ForSaleByOwner Background & FAQ

Posted by ForSaleByOwner

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 coaching and equipping them with information, tools and services that enable them to buy and sell houses directly.

By selling directly, homeowners can control costs and fees, recouping their home equity. The company offers several different plans at varying prices for a wide range of advertising, listing services, related information and tools. A homeowner selling a $300,000 home through a real estate agent would be charged a 6% commission and pay approximately $18,000, plus additional fees.

FAQ

Q. How many listings do you have?

A. At any given time, ForSaleByOwner.com has about 32,000 customers nationally.


Q.  How many people actually sell by owner?

A:  At any given time, about 15% to 20% of residential real estate sales are handled without a broker. That proportion remains fairly consistent, during boom and bust real estate markets. Please note that the National Association of Realtors counts as agent-assisted sales all forms of agent assistance, including flat-fee listings. Consequently, any ‘by owner’ sale that involves an MLS or Realtor.com flat-fee listing is claimed by the NAR as an brokered sale – even though the buyer and seller have handled the sale directly and consider the sale “by owner.”


Q:  Can ForSaleByOwner.com customers get access to the MLS and Realtor.com?

A: We strongly encourage our customers to position themselves online to “get found ” by the 93% of house hunters who start their searches on the Internet. Realtor.com is the largest consumer listing website. As well, many brokers allow the public to search listings in their local Multiple Listing Service (MLS) through their sites. And, of course, buyers’ agents rely on the MLS to find good matches for their clients. 

  • ForSaleByOwner.com offers several channels for sellers’ listings to “get found” online
  • Listing at ForSaleByOwner.com, the country’s largest and most comprehensive by-owner service provider
  • Flat-fee listing on MLS and/or Realtor.com
  • Syndication to popular online listing services, including Yahoo! Homes and Tribune Co. newspaper sites
  • Quick and easy fill-in-the-blanks template for creating a Craigslist posting
  • Access to ForSaleByOwner.com Facebook page


Q:  Why do people take on the considerable task of selling and buying directly when agents claim they can do it for them?

A:  Key “by owner” advantages for home sellers include:

  • Sellers can recoup more of their hard-won equity instead of seeing it siphoned off by an agent’s commission at closing
  • Sellers have have more pricing flexibility when they don’t have to factor in an agent’s commission
  • Sellers can control fees more closely when they purchase real estate transaction services “a la carte’”
  • Without an intermediary, sellers can understand what is most important to the buyers and get creative on their deals (ie.., rent to buy, partial seller financing, etc.)
  • Sellers represent their own best interests  instead of relying on the dubious qualifications of an agent to understand and represent their needs and desires

Key “by owner” advantages for home buyers include:

  • Buyers get a more realistic price without penalizing the seller  — it’s a more open, honest deal
  • Buyers can negotiate deals that better fit their financing needs – important when credit standards are stringent and lenders inflexible
  • Buyers represent their own best interests  instead of relying on the dubious qualifications of an agent to understand and represent their needs and desires
  • Lower price = lower carrying costs and lower basis for property taxes (when the selling price includes the commission, the property tax is calculated accordingly. The agents’ commission represents an unfair premium that ‘bakes in’ higher costs for the buyers through property tax assessments, insurance costs, etc.)

Q: Who runs ForSaleByOwner.com?

A: ForSaleByOwner.com was launched in 1999 and acquired in 2006 by Tribune Interactive. It is a self-contained business unit within Tribune, and as such, collaborates with other Tribune media outlets and business channels on cross-promotion, content sharing, and operational efficiencies.

Eddie Tyner was appointed General Manager of ForSaleByOwner.com in November 2009. He has over a decade of experience as a classified and advertising sales manager at the Washington Post and various Tribune media channels.

Media Contact:

Lisa Edwards
Director of Marketing
ForSaleByOwner.com, Tribune Digital Marketplaces
312-222-6552
lfedwards@tribune.com