New York City
Northern New Jersey
Open House Planner
Shop for a Broker
Condo Market Index
I am having an open house this weekend (I listed it on nytimes.com with photos, etc) & have been contacted by a number of brokers who would like to "preview" the apartment. Is this the standard procedure before an open house or should I just tell them to show up on Sunday? Thanks.
Did you open it up to brokers?
it's bullshit, just tell them every one are welcome on sunday if they want to.
I did not specify in the listing. I would like brokers who may have clients interested in the apartment to come to the open house.
get ready for them to tell you how you will fail, etc etc and how much you need a listing broker.
you should list your apt on streeteasy also, and stick to it.
Thanks! That is a great idea. I did not realize that FSBO could list on streeteasy. Any suggestions on how I can make my listing better for streeteasy?
Include the phrase "brokers are jokers".
["Borkers are jokers" doesn't rhyme.]
You should probably read some of the old threads on fsbo to better acquaint yourself of what occurs. As gcondo infers they are just trying to get your listing. You should either state buyers brokers welcome at three percent, or are not welcome.
To be honest, based on what you've written and your listing maybe you should just get a broker? Good luck.
Izzy, one worry I would have is that your ad and your photos don't highlight the kitchen. If your kitchen is modern/renovated, you are missing an opportunity to show it off in the ad.
Are you expecting the people to ask the front-desk what unit is having an open house when they get there?
Will the front-desk relay people for you including porters in case the regular guy is on break?
Thanks everyone for your feedback! I am going to revise the listing.
Taxes, maintenance charges?
price seems high based on comps, and since these cant be rented for 4000/month or less
why not post wehich apt it is--no one's going to "steal the listing"
woops can be rented for 4g or less
There is some good advice about pictures on the other recent FSBO posting. You might look at that. I think it might be worth the $200 investment to get professional pictures taken. You just can't get the same results using an ordinary camera. Also agree you should show the kitchen. When I don't see pictures of a kitchen I assume that it is in terrible shape.
Kitchen was not redone, but it is not in bad shape either. I will post that pic too. Good point.
I will keep reading the other FSBO posts. On a positive note, I received a few emails this morning from interested parties (not brokers) wanting to see the apartment.
$200 for professional pictures sounds reasonable.
Agreed with the above. Pictures are "too tight" to give an idea of the apartment. No pictures of kichen, and no description, = gut job.
Make sure you notify the brokers that they will be buyer's brokers with 3% going to them.
Don't forget to list on Zillow and Trulia. People outside NY use those sites.
You still have time, so review other listings for descriptions and enhance it based on the ones you like. I would be ready with some comps if someone says that you are overpriced, especially the realtors.
Izzy, seriously give some thought to using a broker. You are looking at saving 3% by doing it yourself, minus the costs in time and money you are going to put in. My view is either go for FSBO and exclude buyer agents or use agents.
Otherwise, can you add the square footage? Seems to be a pretty big space and I would maybe focus on that rather than the specific finishings. Also, I would get rid of the move right in. Not a rental.
I guess see how open house goes, but maybe think about your option b??
Looks like a nice home and I agree with what others said regarding photos. For a property asking over $1 million and 1,000+ sq ft, you want to make your listing "pop". Without seeing the unit, I can't give you a firm quote, but $200 is a fair estimate. You can also try DYI by renting equipment but you won't save too much by renting pro gear.
If you do want a quote/free consult, feel free to contact me.
RE Portfolio: www.vlpnyc.com/album/architectureandrealestate?p=1#1
I would think that in stating, "move right in", Izzy means that there is no work to be done. Therefore maybe state, in move in condition, or mint condition.
I looked briefly at the listing, but didn't notice any mention that you are in walking distance to MOMA.
That said I'm a real estate broker for over 25 years, and a good broker is definitely worth the money. Chances are you will get more money than if you sold it yourself.
Maybe I could stop by your open house.
Licensed real estate broker
Licensed mortgage broker
obviously brokers think you should use a broker.
There is nothing they can do for you which you cant easily do for yourself; which you can and will do better than a broker would, if you do a bit of research and are somewhat thoughtful.
you do need a good lawyer, whom you should consult as you assess offers and negotiate sale price. Said lawyer costs around 2000$, much better and cheaper than 3 or 6% of your sale price.
