A Seller's Outlook
How did you first hear about Movsi?
I had heard about Movsi on the Journal of Business site. They had this article on there saying they were trying to re-do the real estate industry, and that was always something where I was like, gosh, it seems like realtors, with all this technology, do you really need them? So I was curious and wanted to try it out. We have a house to sell and the market is hot. Why not?
How much did you list your home for?
We listed it for $179,900 and we had four offers over $190,000 which ended up being $17,000 over asking price. It was just crazy. We ended up selling it for $197,000 and moved from a 2000 square foot house to this house that is 3,100 square feet. The nice thing about that house was that it was done and this new house isn’t. I’m a perfectionist so I see all sorts of things.
What are the differences between using a broker and Movsi to sell your home?
There was more coordination on my part, for sure, when I used Movsi. We had to coordinate showings but I didn’t mind. I knew I was getting into that and I didn’t mind that because if I was saving $5,000, I am ok with having a bit of a hassle. I talked to the realtors but that didn’t by any means intimidate me. With anything, it’s not for everybody but if you need a little hand-holding and direction on getting through the process and being told what you need to do and providing you all of the documents, boom. Movsi is for you.
What was the process of listing your home with Movsi like?
Before we listed our house, we hired a professional photographer to take photos for us and spent about $100. I thought, more than anything, high quality pictures were necessary. And they were really nice pictures too. After she was done, I saw the pictures and was like “I want that house.”
Then Movsi shipped a bunch of documents to me, some disclosure agreements and what not. When Movsi just sends it all to you and it shows up in your e-mail and you just fill them out, it makes it so much easier.
The one thing Movsi does different than a For Sale by Owner is they put your listing on the MLS which is something only a realtor can do. That way it will show up on Zillow; it goes on all of these sites at once and there are instructions for the realtor that say, “Contact Brian via text for a showing and coordinate a viewing. He has kids that nap so schedule accordingly.”
Was it hard to schedule showings?
To me, I found it fairly easy because if you show your house using a listing agent, the buyer's realtor is going to be constantly contacting me and my agent anyways. With Movsi, the buyer's realtor will be talking directly to me instead of having to go through the traditional path of realtor talks to another realtor and then talks to me. With technology now, the realtor can text me or call me and set up a time directly with them. It was really easy.
How many showings did you end up scheduling in one day?
It went on the market on a Thursday afternoon at about 2pm and I had four showings on Thursday night. Actually, I remember sitting in a meeting after we listed our house and I said on our home listing to text me if you want to see the house. Within minutes of the listing going public, my phone blew up. It was amazing. Then I think I had eight showings on Friday. And then I think a couple more on Saturday. It was ridiculous. I had an offer $15,000 over asking price on Thursday night. It got to the point that people would call me and ask if they should even bother to schedule a showing.
From start to finish with listing your home to accepting the final offer, how long was that?
We accepted an offer Saturday night. So about two days -- Actually it may have been Friday night now that I think about it because I was trying to give everyone a fair shot. So it was actually a little over a day.
After those showings, what came next? Negotiations?
Yes and we were able to negotiate directly with the buyers realtors. We had two strong offers: one was $197,000 and they were planning to put $50,000 down and the other was a $194,000 offer who were going to put $5,000 down. We really liked the $194,000 offer because it was a young couple and they really wanted the house and we got all emotional. We told them that if they could match the $197,000 offer, we’d give it to them. They countered and we had to tell them sorry and sold it to the first offer. Our hearts went out to the young couple because they did come in with a really good offer but the other guy won out with a better offer.
Were you able to review these offers online or did you get them organically over the phone?
Oh yes. I was able to review offers online and see them come in. Not only could I view it but it would ping my email and I would receive the offer via email which was cool. Then we could accept or reject the offers from there.
What happens after you accept an offer through Movsi?
So there are still quite a few things to handle after you accept an offer. Movsi has partnered with a closing agency that does all of the closing documents and the closing agency is very familiar with that part. They handle everything and it all flows quite smoothly. There is also the inspection part of it but that’s on the buyer’s side to handle.
Who do you think Movsi is specifically made for?
I would say that it’s made for people who are not intimidated of the selling process in general. It’s for people who have bought a couple of houses before or you have a parent or someone who understands the process that can help you with it. In my experience, I was comfortable with reading the documents and and all the legal terms. If you can do that, you don’t need an agent. It’s not rocket science. You just have to understand what you’re getting into. I would encourage anyone to do proper research before purchasing a home even if you are using a realtor to get comfortable with the process and all the jargon.
Would you recommend Movsi to someone looking to not go the traditional route?
Oh absolutely. I actually had a friend that did a For Sale By Owner and it was a lot of work on his part. I would say for $500 with Movsi, it was a lot less work. Would I do it again? Absolutely. As I’ve been thinking about doing more house flips, it would definitely be something I would use and not use a realtor. Especially for selling your home. There’s just no reason that you wouldn’t especially with the Internet and Zillow and electronic MLS. There’s no reason you would need a listing agent.