There are a host of for sale by owner websites on the Internet, the newest is ChoiceA where you’ll get a fresh user experience and it won’t cost you a dime. The service, based in Portland, Oregon offers free listings for FSBO. Buyers and Sellers are connected directly and provided tools to help aid the transaction. Currently, the site offers free downloadable legal forms for Washington, Oregon and California and provides a user-friendly upload process. Many sites limit the number of photos you can include in a listing, at ChoiceA you can upload as many high-resolution photos as you’d like. In addition, ChoiceA provides HTML code that allows you to cross-post your listing to Craigslist or other for sale by owner options.
ChoiceA intends to contribute to the changing landscape of real estate, but remain focused on the FSBO market. There are other new or hybrid options in real estate such as Redfin, which would reduce your listing fees by a little more than half the traditional amount. With Redfin the majority of your seller’s fees are rebated back to you, but you remain obligated to pay the buyer’s agent’s fees which are usually a traditional percentage. Other web-based real estate tools include Zillow’s Zestimates, and Trulia’s site which aggregates various broker listings. Historic FSBO sites generally charge from $200 – $1200 for marketing materials or flat-fee MLS listings that are then posted at Realtor.com. Flat-fee MLS listings usually sound like a good idea, but rarely will a traditional agent (who the MLS is built around) treat a flat-fee listing the same as a traditional listing; simply it is not in the agent’s interest to show homes that are flat-fee listings if the agreement with the seller is such that a traditional agent will not be paid for introducing a buyer and a seller.
More and more the seller is being given the power to set his/her listing fee. You’ll notice that on Craigslist the majority of FSBO’s state something similar to: “2% offered to buyer’s agent” – which means that they will pay no more than 2% to be introduced to a buyer who ultimately closes on the property. The Internet’s reach is empowering the buyers and sellers and it is widely believed that there is a growing trend toward Do It Yourself real estate. What was traditionally an intimidating process is becoming more understood by many who are able to research the process, obtain the needed forms and seek out an attorney who may charge $300-$400 to review the paperwork versus traditional real estate commissions that can be $20,000 – $30,000+ for a like-sized transaction.
As with many industries, the Internet is changing the traditional landscape. Real estate practices have changed relatively slowly, but as of 2007 the pace at which the model is changing is accelerating. It is hard to imagine that five or six years from now people will still have to pay $18,000 to market a $300,000 property. Rather, fees are expected to be reduced dramatically as the Internet empowers people to do more for themselves while getting increasingly equal amounts of exposure. After all, if the Internet does one thing well, it’s connect one person to another and the real estate industry will likely change in a big way as soon as more of the new models are used with success.
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Source by J Summerson