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#413520 - 09/27/12 10:44 PM Open House for FSBO?
JTG Offline
Member

Registered: 04/03/12
Posts: 22
Loc: Virginia Beach, VA
A FSBO investor has a few houses that are listed with a limited service rep. It seems she stages the house and puts a for sale sign in the yard and lists it.

I asked if I could hold an Open House for him at any of his properties and he said yes. He said he pays 3.5% for agents who find buyers. I have an authorization form for FSBOs that my firm uses. I'm wondering if it would be worth my time? I figured I'd meet buyers and hopefully get a buyer for the home.

Any suggestions would be appreciated.

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#413594 - 09/28/12 07:20 PM Re: Open House for FSBO? [Re: JTG]
Dodger52 Offline
Member

Registered: 10/14/11
Posts: 266
Loc: Montana
The right house, with the right visibility, at the right price could be a good source of buyers. If you are trying to learn what works and are willing to invest the time, an open house could be worth it.

There are a couple of things you need to do first. You will need the listing agents permission to sit an open house and to advertise it. As a listing agent you would not get my permission. I would not want somebody I don't know sitting in one of my listings and trying to capture buyers that should be coming to me.

You will also need your brokers permission. If I was your broker I would rather see you sit in one of my listings, and help my sellers.

If you are thinking that you can get future business from this investor, than you are soliciting business from a seller that has contracted with another Realtor and that can get you into a lot of trouble.

I would suggest you talk to your broker and pick a nice house, in a good location, that IS listed with your company and do an open house there.
_________________________
Dodger52 (Chris)
Prudential Montana Real Estate
www.MT-RE.net
www.facebook.com/MissionValleyMTHomes

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#413605 - 09/28/12 09:10 PM Re: Open House for FSBO? [Re: Dodger52]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7773
Loc: Vermont's North-East Kingdom
Originally Posted By: Dodger52
". . . You will need the listing agents permission to sit an open house and to advertise it. . ."

But with a FSBO . . . . there is no Listing Agent.

Who would the OP be representing? He'll be an Agent without a Client. Like a Man without a Country!

In Real Estate, an Agent must ALWAYS know who s/he's working for . . . . that's why we're called Agents. Without a Client, you have no real business representing anybody or anything.

Make no mistake about it . . . . you'd be there for yourself, to gather up Leads to whom you might sell something else . . . . but will the FSBO allow you to represent one of the Buyers who comes to the Open House and actually wants to buy it ?

You have to get that straight in your own head first; then see if there's a way to make a legal accommodation with the Seller which is also consistent with the Rules and Regulations in your jurisdiction.

I can say this . . . . if you're sitting at an Open House, the bulk of the visitors will perceive you to be an Agent of the SELLER, and in this instance, that will not be the case, so how do you intend to correct or avoid that mis-impression ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#413606 - 09/28/12 09:57 PM Re: Open House for FSBO? [Re: Vermont]
Dodger52 Offline
Member

Registered: 10/14/11
Posts: 266
Loc: Montana
Originally Posted By: Vermont
Originally Posted By: Dodger52
". . . You will need the listing agents permission to sit an open house and to advertise it. . ."

Bt with a FSBO . . . . there is no Listing Agent.



I may have misinterpreted the post, the OP described his investor as a FSBO investor that had some of his properties listed with a limited service company. I didn't think it was clear which of these properties he was going to sit.
_________________________
Dodger52 (Chris)
Prudential Montana Real Estate
www.MT-RE.net
www.facebook.com/MissionValleyMTHomes

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#413610 - 09/28/12 10:21 PM Re: Open House for FSBO? [Re: JTG]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8596
Loc: georgia
I think you would do better to approach a top listing broker in your office and offer to do an open house.

You will be much more protected in this situation and it is cleaner and you will learn in a more safe environment.

Do not sit the open house if it's overpriced.You will get very limited activity and the seller giving you grief on the listing agents listing.

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#413708 - 10/01/12 05:00 PM Re: Open House for FSBO? [Re: JTG]
JTG Offline
Member

Registered: 04/03/12
Posts: 22
Loc: Virginia Beach, VA
The remarks say " Deal Directly with Owner for Information and Showings. HOWEVER (their writing), e-mail all offers to listing agent. All information provided by seller; please verify all information with seller."

