For Sale By Owner listings have plunged to historic lows across North America, in spite of all projections to the contrary. And in another blow to the FSBO market, the co-founder of ForSaleByOwner.com turned to a real estate broker recently to sell his Manhattan apartment.
Colby Sambrotto marketed his apartment himself for six months through online ads. When it didn’t sell, he hired broker BOND New York.
“I was floored,” says Bond New York co-owner Bruno Ricciotti. After all, Ricciotti considers Sambrotto’s former company a big player in the FSBO Market.
Listing agent Jesse Buckler raised the price and lusred multiple offers, ultimately selling for over asking at a whopping $2.15 million.
Undaunted, Sambrotto plans to launch a new FSBO website that will let sellers offer commissions to brokers who bring buyers in.
Simon Says: ….Seems to me that there is certainly money to be made selling ads to private sellers, even if it doesn’t get the desired results. The newspapers have been doing it for decades . . …