Only help a broker might provide is as "key-sherpa" for you. That is, if you work long hours (or have other time constraints), such that you can't be available for appointments, a broker will show your apt for you. Beyond that, they are more likely to hinder a deal, than to assist.
I do not have a problem using a broker. Since I purchased the apt. from the owner w/o a broker off a print ad in the nytimes, I figured I would also try to sell it myself.
If you've done your homework, know your comps, and have a capable real estate attorney to work with, this is the market to go FSBO. The main disadvantage would be lack of foot traffic, particularly if you're specifying no buy-side brokers as well. But you only need one qualified buyer at the right price, so if you're sure what that price is and stand to save 3% - 6% .. why not?
Izzy, if I were you I would start with a strict no broker policy. People go see open houses on their own on Sundays so this would not effect foot traffic too much. If after two weeks you were not seeing any results, then I would open up to buyer brokers. As others have said, if priced right you will be fine. Biggest issue with FSBOs is overpricing, so be prepared to speak knowedgeably about comps. Do you have an insider account here which allows you to see what other places actually sold for? Very useful if not.
Any case, good luck and hope you don't spend your time dealing with annoying brokers trying to get your listing.
spend time and effort on your ads, and you will get traffic.
even on streeteasy you cannot escape it. I would and do not recommend ellen for anything.
Yes,hire a photographer to take pic and a video, hire some kid to do a website with the video and pics.
Hire a real estate attorney to write up offering papers, etc. If someone wants to make an offer at your open house, do you have NY state paperwork for that?
I just sld my apartment in 1 month FSBO. Most traffic by far came from Streeteasy and NY Times. In my ad I offered buyer broker's 3%, ended up selling w/o any agent at all. Foot traffic was definitely lighter w/o a seller's agent, but to shut out the buy side would be a mistake IMO.
Thanks bart22. I am open to buyer broker's @ 3%. If you can think of any other helpful advice, please do share.
If you're not going to use a photographer, rent gear, or at least buy a wide angle point & shoot camera (not fisheye).
Some observations of your photos:
- LR: your FP says 27 feet...this is a missed "WOW" shot with your camera/lens.
- According to your FP, you have a 17'+ Master BR. You should also highlight that.
- Kitchen, I would try shooting from the wall into the DR showing the length (as is, you're staring at a wall).
- The photo with the table and two chairs: Show the space more by shooting the other way.
- Bathrooms - try a portrait orientation. With landscape, you're cutting off too much.
Good luck and hope you try some of my suggestions.
Good morning izzzyb,
I sold my own home FSBO for 48 hours full price. It's tough to do, but if you set a baseline standard for how you're selling the property, you'll get your price and you'll get a deal quickly.
-Broker previews? NO. Your response to such inquiries should be a firm and polite, "Open house is this Sunday, I'd love for you to bring your qualified Buyers with their Prequalification Letter from a Direct Lender" Tell the real estate agent how much you're willing to pay them. Don't accept Prequalification Letters from Mortgage Brokers, only Direct Lenders. And be sure you check for the Letter. Little things count.
-Script your tour of the property. Be specific as to any items you are leaving behind, like appliances. Don't make your "pitch" overly-flowery. "Just the facts M'aam."
-Do a practice walk-through with a friend as guinea pig. Let potential Buyers wander through the apartment. Leave Buyers to walk into a room without you; stand in the doorway, don't follow the Buyer into the room.
-At the end of your 7 minute guided tour/sales pitch, tell the Buyers they are free to walk through at their leisure. Encourage them to make you an Offer when they're ready to leave. "I'd love to hear your Offer before you leave today. I'm planning on having the apartment sold by Thursday, so let me know your Offer today." CALL TO ACTION and DON'T BE AFRAID TO ASK FOR THE OFFER.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
*I post my full contact information because it's required by NYS regulations.
Thanks again for all the great advice. Here is the updated listing with professional pictures, thanks to Vincent @ email@example.com.
izzyb - Thank you for the kind words and it was a pleasure meeting you.
Unfortunately, something about SE's image compression algorithm degrades the image quality. You can use this link on your listing to show the original images if you want. You will definitely see a difference.
izzyb - I will send you another set of files. Let's see if they look better.