THOUGHT IT WOULD BE EASY
Sell-it-yourself adventure takes toll on one condo owner
Tuesday, May 17, 2005
By JARRETT RENSHAW
JOURNAL STAFF WRITER
Janet Bosi, a 28-year-old litigation attorney, is learning that the real estate
game can be a tough one.
In an effort to sell her Hamilton Park condominium, Bosi recently held an open
house, but found herself stumped by some of the questions posed by prospective
buyers. Luckily, she had plenty of curious neighbors on hand, who helped her out
and fielded some of the questions for her.
But even there, Bosi realized there were unanticipated pitfalls. She spied one
neighbor leading a potential buyer away from the open house to continue a
conversation about the property down the hall.
Bosi's tale casts light on the eccentricities and difficulties of selling real
estate and offers lessons to other adventurous souls seeking to brave it alone.
Bosi said she decided to sell the two-bedroom, 11/2-bathroom condo on her own
because of Jersey City's hot real estate market.
"I heard about condos going on the market and being sold within hours, so I said
why should I pay a Realtor all that money to do what I could do myself," she
said.
Bosi's 984-square-foot unit is inside a converted brownstone that overlooks
Hamilton Park in one of Jersey City's most desirable neighborhoods. In 2000, a
condominium like Bosi's typically sold for less than $200,000, but today the
value of Bosi's unit is roughly $500,000.
"When I bought the place, I knew it was an investment, but I didn't expect it to
increase that much. The neighborhood is great and the location is too and the
market dictates the price," she said.
But without the help of a real estate agent, Bosi was left to her own devices to
market the home, show it to potential buyers and negotiate a sale price.
On the day of the first open house, Bosi said, one out of every five people who
came to see her condo already lived in her building. Most were there to gauge
interest in the neighbor's property - perhaps with an eye toward selling their
own homes one day - and to take a peek at what she'd done inside.
Bosi also found that people who are serious about buying often are less than
honest about their assessments on the home.
"I ask them about what kind of faults they see with the place, but they always
say it's perfect. I know if they were talking to a Realtor they would be more
honest," she said.
A litigation attorney who has been involved in million-dollar settlements, Bosi
says she's quite comfortable negotiating a sale price. But up until now the
offers she's received were too low to even begin negotiations.
Although Bosi's efforts have yet to produce a sale, it has prodded Realtors to
call and offer their services for a reduced two or three percent commission.
"I never thought (real estate agents) would start competing for the business and
offer lower commissions, but it's a pleasant surprise," said Bosi, who is now
rethinking her decision to sell on her own.
"I thought I would have the time, but it's hard . I may sign up with a Realtor
and just step away from the situation," she said, adding that at least she'll be
left with a great story to tell over cocktails.
The Jersey Journal
By: JARRETT RENSHAW
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