Today we’re going to talk about where to list your home when you try to sell for sale by owner in NYC. It’s very important to realize that the buyer universe is extremely fragmented, there are literally hundreds of search web sites so you’re going to want to have maximum exposure. Friends will often ask me, why can’t I just put it on Zillow and be done with it? While Zillow is a popular web site, it is just one among hundreds of search web sites. If you’re going to sell your home, why would you only expose it to a certain small segment of buyers? The fact that the buyer universe is so fragmented is one of the main reasons why real estate brokers haven’t died out yet. Brokers make this problem worse by having broker-only databases such as the multiple listing service that regular consumers can’t even list their home on. While there are a few free listing services, which we’ll talk about later, you really need to list using a service that will get you on both public and private sites. What I mean is, you’ll need to be able to list on the multiple listing service in addition to dozens of public consumer search web sites. I’ve looked through many of these different services and, to be frank there aren’t that many in the city. The best one I’ve found is Hauseit.com both in terms of value and exposure. In terms of exposure, these guys will list you on your local MLS, OLR, Realtor.com, StreetEasy, Homes.com, PropertyShark, and dozens more. They forward all inquiries directly to you so you still have full control, yet you appear as a traditional listing. The pitch is you receive less broker harassment because it looks like you already have a listing agent. In terms of value these guys are the best by far. They charge ~$300 for three months to list your property everywhere that a traditional agent would. Moreover, they offer free managed open houses as many times you want. Best of all, their listing agent is not eligible for any commissions beyond the flat fee that you pay. It was difficult to find similar services that served the NYC market. There are a few classic discount brokers, and a few large national discount broker chains, however most of them either charged a lot more in fees or couldn’t list you on relevant local sites like StreetEasy or the relevant local MLS called OLR. Moreover, I found it easier to deal with Hauseit because they were a marketing company without conflicts of interest prevalent in broker relationships. Of course, if you’ve really wanted to do it yourself you could individually list on each of the relevant sites I mentioned before. StreetEasy charges $399 for 28 days on their site. Realtor.com is not available for individuals and neither is the multiple listing service or OLR. So if you are if you want to do it yourself completely, I’d start with listing on StreetEasy for 28 days and perhaps also the New York Times which also charges you I believe $200 for two weeks. I’d also list on Zillow, Trulia, propertyshark, homes.com, yahoo homes. You can do this and test it out and hope to get lucky, but just be aware that many statistics say that brokers represent 80% of the represented market. Good luck, remember to read the rest of my blog, and I’d love to hear your thoughts on your for sale by owner nyc experience!
3 Comments
Leona
4/7/2016 01:45:23 pm
It's still crazy to think that New York City sellers are blindly paying 6% to NYC listing agents when FSBO / DIY solutions like Hauseit and Realtor.com exist ... closing costs are already steep enough without having to cut an additional check to brokers !
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Alex
4/7/2016 07:26:36 pm
what's the typical real estate commission in NYC btw?
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Leona
4/7/2016 07:51:09 pm
5-6% ... crazy
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