For-Sale-By-Owner founder fails to sell his own home, hires a broker

Colby Sambrotto, a founder and former chief operating officer of ForSalebyOwner.com, a large website for owner sales, spent six months trying to sell his condominium himself through online listings and classified ads, before turning over the listing of the 2,000-square-foot apartment to a broker.

The broker, Jesse Buckler, who is with Bond of New York, said he told the seller the apartment in the Lion’s Head building in New York City was priced too low and wasn’t drawing the right buyers.

By May, it went into contract, he said, after attracting multiple offers. It closed in the last few days for $150,000 more than the original asking price.

Details in the Wall Street Journal.

There are certain situations where one can sell a property themselves, but generally “listed” properties sell faster and for more money.

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Real Estate Gal
11 comments
  1. It is always best and wiser to enlist a broker’s services. Results are faster and transactions go smoothly.

  2. […] For-Sale-By-Owner founder fails to sell his own home, hires a broker […]

  3. Nice post. It seems very ironic he had to enlist a broker’s help to sell his condo. Interesting.

  4. NAR should use this story in one of their campaigns.

  5. I have observed that over the course of developing a relationship with real estate homeowners, you’ll be able to come to understand that, in every real estate exchange, a payment is paid. Eventually, FSBO sellers tend not to “save” the commission payment. Rather, they fight to earn the commission by doing a strong agent’s work. In doing this, they invest their money and time to carry out, as best they can, the duties of an real estate agent. Those tasks include getting known the home by marketing, offering the home to all buyers, creating a sense of buyer desperation in order to prompt an offer, organizing home inspections, taking on qualification assessments with the lender, supervising repairs, and facilitating the closing.

  6. I find it amazing that he had to hire a broker, as he could not do it himself. It is always best to use a broker.

  7. Best to always hire a broker.

  8. I love what you are saying here. Keep up the great work! Yes!

  9. This a pretty ironic. I have seen a few people successfully sell their home on their own but the vast majority end up hiring a broker. In fact the people that I know who were successful had dynamite homes and I only wonder how much money the left on the table by not utilizing the MLS and other MLS feed sites.

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