NEW YORK, Nov. 12, 2008 – ForSaleByOwner.com today announced that it has become the nation’s first “by owner” real estate website to enable home sellers to advertise their home on Realtor.com without appearing on a local Multiple Listing Service (MLS). This new direct access to Realtor.com follows the May 2008 settlement between the U.S. Department of Justice and the National Association of Realtors.
“The DOJ-NAR settlement benefited consumers by giving them access to Realtor.com without the expensive cost of a commission fee,” said Greg Healy, Vice President of Operations at ForSaleByOwner.com. “We’re proud to be the first to offer this new consumer-friendly access to Realtor.com. In today’s challenging housing market, sellers need cost-saving ways to sell their homes.”
“Our typical home seller saves nearly $13,000 in commission and this new access to Realtor.com will help even more people sell their home without using the services of a real estate agent,” added Healy.
Realtor.com is a popular real estate website that attracts nearly five million monthly visits. The new Realtor.com Listing service from ForSaleByOwner.com will allow sellers to have their homes marketed on Realtor.com, and interested buyers will be able to directly contact these sellers.
The Realtor.com Listing service is included as part of the ForSaleByOwner.com “Silver” listing package and is available as a $200 upgrade for all other listing packages. In comparison, traditional real estate companies typically charge a commission equal to 6% of a home’s sales price.
The new service announced today will help provide consumers with more tools to maximize the sales price of their home and make it easier to use a “by owner” approach to sell a home. In separate studies by Northwestern University and Stanford University, “by owner” sellers were found to be as effective as agents in maximizing the sales price of their homes. After commissions are factored into the equation, the studies reported, sellers who sell “by owner” actually save more money, and retain more equity, than sellers who sell through agents. The September issue of Consumer Reports magazine also reported that FSBO sellers are more likely to get their asking price while agents deliver, on average, a sales price that is $5,000 less than the original asking price.
Visit http://www.usdoj.gov/opa/pr/2008/May/08-at-467.html to learn more about the settlement between the U.S. Department of Justice and the National Association of Realtors.
ForSaleByOwner.com is the nation’s leading “by owner” real estate website. Since 1999, ForSaleByOwner.com has saved home sellers more than one billion dollars by providing premium Internet marketing services, MLS listing services, property pricing reports, real estate guidance and information, downloadable legal forms, as well as live customer support, to help customers independently sell their own homes. The company offers a wide range of listing packages at varying prices that provide advertising, information, tools and resources to empower people to sell their homes themselves. In contrast, a person selling a $300,000 home through a real estate agent would be charged a 6% commission fee and pay approximately $18,000. Prospective homebuyers can browse property database, available at http://www.forsalebyowner.com, at no charge.