1M Listing: Use a top agent or DIY?

Question

I'll be listing my current live-in flip in the spring, somewhere around the $1,000,000 mark, give or take. In the past, I've worked with various agents with various skills, done FSBO, flat fee listings, or worked with a part-time inventor/friend with a license. With this house, I'll be in a higher price range than in the past. It's a very hot neighborhood, but this could potentially be the highest-priced sale. I don't want to overprice it and have it sit on the market. I've been intending to get my license and list it myself, but now I'm reconsidering, thinking this sale might be worth the $30,000 commission for a top seller's agent who works extensively in the higher price ranges and who would know exactly how to time and price the property--and potentially match to a buyer within their team's stable of clients. Agree? Disagree? Other considerations I should be thinking about? Advice on the ideal time to hit the market?

Russell Brazil · Answer

Without a doubt, hire an agent...and hire one who has experience selling at this price point.  You mentioned that yours might be the highest price point in the neighborhood...so you are going to need the services of an agent who knows how to get the property to appraise.  They are also going to be able to go through your house and explain which finishes are going to need to be changed.  Im not sure where the line of demarcation in your market is, but at some price point the finishes, the appliance choices are going to change from say Frigidaire to say Wolf and Sub Zero. In my market, its right around $1.3 million.

Brian Garrett · Answer

Personally if it's a super hot market and you think it will sell quickly regardless due to demand  I would list it yourself or negotiate a flat fee listing with your friend who is licensed and save a lot of money in commissions.  As for timing my .02 would be to list around the end of February and sell for top dollar in the Spring when buyers are back house hunting.

Jonathan Minerick · Answer

It sounds like you are already aware of the timing and price. In the vast majority of cases, the listing agent does not find the buyer. For my money, do the flat fee listing, get pro photos, flyers, etc. You can offer a bit more than typical commission to the buyer agents and let them do their job.

The market is going to give you instant feedback on the price based on the number of showings/offers. Err on the side of caution on price - in the worst case you price too low and counter offer (vs. pricing too high and not getting any offers).

Jacob Bindler · Answer

I would definitely try to sell on my own but would get real help for real money.  You do not need the agent timing the sale: you already are doing it. Price is definitely important, so I would bring 3 local agents and pay them for their time to advise you on price. Make crystal clear that you are not hiring them so they do not play games. Will cost you $1000. MLS listing, photos, flyers, a website would cost another grand.

Here a local agent to keep the keys and do showings if you cant and pay him/her per showing.  You will spend 5K max.

All these vendors are easy to find. Try marketplaces of vendors and freelancers.

1M Listing: Use a top agent or DIY?

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