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Wayne Zuhl, The Last Name You'll Ever Need in Real Estate (Remax First Realty II)

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Rainmaker
1,052,196
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

CONS (bad news first):

  • Check your E/O coverage for agent-owned properties.
  • Will this project cut into your time on others (and create a negative cash flow situation at the end of the day)?
  • Can you be realistic and objective about what might be an emotional situation?
  • Can you have your house show-ready EVERY DAY and still get your 'day job' stuff done?
  • Kids, pets. Will they need to be managed while you're out showing property?

PROS:

  • $$

I have ALWAYS maintained that should my fairy house be placed on market, my husband and the dog would need to move out! LOL!

Now, it is just me and the dog, but in the event my home was marketed for sale, I would move us out, rent for 6 months, put everything nonessential in storage and enjoy minimalism! House repaired, updated du jour, spic and span, lockbox and have at it biatches.

Also, would pay a healthy coop fee.
AND I WOULD HIRE A BROKER TO HANDLE IT. My best friend is a broker in another office and I could set and forget it with her!

Apr 21, 2018 10:30 AM
Rainmaker
805,799
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Pros- saving on the Real Estate fees

Cons- possibility of being sued. We just sold one of our personal rental properties I used another agent. We had an agreement I would sell her place for free and she would sell mine for free. We both still had to pay the buyer agent. 

Apr 21, 2018 10:30 AM
Ambassador
2,684,009
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Pros:  Save all or part of the commission.   Know that your house is being properly marketed.

Cons:   No Buyer wants to buy your "home".  They want to buy THEIR house.  Freudian slip calling it "our home".

Go for it!  As Lyn Sims said, you can gain some very useful experience.

 

Apr 21, 2018 10:12 AM
Ambassador
5,229,945
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Would you do your own open heart surgery?!

Think of the liabilities before you do. Partner up with a local agent - I'd be willing to bet they wouldn't charge you full commission for their service.

You can do your own marketing and let them be the front agent representing to the buyer & their agent. 

Also, in NC, if you have a firm license and are the firm's broker-in-charge, it is illegal to represent yourself no matter how much better you think you will represent your own property.

Apr 21, 2018 10:07 AM
Ambassador
1,026,893
Mimi Foster
Falcon Property Company - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Run, Forrest, Run! The number one drawback would be lack of objectivity. What home seller would get warm fuzzies when the feedback is something along the lines of, "What were they thinking when they installed that hideous wallpaper?"

Colorado has laws detrimental to an owner/agent selling their own property. 

Find a friend to list it for you at a reduced rate (possibly) and stay in your lane. I list for my friends often because they are aware that they are not a neutral party to a transaction (which a listing agent should be). 

Apr 21, 2018 09:39 AM
Rainmaker
1,844,271
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

You're going to hate being a seller but it's good practice so that you know what happens. I am currently doing that & I've never seen such rude people in all my days. I'm not sure who is at fault, the agent or the buyer.

Apr 21, 2018 09:37 AM
Rainmaker
5,216,381
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

I've never done it. Always had someone else!

Apr 21, 2018 10:01 AM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

you need to check with your broker/owner....many E&O insurance policies won't cover an agent's home listed by that agent!!  you'll need to put in MLS in another agent;s name...or your broker/owner's name....

I've listed and sold many of my homes and always in someone else's name...I let the agent handle the entire deal so there would not be an issue in the future with insurance.....and i paid that agent a listing fee....

Apr 21, 2018 12:18 PM
Rainmaker
679,404
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Each one has to evaluate the pros and cons ... personally I think I would rather have someone else dealing with it and freeing me of any liabilities ... 

Apr 21, 2018 11:08 AM
Rainmaker
259,317
Lesley Wilson-VanGoethem
Innovative Realty Solutions Group - Winter Springs, FL
Residential Real Estate Broker Associate

Check your E and O , and what your brokerages policy is...

I would want someone to handle the transaction for me, as i wouldnt want my emotional aspect to be a factor in negotiating.

Apr 21, 2018 11:05 AM
Rainmaker
4,572,117
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Who would be better? Good luck.

Apr 21, 2018 09:58 AM
Rainmaker
1,525,616
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

You know what it takes to sell your house.  The last two times I have sold my house, it has sold really quickly.

Apr 21, 2018 12:38 PM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Wayne and Jean,

We listed our home, we had a full inspection done prior to putting it on the market, took care of all the necessary repairs, and replaced our skylight with a new one (even though we did not have to).  We sold it a week.  A

We value PEACE OF MIND above all.  I thing Candice A. Donofrio makes an excellent point.  A

Apr 21, 2018 11:25 AM
Ambassador
2,178,553
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

If you're not the broker/owner there may be a policy against it.  Some do.  Some don't.  I've done it successfully twice. 

Apr 21, 2018 10:45 AM
Rainmaker
7,835,407
Roy Kelley
Retired - Gaithersburg, MD

I plan to use another listing agent. What you do is up to you.

Apr 21, 2018 02:15 PM
Rainer
87,920
Jeff Perlis Prime Properties
Prime Properties - Lake Arrowhead, CA
Experience Your Own Transformation!

I see not issues, unless you are extremely emotional and it can get on the way of sale. 

Apr 21, 2018 01:04 PM
Rainer
509,449
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Cons: We get emotional about the transaction.

Pros: We save on the fees.

