What's your thoughts on FSBO?

Discussion in 'The Buying & Selling Process' started by Nathan Simon, 27th Oct, 2015.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Nathan Simon

    Nathan Simon Well-Known Member

    Joined:
    27th Aug, 2015
    Posts:
    65
    Location:
    Gold Coast, QLD
    Being a RE agent I have noticed a new trend of FSBO.

    Now, although the majority are overpriced, there are some that have just found a price out of nowhere.
    Has anyone ever used this as a good way of buying bargains and selling quickly?
     
    Nathan Simon, 27th Oct, 2015
    #1
  2. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,392
    Location:
    Sydney
    Pardon my ignorance. What's FSBO?
     
    larrylarry, 27th Oct, 2015
    #2
  3. Mumbai

    Mumbai Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,220
    Location:
    Melbourne
    For sale by owner?
     
    Mumbai, 27th Oct, 2015
    #3
    Esh likes this.
  4. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,190
    Location:
    Adelaide and Gold Coast
    For Sale By Owner (ie, without agent).

    I think it can work - really depends on both the location and current market cycle of that place. Eg why would you pay an agent $15k to sell your place for $530k when you can achieve $515k yourself?

    On the flipside though, most people aren't very skilled at negotiating, marketing, contracts, etc so best to delegate this. Most people aren't very good at being objective either, think that their home is worth more than everyone else's so a separate outside person is useful.
     
    D.T., 27th Oct, 2015
    #4
    Nathan Simon likes this.
  5. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,392
    Location:
    Sydney
    Ooh... What are the websites for FSBO? Please list. I'd love to have a look.
     
    larrylarry, 27th Oct, 2015
    #5
  6. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,248
    Location:
    Sydney or NSW or Australia
    @Nathan Simon - worried about the competition? FSBO accounts for a very small % of vendors. They're either too tight to engage an agent, believe that they can do a better job than an agent or are the vendors from hell (the ones you wouldn't wish on your competitors).
     
    Scott No Mates, 27th Oct, 2015
    #6
  7. Nathan Simon

    Nathan Simon Well-Known Member

    Joined:
    27th Aug, 2015
    Posts:
    65
    Location:
    Gold Coast, QLD
    Nah not worried at all. Actually thinking its a good way to buy some cheap places (if you find the reasonable vendors)
     
    Nathan Simon, 27th Oct, 2015
    #7
  8. Nathan Simon

    Nathan Simon Well-Known Member

    Joined:
    27th Aug, 2015
    Posts:
    65
    Location:
    Gold Coast, QLD
     
    Nathan Simon, 27th Oct, 2015
    #8
  9. Nathan Simon

    Nathan Simon Well-Known Member

    Joined:
    27th Aug, 2015
    Posts:
    65
    Location:
    Gold Coast, QLD
    check out gumtree and forsalebyowner.com
     
    Nathan Simon, 27th Oct, 2015
    #9
  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,653
    Location:
    Gold Coast (Australia Wide)
    At least those "ou tof nowhere prices" are a lot better than

    "offers" from, or " for sale by negotiation" where one loses many potential buyers because their logic is "heck the agent if the agent has no idea I sure dont"

    ta

    rolf
     
    Rolf Latham, 28th Oct, 2015
    #10
    larrylarry likes this.
  11. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,392
    Location:
    Sydney
    checked out the forsalebyowners.com.au not much there.
     
    larrylarry, 28th Oct, 2015
    #11
  12. Nathan Simon

    Nathan Simon Well-Known Member

    Joined:
    27th Aug, 2015
    Posts:
    65
    Location:
    Gold Coast, QLD
    That is a good point hahahah
     
    Nathan Simon, 28th Oct, 2015
    #12
  13. Nathan Simon

    Nathan Simon Well-Known Member

    Joined:
    27th Aug, 2015
    Posts:
    65
    Location:
    Gold Coast, QLD
    Yeah they're still on the rise. only 500 odd properties I think they have. Not many FSBO sales out there, and those that tried generally come to there senses and hire an agent.
     
    Nathan Simon, 28th Oct, 2015
    #13
  14. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,190
    Location:
    Adelaide and Gold Coast
    Quite a few FSBO's don't list on there - they list on gumtree, realestate.com.au , domain.com.au , allhomes.com.au or nowhere (just a sign board)
     
    D.T., 28th Oct, 2015
    #14
  15. hpresident

    hpresident Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    136
    Location:
    Brisbane
    I really like the idea of for sale by owner. Again most things are case dependant, but for most of us on propertychat. If you know your local market, comparable sales and have common sense then why pay someone 15k for posting it on re.com.au and do a few open homes.
    My biggest dislike towards majority of the agents are that often they are not working for the seller but rather after a quick sell.
     
    hpresident, 28th Oct, 2015
    #15