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Limited Representation/FSBO in Portland

I did a really quick search in RMLS: of 4863 active and bumpable listings listed in “Portland,” 183 are Limited Representation (3.7%). I’m trying to think of a situation when limited representation wouldn’t equal FSBO but nothing comes to mind. Once they have paid a Realtor to enter their information into RMLS they are under contract so another agent cannot suggest to the seller that they should list with them if they agent knows that the listing is in RMLS (the seller can initiate that conversation, the agent cannot). This is the typical info in the private remarks:

Take offers directly to seller: Mr. X @ 555-555-5555. Call seller with any questions i.e. Availability Etc. Use a “Seller’s Fee Agreement”. Seller Represents Seller.Buyer to varify (sic) square footage. Contact Seller for appointment to show.

There are 18 listings in Portland on FSBO.com and 77 listing on Craigslist that have “FSBO” in them.

***added 10 minutes after original post:

Thought this was interesting from: Real Estate 101 – Listing Agent vs FSBO

The number of property owners selling their land independent of a realtor has seen a sharp decrease in recent years. In fact, it has dropped six percentage points over the last decade, according to the latest numbers from Chicago-based National Association of Realtors. As of the beginning of 2007, a mere 12 percent of all real estate transactions were for sale by owner, or FSBO.

4 Comments on “Limited Representation/FSBO in Portland

  1. I’m not sure how our listing showed up but we listed in the RMLS through iggys house realty, inc. which is related to iggyshouse.com. They were the broker but we offered a $500 “finders fee” to realtors (plus an hourly rate to do the paperwork).

    We did all the work – sign, flyers, open houses. Iggy’s didn’t get paid. We pay a realtor an hourly rate to do the paperwork (different from Iggy’s).

    For some reason non of the realtors I spoke with had heard of Iggy’s House. I also called Key Title. They hadn’t heard of it either.

    In about a week we’ll find out if our house if sold sold. Total cost of selling the $159,000 house will be about $1800 including title search, realtor cost, well inspection, and septic inspection. It took us a week to choose a buyer.

  2. I have come across Iggy’s House before. Some of the listings in RMLS are their listings. They use an Iggy Number to identify the specific property. Yahoo tried it with their program and John L. Scott is trying it too.

    My personal feeling is that nobody remembers the ID rider board number by the time they get home. I can remember 1234NWMainSt.com though. We assign each of our listings a URL specific to the property address.

    Dickey45, are you in Oregon? I don’t see Iggy’s model working here under current real estate laws if their model is:

    In April 2006, we launched BuySide Realty. We believe that buyers who find their home should get paid for their effort. So BuySide shares with the buyer 75% of the commission it receives. The average BuySide client receives over $11,000. BuySide keeps the other 25% for providing expert advice from the offer through the closing.

    In May 2007, we launched BuySide Mortgage, which provides loans with some of the lowest interest rates in the industry. It offers free loan pre-approvals.

    We realize that most sellers are in the market to buy a home as well. By giving people free tools to sell their home, we believe many will turn to BuySide Realty and BuySide Mortgage when they are ready to buy.

    Hmmm. Very altruistic. 🙂

  3. From RMLS:

    3.23 Limited Representation Listings. Limited representation listings must be so identified by entering the designation “LR” in the RMLS™ System. For purposes of this rule, a limited representation listing is one in which the Listing Broker is not obligated to, and does not actually, actively represent the seller by being present during the presentation of offers,preparation of counteroffers. A listing in which the seller is also marketing for sale as a “for sale by owner” despite being listed is also a limited representation listing. A listing meeting the definition of a limited representation listing shall be designated as such in the RMLS™ system, regardless of whether it may also purport to be an exclusive agency or an exclusive right to sell listing.

  4. Pending home sales rose strongly in May with all regions experiencing gains from a year ago, pointing to higher housing activity in the second half of the year, according to the National Association of Realtors®.

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