We have long wondered why FSBO (For Sale By Owner) was so rare in the niche Manhattan market, whereas it has become common place elsewhere in the US.
I believe one of the core reasons is that the success of "assisted FSBO" or "agent managed FSBO" transactions have masked the decline of the traditional 6% exclusive right to sell industry. The whole point of an agent managed FSBO after all is to hide the fact that the homeowner is not paying a traditional broker commission. I suspect therefore that there are many more non-traditional listings and sales in Manhattan than people give credit for.
In contrast, in other parts of the country FSBO transactions are said to total 1/3 of all home sales. This is often because people use obvious flat fee MLS listing companies that often syndicate people's listings to Zillow as a FSBO listing, and often even watermark their photos with the FSBO company logo! No wonder it's easier then to track how many are FSBO listings.
Ironically, the above method does a terrible disservice to homeowners. The whole point of an agent managed FSBO approach is to hide the fact that you're not FSBO. If you are identified as a FSBO seller, then the whole point of hiring a FSBO broker becomes moot. You will then be singled out and likely avoided, or worse, harassed.
Take a look at the rest of my blog if you're interested in learning more about how to sell for sale by owner in NYC!
I believe one of the core reasons is that the success of "assisted FSBO" or "agent managed FSBO" transactions have masked the decline of the traditional 6% exclusive right to sell industry. The whole point of an agent managed FSBO after all is to hide the fact that the homeowner is not paying a traditional broker commission. I suspect therefore that there are many more non-traditional listings and sales in Manhattan than people give credit for.
In contrast, in other parts of the country FSBO transactions are said to total 1/3 of all home sales. This is often because people use obvious flat fee MLS listing companies that often syndicate people's listings to Zillow as a FSBO listing, and often even watermark their photos with the FSBO company logo! No wonder it's easier then to track how many are FSBO listings.
Ironically, the above method does a terrible disservice to homeowners. The whole point of an agent managed FSBO approach is to hide the fact that you're not FSBO. If you are identified as a FSBO seller, then the whole point of hiring a FSBO broker becomes moot. You will then be singled out and likely avoided, or worse, harassed.
Take a look at the rest of my blog if you're interested in learning more about how to sell for sale by owner in NYC!