Apr 21, 2018 12:52 PM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I have never allowed anyone to sell my house except myself. At the end of the day, if I am out listing property and telling people they won't get better than me, why would I not give myself me? BTW, I have always sold my own homes at a premium and no complaints from buyers or their agents.

Apr 21, 2018 12:44 PM
Rainmaker
1,311,397
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I sold a rental to the tenant. Not on mls. No broker involvement. No commission. Worked well for both of us.

If on mls, I would have had to pay my broker. In that case, having opened the market to all potential buyers, I more than likely would have had it listed by a team member. The arms-length aspect would have been more compelling.

Apr 23, 2018 11:42 AM
Rainmaker
1,543,623
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

CON: You're too emotionally connected to your principle property, your negotiating skills will be compromised.

 

Apr 22, 2018 10:18 AM
Rainmaker
1,449,860
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

A lawyer hires a lawyer for representation. Get a big fat referral fee for the assistance you give, too

Apr 22, 2018 10:08 AM
Rainmaker
716,049
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

I think selling your own home is a very BAD idea. You like to live dangerously?

First of all, unlikely you are covered by your E&O, second, your liability is extremely high, third, you have HUGE disclosure issues, and third you are not a 'neutral' party. And you can be deemed by the courts as dealing unfairly with a buyer as you are held to much higher standards than a  regular seller. You can no longer pretend ignorance.

So, I'd say that selling your own home would be a BIG mistake. So why in the world would you want to do this? To earn/save your own commission? Really? Don't you believe in hiring a professional realtor to represent you? 

Have you seen an attorney being sued representing themselves? Why do you think that is?

Rather, get a partner in your office. Work out a deal. 

Apr 22, 2018 06:55 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Pros....save money.

Cons ....agents don't take their own advise and go FSBO.

See, home owners CAN do it themselves and Save Money!

Apr 22, 2018 06:18 AM
Rainmaker
556,536
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

Check with your e&o provider. They might not cover it and/or your rates might go up.

Apr 22, 2018 04:26 AM
Ambassador
2,436,099
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Interesting answers - Wayne/Jean Marie - Let us know what you decide to do. 

Apr 22, 2018 03:16 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Wayne and Lynda Gomillion - simple! Do you trust yourself?

I am in the same boat - and I will list my own home for sure.

Apr 21, 2018 11:21 PM
Ambassador
6,393,154
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I have listed many of my own, every broker and state has their own rules about this.

I also avoid dealing with buyers on any of mine, send them to a member of my team and most are sold by agents in other firms.

Apr 21, 2018 11:00 PM
Rainmaker
547,327
Steven Nickens
Hawaii Life Real Estate Brokers - Wailea, HI
R(S)GRI ABR, Maui Real Estate Hawaii

Pricing.

Apr 21, 2018 06:36 PM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I'd first check with the E&O insurance carrier and find out if you are covered listing your own home. 

Apr 21, 2018 05:49 PM
Rainmaker
4,272,548
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

 I did last year and it was no biggie except that my office charged me a commission split and made me pay myself a commission ..

Apr 21, 2018 05:18 PM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Cons: A few extra disclosures need to be made.  Your E&O may not cover it either, so you may need to go w/o it on that one.

Pros: Save money, more control.

Personally, I've bought, sold and leased my own properties.  Hell, that's half of why I have a real estate license!

Apr 21, 2018 01:56 PM
Rainmaker
577,750
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

You know everything about the house and the neighbourhood and can answer any an all questions about it.. and market it efficiently.  Take the emontional quotient out and look at it as a commodity that you are selling.

Apr 21, 2018 01:31 PM
Rainmaker
4,936,183
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Do not take anything personal 

Apr 25, 2018 10:29 AM
Rainmaker
5,868,472
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have sold a few of my own homes, but have since attended many seminars with legal advice stating - too much liability.  We are held at a higher standard than a normal Seller.    Check your E & O insurance, and would not do it myself again.  Find a fellow REALTOR to do it for you.

Apr 24, 2018 11:24 AM
Rainmaker
900,128
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Pro's - you should know what you're doing, stage it right and take great photo's. Con's - emotions get in the way?

Apr 24, 2018 09:49 AM
Ambassador
3,164,269
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

our E&O does not cover us listing our own properties.

Apr 23, 2018 12:42 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Debe Maxwell, CRS nailed this one!

Apr 22, 2018 05:57 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

If you can remain emotionally detached and handle it as you would any other properties, you won't have a problem.

Apr 22, 2018 05:48 AM
Rainmaker
1,239,801
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Get someone to represent you never double end..... Big trouble....

Apr 21, 2018 10:10 PM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have sold numerous of my own properties. I have not seen a down side

Apr 21, 2018 09:12 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Pros- you know the property better than anyone, you can save on commission, you can't blame another agent for doing a less than stellar job

Cons- liability, possible mistrust from other agents or buyers, lack of E& O coverage

 

 

Apr 21, 2018 06:50 PM
Rainmaker
2,781,153
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

No matter what you say or do you end up taking things very personal

Apr 21, 2018 03:53 PM
Rainmaker
1,374,323
Joyce Marsh
Joyce Marsh Real Estate LLC - Daytona Beach, FL
Joyce Marsh Homes

Hire the best person for the job. 

Apr 29, 2018 01:27 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Apr 22, 2018 05:29 AM