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#413710 - 10/01/12 05:57 PM Re: Open House for FSBO? [Re: JTG]
Dodger52 Offline
Member

Registered: 10/14/11
Posts: 266
Loc: Montana
Originally Posted By: JTG
The remarks say " Deal Directly with Owner for Information and Showings. HOWEVER (their writing), e-mail all offers to listing agent. All information provided by seller; please verify all information with seller."



I am not sure what you are responding to with this quote. This kind of showing instruction is not giving you permission to solicit the seller for open houses or any other marketing services. Talking to the seller of a listed property about doing an open house isn't even a gray area. I know that you are eager to get some business going, but you need to do it the right way. Talk to you broker and sit some in office listings, or if you think this is the greatest house in the world talk to the listing agent, but stay clear of the seller of a listed property.

When that listing expires... it is fair game, but not until.
_________________________
Dodger52 (Chris)
Prudential Montana Real Estate
www.MT-RE.net
www.facebook.com/MissionValleyMTHomes

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#413712 - 10/01/12 06:49 PM Re: Open House for FSBO? [Re: JTG]
JTG Offline
Member

Registered: 04/03/12
Posts: 22
Loc: Virginia Beach, VA
In the front of the house it said FSBO, so that is why I called and asked. I get what you're saying, though. Tricky path to take.

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#413713 - 10/01/12 07:17 PM Re: Open House for FSBO? [Re: JTG]
Dodger52 Offline
Member

Registered: 10/14/11
Posts: 266
Loc: Montana
There are lots of different limited service models, and with some of them its hard to tell from the street whether or not the home is listed. Many years ago I remember a company called "for sale by owner" they may even still be around. If its not clear you probably wont get in trouble for asking, but if there is a listing in your MLS its best to stay away.

Your open house idea is a good one, like others have said, you can probably find plenty of available homes within your office. Vermont brought up some good points on agency, you will want to work that out before sitting an open house. If you are willing to work this hard to find a home to sit, you will do well in this business. Just remember that sometimes we make this business harder than it needs to be.
_________________________
Dodger52 (Chris)
Prudential Montana Real Estate
www.MT-RE.net
www.facebook.com/MissionValleyMTHomes

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#413728 - 10/02/12 03:36 AM Re: Open House for FSBO? [Re: JTG]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8596
Loc: georgia
Sounds like this seller has a limited service listing agreement and an open one at that.

There are exclusive listings whereby whoever buys it the listing broker gets a commission.Then there are other types where many brokers can market the property and whomever brings the buyer gets paid.

Then there is a listing where it is on the MLS but the seller can also sell FSBO if they find someone.I don't take anything but an exclusive.

The seller will fight with you on FSBO or other agents will fight with an open listing on who procured the buyer and who is due money.

I would stay away from this property and go to something else.

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#413888 - 10/05/12 06:35 AM Re: Open House for FSBO? [Re: JTG]
Musa Opondo Offline
Member

Registered: 09/24/12
Posts: 210
Loc: USA
There are so many question marks on this deal.
I would stay away unless all doubts are cleared.

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#416037 - 11/25/12 03:24 AM Re: Open House for FSBO? [Re: JTG]
cartert Offline
Member

Registered: 04/14/12
Posts: 157
Loc: Saskatoon, Saskatchewan, Canad...
As long as you have a proper contract in place with the owner first, I see no reason not to. That's still good commission and an opportunity to meet new buyers. Isn't that what open houses are for anyways? See if he or she will do some additional advertising for it as well.

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#416259 - 11/29/12 09:56 PM Re: Open House for FSBO? [Re: cartert]
Jack Liebsch II Offline
Member

Registered: 11/11/12
Posts: 35
Loc: Jupiter, Florida
If the property is on the MLS, it is not truly a FSBO. The Seller may act like a FSBO, but the Seller still has a valid listing agreement with a broker, just one with very limited services. Unless the broker instructions give you broad enough permission to contact the owner directly to host an open house, you need to get permission from the Seller's broker first. If the broker grants you permission to contact the Seller to host an open house and the Seller agrees, do not try to get the Seller to sign a separate commission agreement. The listing agreement between the Seller's broker and Seller would likely address the coop commission, which is already referenced in the MLS.

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