They’re called FSBOs (For Sale By Owners).
You knew that, right?
Anyway, it so happens that FSBOs can list their properties in the local MLS (MLS PIN, it’s called).
All they need to do is find a real estate broker to do it, for them.
I write about this periodically. Sometimes you’ll see that a Boston condo for sale is being sold by the owner but some homeowners choose to sell without the help of a Realtor (don’t ask me why). I don’t have a problem with that at all but I have downtown Boston real estate buyers who ask about these properties. When I do a little research I sometimes find out that the for sale by owner home was sold six months ago, or the owner was just kind of testing the water or the owner will sell if someone will pay an outrageous amount of money for the place.
The other day, I looked up a Boston condo for sale by an owner that one of my clients was interested in the condominium was appraised at around $450,000 but the owner has it listed for $950K and as you can imagine it has been listed for a long time. The property was being advertised on some obscure for sale by owner web sites that most people wouldn’t know to look at. I doubt the seller is serious about selling but would sell if someone wants to pay almost double the value of the property.
One for sale by the owner let me show his condo and then told me that he really wasn’t that interested in selling but that he was kind of trying it out to see if people would be interested in buying. I can almost relate to that as I live on and own a home that is very unique. I see hundreds of homes each year but have never seen one like my own. I often wonder how a home buyer would react to it.
Occasionally I find a home that is being listed by the owner that is a perfect match for my clients. I call the owner and they let me show the property and if my clients like it we make an offer and if all goes well the owner says yes and I get paid too.
I encourage my clients to let me know if they are interested in a home that is being sold by the owner. I’ll work with anyone and I am not afraid to knock on a door or two if a buyer likes a home that isn’t on the market.
People who are trying to sell their home or condo should use a real estate agent. Probably, someone with experience, and someone who works at a larger company (to take advantage of the company’s sales and marketing budget).
If you are attempting to sell your property on your own, without the assistance of a seller’s agent, and would like to have your property listed in MLS, please contact me for more information.
I would also be happy to discuss the pros and cons of going the FSBO route, as well as be happy to provide tips on how to sell your property, without an agent.
Updated: Boston real estate for sale 2020