Realtors on their own advice, capitalizing on Portland’s hot market by selling their own homes

Like all realtors, Shannon Montgomery is familiar with the hot Portland subway market. The inventory of homes for sale fell to its lowest level on record. Sellers of sought-after residential properties receive quick offers, sometimes above asking price.

And the selling price continues to climb: A buyer paid an average of $ 15,000 more in May than in April, according to the latest report from the Regional Multiple Listing Service (RMLS).

Montgomery manages his role with his usual mix of professional skills and support for his clients. This time, however, she is the client.

She listed her house at 3885 NE Wistaria Dr. in Portland’s Beaumont-Wilshire neighborhood for sale at $ 1,995,000.

Other real estate professionals who tell clients it’s time to sell also follow their own advice.

  • 1234 SW 18th Ave. # 210 at Portland’s Goose Hollow is listed for $ 425,000 by owner Subramaniam Seetharaman of Mapa Realty NW. The contemporary style condo, built in 2008 in the Jefferson Complex, has two bedrooms, 1.5 bathrooms and 1,001 square feet of living space in addition to a large west-facing terrace.
  • 2225 NE Everett St. in the Kerns neighborhood of Portland is listed at $ 495,000. The bungalow, built in 1923 on 4,791 square feet of land, has two bedrooms, one bathroom and 2,252 square feet of living space. There is “a skylight on the third level and a large unfinished basement,” said listing agent Nick Rulli of John L Scott Portland SW. The seller has a real estate license in the state of Oregon (updated).
  • 6920 SW 7th Ave. at Portland’s Hillsdale is listed at $ 599.00. The two-story home, built in 1871 on a 4,791 square foot lot, features three bedrooms, a bonus room, two bathrooms and 1,728 square feet of living space plus an additional 450 square feet in the unfinished basement. and a terrace, said owner and listing agent Alli Lindeman of Premiere Property Group.
  • 3233 NE 53rd Ave. in the Rose City Park neighborhood of Portland is listed at $ 639,000. The bungalow, built in 1926 on a 4,791 square foot lot, has four bedrooms, three bathrooms and 2,096 square feet of living space with a family room in the basement, said owner and listing agent Huong Ta. by More Realty.

What is the advantage for real estate agents to present themselves as a seller?

Unlike a newbie making a homeowner’s sale, real estate professionals have the training and experience to navigate the complex path of getting a property ready for the market until the closing day when a deed. legally changes hands.

Realtors can also pocket about half the commission, minus brokerage fees, or about 2.5% of the sale price if they present themselves as the owner.

The downside to agents selling their personal residence? Emotions. It’s hard to come off when a home buyer critiques a place that is yours. And despite their experience, agents share the same doubts as any salesperson.

“How does it feel to sell my own home as a real estate professional? Asked Montgomery, assisted by his colleague Danielle Duggan of Premiere Property Group. “My God, did I mention sleepless nights?” Am I talking about obsessing over every detail before it goes live? Am I talking about quantified calculations? “

After staging the house for sale, she joked that she had a common reaction to sellers: why wasn’t my house so clean when we lived here?

She said she didn’t think it was easier or harder for a real estate professional to sell their own home.

The concerns of whether he will sell are shared by the agent and the owner. There are also the same late-night questions: is this the right time? Is this the right decision for our family? Are we ready to give up the childhood home of the children?

Buyers should not be affected if the seller is a licensed real estate agent following the rules, said Jeremy Rogers, Oregon Real Estate Agents director of legal affairs for the association.

“Real estate licensees are bound by their legal and ethical obligations to all parties in a transaction (…) to be dealt with honestly and in good faith,” he said.

Self-represented real estate agents should disclose this fact in all advertising and on the first written agreement between buyer and seller. The sale should also be treated the same as other transactions, which includes oversight by a broker and handling all documents and funds, Rogers added.

“From a buyer’s point of view, the experience shouldn’t be too different if the seller represents himself versus what it would be if he worked with another agent,” he said. declared. “This is probably because the buyer has their own agent to help them monitor their interests in the transaction.”

Deciding to part with a home, even in a sellers’ market, is more than financial.

Montgomery and her husband, Stuart Montgomery, purchased their nearly half-acre property on Northeast of the Wistaria road 16 years ago, when their four children were young. The home has five bedrooms, 3.5 baths and 5,313 square feet of living space.

Now the kids are grown up and have moved on and the couple have decided to sell their stately English Tudor Revival style home with large bedrooms, hardwood floors and a story.

When they leave the 1931 Yaws Mansion, also known as Wreath House, they will take some keepsakes with them: kids walking through the renovated kitchen, end-of-season sports celebrations, fundraisers for Grant High School. and family evenings in the media room or in the yard around the gas fireplace.

“The oversized kitchen island has hosted pumpkin carving competitions and cookie baking marathons,” she recalls. “A favorite old memory is from a November night where we had dinner for 30 people at round tables with only candles for lighting.”

Preparing meals at home was made easier with a six-burner gas hob, two sinks, and two full-size dishwashers, one specifically designed for large pots and pans.

She likened her home to “holding a piece of memorabilia” in her hand and spoke of the benefit of renting a storage unit over making difficult decisions on the spot about what to keep or give away.

Ultimately, she and her husband believe it’s time to sell. “Our children have grown,” said Montgomery, “and we are ready for the next adventures in life.”

– Janet Eastman | 503-294-4072

[email protected] | @janeteastman

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