For Sale By Owner

Posted by: Peter Coy on May 5, 2006

Realtors will argue that only a professional can get you a good price and guide you through the intricacies of closing. But selling your house without an agent is getting more and more convenient, thanks to increasingly sophisticated Web tools.emongoo.jpg
One new advertising-supported site called emongoo.com looks vaguely like google.com and offers free listings by owners. You can post as many as 20 photos of your house for free. You also get a free yard sign. Hand-holding costs extra: For $626 you get unlimited telephone consultations on pricing, selling, interior decorating, doing open houses, etc. That’s not cheap unless you compare it to the thousands of dollars you’d be paying a brokerage firm.mongoose.jpg
emongoo.com is still light on listings, so it’s not yet much of a magnet for potential buyers. Then there’s the name—I keep picturing a mongoose. But my guess is that with real estate markets softening, emongoo.com and other FSBO sites are poised to pick up business from sellers who simply can’t stand to pay what full-service agents are asking.

Reader Comments

Dustin

May 5, 2006 2:47 AM

My blog has received a constant stream of comment spam from this guys over the past few days, so I've never bothered to even check them out... Too bad they have such bad blogging etiquette because from your description it sounds like they might be onto something interesting.

Wes Morgengg

May 5, 2006 11:54 PM

First of all thank you for your post. I would like to address Dustin's comments first. I am sorry that you have been "blog spammed". I hope you take a look at www.emongoo.com. I agree that 'blog spamming' is not good blogging etiquette and I thank you for bringing this to my attention.

Okay now on to the post written by Peter Coy:

Our name, you either love it or you don't understand, but either way you remember it! Only time will tell if the name works, but so far, so good!

Mongoose are fast little creatures and we here at emongoo are happy to say we are growing at a very healthy and fast rate. We are 'light' on listings in some states and 'heavier' on others. With our national launch just under six months ago, we couldn't be happier with our success. We owe it to one thing and that is our clients. We are built on a referral model and a lot of our clients refer friends and families every day. We hope that with a little bit of press coverage we will see a healthy expansion in growth.

The site is free to list and search on. If you are a buyer you can contact the seller without placing any personal information in our system. If you are a seller you can post your property on our site for free. You can also add features to your listing, like coaching, real estate contracts, flyer boxes, open house signs, directional signs and so on. Our goal is to create a one stop shop for real estate. We are looking to give individuals an alternative to selling ALL types of properties, not just homes. You can list, commercial properties for sale or lease and residential properties both for sale and for rent.

Again thank you for the post and I invite everyone to give us feedback via our blog at www.emongoo.com/blog . We are willing to listen to any type of feedback. Only those that are willing to listen will succeed. Check out some of the testimonials of our clients, take a look at the site and we welcome your thoughts.

Adam C. Dudley

May 16, 2006 12:39 AM

Living in a hot market like Orlando, Florida, it's very evident that the days of real estate agents are numbered.

Everyday I drive the streets of my community and see less and less commercial real estate signs and more and more FSBO's.

Anyone considering getting their residentital real estate license now should seriously take a good hard look at long term prospects.

A Samuel

May 20, 2006 6:14 AM

There are many more of these sites springing up in the international real estate marketplace and they are now sitting side by side next to traditional real estate websites. Question still remains "Will they take over fully from real estate agents sites"

Imagine you are a client selling your property abroad, surely you are going to have to use an agent to show potential clients around your home, even if you get all the viewings yourself?

Maybe what will happen is agents will offer a different service, where for a much reduced fee, they effectively just key hold and show clients around, the owner does all the marketing themselves?!

Yo

May 27, 2006 12:42 AM

emongoo looks like every other anonymous national fsbo website, with a variation on pricing. The really different types of fsbo websites are the ones affiliated with fsbomadison.com, of which goldenstatefsbo.com is one. These are local fsbos, dedicated to a particular community, and tailored to that community. The folks running them live in the area, work in the area, shop in the area, and through their connections and direct service, the fsbo market grows. fsbomadison.com is the most trafficked fsbo site in the country.
On another note, in the San Francisco-Bay Area,there are so many peoople trying to make a living by being a realtor, or strike it rich by buying and flipping, that a majority of the for sale by owners are really brokers and realtors selling on their own. That might tell you something about the benefit of fsbos.

