Colby Sambrotto is a founder of the website ForSaleByOwner.com, which lets people sell their own real estate. Colby Sambrotto had an apartment of his own to sell - a two bedroom in Chelsea. Can you guess what happened next?
He spent six months trying to sell his condominium himself through his online listings and classified ads, before turning over the listing of the 2,000 square feet apartment to a broker in New York.
The broker, Jesse Buckler, sold the unit for $2.15 million at a standard 6% commission. Not only could For Sale By Owner guy not sell his own apartment, but a broker was able to sell it for more money.
Originally published in the Wall Street Journal, you may be able to read it at http://gaw.kr/qioFmR
Note:The idea behind 'for sale by owner' websites is to bypass the real estate professionals in an attempt to save commission. Let's use the example of a property worth $600,000, the commission at 6% would be $36,000.
Why jeopardize $600,000 to save a portion of $36K?
Of course you want the most for your property? Let's just do that. Call me a for a consultation.