Converting For Sale By Owner listings
If you simply search online for how to sell For Sale By Owner (“FSBO”) in NYC you will find a plethora of articles on why it’s very difficult for FSBO sellers to succeed. Essentially, FSBO listings are considered “off market” because they’re not receiving attention from the 90-95% of buyers who are represented by agents. This makes obvious sense because many FSBO sellers flat out don’t want to deal with agents, in which case why would a buyer’s agent risk 3% commission by introducing a FSBO listing to his or her client?
Furthermore, even if a FSBO seller offered to work with buyers’ agents, or even if they wrote “will pay 3% to buyer’s agent” they are still out of luck. That’s because there’s no mechanism for the buyer’s agent to get paid and to ensure that the buyer won’t go direct to the FSBO seller. After all, the buyer can simply search for the address online to see that it’s a direct sale by the owner!
In contrast, if they listed with Mont Sky Real Estate the seller’s property would be listed in RLS (REBNY Listing Service) which is the equivalent of the Multiple Listing Service in NYC as well as 100+ real estate search websites such as StreetEasy, Zillow, Trulia and Brownstoner. We would properly co-broke and offer a commission to buyers’ agents in RLS which would ensure the cooperation of over 16,000 REBNY Member agents in the city. It’s important to point out that co-broking is automatic and contractual between fellow REBNY Member Firms. Therefore, a buyer’s agent would never hesitate to show our listing to their buyer because they sure they’ll get paid!