Toby Munk

October 21, 2006 12:59 AM

Peter I would disagree with your last sentence. "other FSBO sites are poised to pick up business from sellers ..."
In times of deflating real estate prices FSBOs will go the way of the dodo. In a rising market here are the 3 scenarios of a seller.
1) Home under priced = it gets snapped up immediately
2) Home priced correctly = gets bought in a reasonable timeframe
3) Home somewhat overpriced = the market moves up to the price level and home gets bought

Now in a down market it get a little trickier.
1) Home is under priced = the majority of buyers are still using a traditional real estate agent for the expertise they offer especially for pricing and evaluating homes. So even an under priced home is not guaranteed to get much traffic let alone a contract.
2) Home is priced right on the money = due to the fact that most of the buyers are using agents the home is bound to have a longer time on the market at which point the depreciation of the market will make the home overpriced
3) Home is overpriced = never gets sold

So it is clear that in a deflating market FSBOs have a much harder time succeeding. Even though you are right that people will sometimes not be able to effort a Realtor, it is still the more likely route to success, especially in a falling market.

fsbohomz.com

October 21, 2006 2:53 PM

I don't believe a thing real estate agents say. I don't hate them just the tricky and unexperienced ones. Which in my opinion is most of them. Take the "no obligation market evaluation" for example, the oldest and most unoriginal term you will see
advertised. Do they think people are stupid? The real definition should be, “yes I will come over to your home, tell you what it’s worth, then I will bug the hell out of you until you list it with me". In the meantime, they will send you some
“awesome” fridge magnets, calendars and pencils just so you don’t them. I have written at length about this, I'm NOT selling anything, just a frank, real world discussion.

jt

November 26, 2006 2:59 PM

most real estate agents are of clerical level or worse. they couldn't find a job based on their qualifications that would pay anything. these are not brain surgeons and we should consider anything ANY real estate agent says with a grain of salt. i've arrived at this conclusion after buying and selling innumerable houses over a period of decades.

raul

December 28, 2006 10:26 PM

Most people complain about real estate agents because they can't do their jobs. My wife is a Realtor, she gives a portion of her commission to a charity that the seller or buyer chooses. Would you like to know how often the sellers FIGHT with my wife to get that money because of their greed and stinginess, it seems that starving children in Africa just aren't as worthy as some Joe Schmoe who sold his property and netted 200K on it. It makes me ill. I don't know how she puts up with these people, before she became a Realtor I thought the same thing as you. Now I pitty other sellers' petty ways.

S.G.S.

August 26, 2007 11:24 PM

For sale by owner - which didn't pay countrywide - and
foreclosure now going on - But Kent has many houses
financed by countrywide. Work Done On House 2120 N
Chapman

1. Removal of dog urine stained carpets through out
the house, Carpet was stuck too the

wood floors, making for a time consuming task,
and we know the high cost of scrapping

off dog urine stuck carpet.

2. Sanding and redoing the wood floors, " living
dinning room, 1st and 2ND bedroom," and we all know
the high cost of that. 3. The removal of the mildew
and rotten falling off siding, all around the house,
The paper pressed skidding, that Kent had installed
over the rotten boards of the house, too hide those
rotten boards, we all know that amounts too fraud, let
alone the cost of replacing and painting the original
siding. 4. The replacement of the rotten floor in the
down stars bathroom, which had also just been just
covered

too hide the rotten boards under the floor.

5. Putting up a privacy fence and planting grass and
making the yard look nice. 6. Then there is countless
other smaller things we did too make this a livable
sell able house.

In Aug 2006 we found out Kent had not been paying too
countrywide what we have paid him, The Lady that
served the foreclosure notice, stated that the
Mexicans thought they owned there house too, I took
that as a direct racial remark too me, However I am
Ponca, Like we would just move out of a house we made
sell able, We answered the court with claim too the
equity in this said house.

WE called the lawyers office for countrywide, and no
one would talk with us, we then retained a lawyer, and
have filed a equity lien on this said house.

WE waited a year too hear, and we talked with mike at
countrywide, and he stated just as soon as Kent was
off the title through the for closure, we would then
be given the loan and house, However this has not come
about.

IN January 2007- Kent sent some thugs in a attempt
too intimidate us, WE lived in misery and high Mental
Anguish , waiting on what is basically known as a
tactic, developed by insurance company's, wait them
out, they thought we would walk away, from our house,
by applying misery and high Mental Anguish. Doing all
this work and having too wait for countrywide lawyer
over since Aug 2006, Did and has created the condition
for this high misery and Mental Anguish. Now we
didn't careless about the flipping laws involved, WE
have been just looking too get the house in our name,
the 26.400 left on Kent's mortgage, So we can finish
fixing up this house, and make it a good family home.

Patricia Tibble

March 26, 2008 10:39 AM

I just want to let people know there is a new online real estate site by the name of Reozom.com. It helped us save a large sum of money, by being able to eliminate both the buyer and seller agents. There is no cost to list your property on their site. They also provide buyers and sellers with a network of pre-screened local service providers. We used their "sellers consultant" (the real estate attorney that represented us). It only cost us 125 dollars for him to review the sales contract and disclosures. We also got title insurance (Land America Lawyers Title) through their web site, with no up front fees. Which was great because every title company we had contacted wanted us to pay for our title insurance policy upfront, because we where a FSBO.

jeffery ben

November 27, 2009 4:37 PM

I saw your house on web,and i'm very intrested to buy it.if it's still available contact me throught my private E-mail address: mr_jefferyben@yahoo.co.uk

Jason

January 27, 2010 5:11 AM

Look for more information here http://www.dreamhomecompany.com/

Jason

January 27, 2010 5:13 AM

Look for more information here http://www.dreamhomecompany.com/

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BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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