Selling your apartment or townhouse in New York City is quite complex and more often than not calls for using a real estate broker. With so many New York City real estate agents to choose from, you need to make sure you select someone who is a good match for you. As a seller, you are getting involved not just in a sale of your property but in a relationship with your agent which often involves months of daily exchanges and communications. Selecting the right agent is of utmost importance and it can definitely be tricky.
Meeting with an Agent: What They Should Discuss with You
Who they are and why they are meeting with you. What they have done in the past, their history. How they like to work and conduct the sale of your apartment.
About their firm and it's owners. How are they the same and how are they different from other firms. The way the firm is structured, the kind of support they get and why they can provide services that are superior to those of other firms.
Market, economy and the pricing: The concrete evidence ? comparable sales, numbers and statistics. What is selling what is not and why, how long on the market etc.
Advertising and Marketing. How it really works. What sells apartments and what does not. Correct Exposure and correct pricing are really the two main factors that are intertwined and work synergistically to sell your property.
Once You List: Broker's Job
Achieves the best price
Utilizes co-broker network
Saves time, prevents mistakes and foresees problems
Knowledge of the sales process
Informed regarding the building and the board
Knowledge of the marketplace
Informed about the neighborhood
Coordinates all appointments and open houses
Provides easy access and readily accommodates to co-brokers
Collects accurate data relevant to the sale of the property
Monitors your competition
Removes security risks to your home
Markets, advertises and promotes your listing.
Skillfully negotiates not just the highest price but best terms for you
Uses support from their firm's owners/managers
Keeps you informed along the way with useful feedback from showings
Anticipates and prevents potential pitfalls, holds the deal together
Monitors and manages the transaction from offer to closing table
Comes with you to Closing
Things to watch Out For: Seller Beware Beware of a real estate broker who walks into your apartment and gives you a price on the spot. They should go back to their desk and "do their homework" Worse yet they suggest a price without seeing the apartment. Often brokers inflate the price in order to "buy your listing" This can really hurt the sale of your apartment especially in declining or stagnant market. Gradual price reductions behind the rest of your competition will create a stale listing. Have the broker really justify the price they recommend. This is really tough to see, but you don't want to work with someone that blocks showings to co-brokers in the hope of selling to a direct buyer and not having to split a commission with a buyer's broker....... Yes it does happen. Holding onto a listing can also be used as a bait to attract buyers over a period of time.
Listing Process: De-Mystified The listing process can be confusing and often sellers are struggling to find the way in which to maximize the exposure of their apartment. Here is a brief description of how it works.
For Sale by Owner (FSBO) For Sale By Owner listings (FSBOs) are not seen favorably and are largely avoided by vast majority of brokers, as there is no guarantee for the broker to get paid even though they introduced the property to their buyer. There is no way to prevent the buyer from going back to the seller on their own and leaving the broker out. As a FSBO you are missing the main source of exposure - the buyer's broker. Therefore FSBOs are getting very limited exposure
Open Listing Often sellers believe, that they will gain maximum exposure by giving their listing to multiple brokers at the same time. Giving an open listing to brokers is a legitimate way to get the listing out there and help you market it. It works well, if you for example want to continue to try and sell the apartment yourself or if you just don't want to commit to one agent. A broker who has your listing will be approached by buyers who contact him directly, but he can not really share an open listing with others or sell the apartment with a co-broker. With an open listing you as a seller are getting limited yet increased exposure.
Exclusive A sales exclusive is when you as seller agree to list your property with only one agent. Exclusive enables you to gain the access to the maximum exposure by advertising and marketing to the brokerage community and to just about every real estate broker in NYC. This happens because with a signed exclusive your listing is shared with every legitimate broker in NYC via what is called co-broking and through the shared database amongst all brokerages that belong to Real Estate Board of New York (REBNY). This way any prospective purchaser who gets on any broker' site and contacts that broker about anything on that site has instant and direct access to YOUR apartment. Exclusive listing is the way to gain maximum exposure.
Bottom Line Vast majority of properties in NYC are listed with brokers and sold through brokers. 90-95% of all sales happen with both the buyer's broker and seller's broker. Serious, ready to buy and real buyers almost always use real estate broker's services, often right from the start of their search. It is true that more and more buyers start out their search on the internet. However, as a rule once they are ready to buy, they seek services of a professional to help them navigate the intricacies of the real estate market and the purchase process. Signing an exclusive is the right way to make your listing accessible to thousands of NYC brokers with their buyers and give it maximum exposure.
Why Work with Me : Professional Services; Personal Approach
Uncompromising honesty. I will give you the facts and what I believe is right, not what I think you want to hear.
Low pressure environment. I move at your pace and your time line
I listen carefully to understand your particular situation, your needs and your priorities
Communication and information is key to a successful transaction
Personable, caring, and dedicated
Custom made and personally tailored approach to each seller's unique situation
Readily available to accommodate your schedule and potential buyers' /brokers' schedules
"Outside-the-box " thinker and willing to help way beyond the standard "call of duty"
You and your best interests always come first
Creating and maintaining relationships is more important to me than just the next paycheck
I love creating friendships along the way :)
I am a member of REBNY ( Real estate Board of New York ) which is crucial for maximum exposure of your apartment.
I have the ability to connect you to qualified attorneys, mortgage brokers, appraisers, and other real estate professionals to help guide you or a potential purchaser through the real estate transaction.
I welcome the opportunity to visit your home and provide you with a free market analysis of it's current market value.
If you are looking to list your property, I look forward to hearing from you. contact me now.
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