality of real estate information we deliver each and every day. We try to gather empirical evidence to validate the positions we take. We do not use just an anecdotal story to make a point. We also do not get caught up in the sensationalism of the moment. However, today will be different.
We can’t resist commenting on the story which recently appeared in the Wall Street Journal regarding Colby Sambrotto, the founder and former CEO of forsalebyowner.com. It seems the founding father and lifelong evangelist of the concept of selling your home without a real estate agent was forced to hire a broker to sell his home after failing at what he preaches others should do.
After failing to sell his, NYC apartment on his own as a For Sale By Owner (FSBO), Sambrotto hired a broker and paid a 6% commission in order to get the job done. His personal experience helps refute some of the myths Sambrotto has been espousing for over a decade. Let’s look at two of those myths:
Myth #1 – You Will Pocket More Money Selling on Your Own
Most FSBO sites say you can save the commission by selling on your own. What happened in Sambrotto’s sale?
From the WSJ article:
“The broker, Jesse Buckler, said he told Mr. Sambrotto the apartment in the Lion’s Head building on West 19th Street near Sixth Avenue was priced too low and wasn’t drawing the right buyers.
By May, it went into contract, he said, after attracting multiple offers. It closed in the last few days for $150,000 more than the original asking price.”
Myth #2 – The Internet Alone Can Sell Your Home
Many have said that, with the introduction of home search on the Internet, hiring an agent is no longer a necessity.