Investment Condo Sells for FMV via Zillow
It's a common question: "Can you really sell a house for fair value, without using the MLS?" Thanks to our prior work as Added Equity Real Estate (a firm that offered single broker listings), we know the answer is a clear and resounding "Yes!" We killed it on this 2BR 2Ba Bellevue condo.
Our Listing on Zillow Sold in 2 Weeks and Set New Comp
Before May of 2017, Zillow allowed real estate brokers to post their own listings directly to Zillow. Craig used this access to offer single broker listings. The seller paid Craig for all of the services a broker typically provides. But the seller did NOT agree to pay a buyer's agent.
And as predicted, that didn't make any difference at all in finding a buyer. In early January, Craig put together a high quality listing on Zillow. After two weeks the seller accepted a full price offer. When asked in the offer, the seller agreed to pay the buyer's agent 1% - NOT the "standard" 3% - for total commissions of 2% (Craig was paid 1% too). Saving this seller $13,400 in broker fees. Nice!
The best part? The unit was in a 20+ unit building of essentially identical units. And this one set a new "high value," beating a prior sale by 3% ($299/sf vs. $290/sf). There can be no dispute that this sale garnered fair market value - for a fraction of the normal broker cost.