eBay Is Not A Real Estate Broker
Desperate times require desperate measures.
eBay is about the most desperate of all measures. At least, for selling real estate.
According to the St. Petersburg Times, a small but apparently growing number of real estate sellers are resorting to eBay, the famous on-line auction site, for promoting and selling property.
Most of these sellers have had no luck locating buyers using traditional methods and find themselves in dire financial straits making monthly payments on property they can no longer afford. So, they turn from traditional marketing methods to the world of on-line auctions in the hope of finding a buyer somewhere in the world.
I know a little something about eBay and who successfully buys and sells on it. Just for the fun of it, a friend of mine and I own a little side company that from time to time offers items on eBay. We sell popular items, things that should be in high demand worldwide. We offer these at prices well below retail and just slightly higher than wholesale. We rarely sell anything. Why? Most likely, our "buy it now" prices remain too high for the bargain hunters haunting eBay.
eBay is home to buyers looking for a bargain. Let's be very clear on this matter. eBay, and probably most other on-line auction sites, cater to the great deal. If what you are selling is not a bona fide bargain, most likely you are not going to sell it on any of the on-line sites. A mere good deal just won't cut it. It has to be a great deal, a super bargain, a value for the ages. That's what buyers are looking for when they go to eBay to buy anything, and trying to sell real estate for market value is not what buyers will consider a super-duper-lollapalooza deal.
Frankly, if you were to put the property down at an eBay kind of price and run some local advertising, most likely the property would draw offers and get sold using traditional marketing methods.
If you think you are going to sell the property at current "market value" on eBay, well, I think you should re-think your pricing premise because eBay is not where you generally find those kind of buyers.
Oh, and if you think eBay buyers are not familiar with your local market prices for real estate, you need to re-evaluate your thinking. The internet has opened a world of real estate pricing guides to buyers worldwide. Before they buy anything, those price-conscious eBay buyers have checked the comparative value of your property versus others in your neighborhood. They may have a pretty good idea as to your property's true market value, and they are not going to have the wool pulled over their eyes.
In the off-chance that you actually find a buyer on eBay, the seller still must open a negotiation with that buyer. There is more to selling real estate than just agreeing on the price. Ask any full-time, professional real estate agent about getting a contract completed and they will tell you that deals are often lost due to the "terms and conditions" of the sale. Many times people agree on the price but absolutely can not agree on terms. With eBay, all you get is an expression of interest in purchasing at a certain price. You still have a long way to go before you actually have a written, signed contract upon which to move toward a closing.
The St. Pete Times story says very clearly that "... most sellers don't have any more luck on eBay than they apparently had elsewhere." I think that's because of the kind of buyers that access eBay. For the most part, they are looking for mega-bargains.
If you want to sell your property at a bargain price and are in a financial position to do so, then eBay may be the place for you. But if you would like to do a little better than that, I suggest you concentrate on pricing your property at a competitive price, do a lot of marketing, use patience and sound judgement, negotiate in good faith, and recognize that we are in a strong buyer's market. These days, that's the way to get the property sold for the highest possible price.
For more information about real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.
eBay is about the most desperate of all measures. At least, for selling real estate.
According to the St. Petersburg Times, a small but apparently growing number of real estate sellers are resorting to eBay, the famous on-line auction site, for promoting and selling property.
Most of these sellers have had no luck locating buyers using traditional methods and find themselves in dire financial straits making monthly payments on property they can no longer afford. So, they turn from traditional marketing methods to the world of on-line auctions in the hope of finding a buyer somewhere in the world.
I know a little something about eBay and who successfully buys and sells on it. Just for the fun of it, a friend of mine and I own a little side company that from time to time offers items on eBay. We sell popular items, things that should be in high demand worldwide. We offer these at prices well below retail and just slightly higher than wholesale. We rarely sell anything. Why? Most likely, our "buy it now" prices remain too high for the bargain hunters haunting eBay.
eBay is home to buyers looking for a bargain. Let's be very clear on this matter. eBay, and probably most other on-line auction sites, cater to the great deal. If what you are selling is not a bona fide bargain, most likely you are not going to sell it on any of the on-line sites. A mere good deal just won't cut it. It has to be a great deal, a super bargain, a value for the ages. That's what buyers are looking for when they go to eBay to buy anything, and trying to sell real estate for market value is not what buyers will consider a super-duper-lollapalooza deal.
Frankly, if you were to put the property down at an eBay kind of price and run some local advertising, most likely the property would draw offers and get sold using traditional marketing methods.
If you think you are going to sell the property at current "market value" on eBay, well, I think you should re-think your pricing premise because eBay is not where you generally find those kind of buyers.
Oh, and if you think eBay buyers are not familiar with your local market prices for real estate, you need to re-evaluate your thinking. The internet has opened a world of real estate pricing guides to buyers worldwide. Before they buy anything, those price-conscious eBay buyers have checked the comparative value of your property versus others in your neighborhood. They may have a pretty good idea as to your property's true market value, and they are not going to have the wool pulled over their eyes.
In the off-chance that you actually find a buyer on eBay, the seller still must open a negotiation with that buyer. There is more to selling real estate than just agreeing on the price. Ask any full-time, professional real estate agent about getting a contract completed and they will tell you that deals are often lost due to the "terms and conditions" of the sale. Many times people agree on the price but absolutely can not agree on terms. With eBay, all you get is an expression of interest in purchasing at a certain price. You still have a long way to go before you actually have a written, signed contract upon which to move toward a closing.
The St. Pete Times story says very clearly that "... most sellers don't have any more luck on eBay than they apparently had elsewhere." I think that's because of the kind of buyers that access eBay. For the most part, they are looking for mega-bargains.
If you want to sell your property at a bargain price and are in a financial position to do so, then eBay may be the place for you. But if you would like to do a little better than that, I suggest you concentrate on pricing your property at a competitive price, do a lot of marketing, use patience and sound judgement, negotiate in good faith, and recognize that we are in a strong buyer's market. These days, that's the way to get the property sold for the highest possible price.
For more information about real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.
-30-
posted by Terry Ward at 4:42 AM
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