When it comes time to sell, homeowners have a lot to consider, including the inevitable question: “Do I need a real estate agent?” Of course, navigating New York City’s unique housing market is no easy task. However, having already purchased at least one home, some sellers believe they have the know-how to get the job done on their own. Meanwhile, others prefer the value and assistance that a seller’s agent, or listing agent, brings. Which approach is best for you? Let’s break down the pros and cons of each.

Pros of selling your home with an agent

NYC’s housing market is complex and ever-changing. A great listing agent will have a deep understanding of it, which is a major reason to hire one to help sell your home. More specifically, the pros of using an agent include:

Pricing your home

An agent’s most significant value is their knowledge of the market, says Jeanne Byers, a licensed real estate salesperson with Coldwell Banker Warburg. “It’s a broker’s full-time job to know current and historical market values. Also, the ability to prepare a property to get the highest possible price is something to look for in an agent or team.”

Understanding market conditions and evaluating comparable properties (“comps”) is critical to pricing your home to sell. An agent will also factor in things like price-per-square-foot, monthly carrying costs, and co-op considerations (if applicable). You don’t want to price too low and lose money, of course, but a good agent will price your home in line with what the comps and market analysis show. A well-priced home can create urgency — and buyers react to that dynamic. 

Qualifying buyers 

It takes more than just money to close most deals — you need the right buyer, too. Take the complexities of co-ops, for example. “Making sure a buyer meets the financial criteria of the co-op board will determine whether a deal gets done,” says George Case, a licensed real estate salesperson with Coldwell Banker Warburg.

“Buildings vary widely in what they look for in a prospective buyer,” Case adds. “Considerations like an individual’s debt-to-income ratio and post-closing liquidity often come into play. Also, co-op boards may reject a deal if a sale price could negatively affect the value of other apartments in the building.”

Negotiating the terms of a deal

Price may seem like the most significant negotiation point in a home sale, but other factors can be just as important. Agents can manage expectations for buyers and sellers, as well as other terms of a deal, including:

• Property inclusions and exclusions
• Property disclosures and other state forms
• Home inspections
• Closing timeline

Managing the transaction from offer to closing

Do you need a real estate agent if you’re selling a co-op or condo? Co-op board approval can be a drawn-out process, and other issues can crop up that require skillful follow-up. Great listing agents know how to get answers and do what needs to be done to minimize the stress of a transaction. If you’re selling a condo, the board approval process is much simpler, but condos have their fair share of headaches, too. New-construction condos, for instance, can become tricky when delivery dates change on the fly.

Sell your home with a StreetEasy Expert
Want to be matched with a customized selection of listing agents who are ideally suited to sell your particular home? Visit Sell My Home and type in your home’s address to access your Owner Dashboard. In your dashboard, we’ll provide you with a curated selection of listing agents who are part of our StreetEasy Experts network, and may have experience selling homes similar to yours. You can also contact the StreetEasy Concierge to learn more about your selling options and get matched with the right Expert for your needs. On average, top Experts sell homes 1+ month faster than the market, at a sale-to-list price ratio that is around 14% better than the market.*

Pros and Cons of For Sale by Owner (FSBO)

It’s rare for New York City homeowners to forego using an agent to sell their home, but it can be done. According to StreetEasy data, just 9% of sellers in NYC sold their home without an agent, known as For Sale By Owner or FSBO.

Ryan D. Harbage, a literary agent and founder of the Fischer-Harbage Agency, listed his remodeled Stuyvesant Heights two-family townhouse for $1.8 million without an agent. Harbage said he prefers to deal directly with principals in a real estate transaction. “I like to hear their voices, see their faces, and convey information the way I like it conveyed. There are many good reasons for hiring a real estate agent. It’s just a service I don’t need.”

If you’re considering selling your home without an agent, you can use StreetEasy’s seller tools to get started. StreetEasy can estimate your home’s value and show you what similar homes have sold for recently. Additionally, you can list your own home on StreetEasy through our FSBO and FSBO+ offerings.

Pro: No commission costs

Buying or selling a home is the largest financial transaction most people ever undertake. Hence, it’s natural to wrestle with the math — especially when sellers in New York City face paying up to a 6% commission to the agents involved in the transaction. That said, FSBO pricing requires a keen understanding of the market to get top dollar and close the deal.

Con: Inexperience can lead to bad pricing

In many cases, that deep market understanding is what allows real estate agents to price homes effectively. Without this experience, your home’s asking price may be too low or too high.

“An agent will often get a seller a higher offer,” said Linda Maryanov of Zimmerman and Maryanov, a real estate attorney with more than 35 years of experience representing New York City home sellers.

Agents spend hours every week looking at comps so they can determine the right price for a listing. Henry Hershkowitz, a StreetEasy Expert and licensed associate real estate broker with Compass, explained that agents have much more information about the market than people outside the industry. They can access sales that haven’t yet been finalized, whereas the average FSBO seller can only see public, closed sales. Many sales aren’t officially closed until a few months after signing, meaning you won’t know up-to-date prices.

“The market — especially today’s market — was very different six months ago than it is today. Even if something closed yesterday, it probably got signed four or five months ago,” says Hershkowitz. “So by having a broker, you’re actually able to know what’s happening now, what things are selling for today.”

Con: Emotions can get the best of you

As the owner, you’re bound to have your own opinions, memories, and sentiments about your home. While that’s usually great, it isn’t always great when you’re representing your own sale. Not only can your emotions cloud your judgment on pricing, but it can also make it harder to show your home to prospective buyers.

Josue Galdos, a licensed real estate salesperson with Compass, has noticed that buyers are less likely to ask questions and nitpick apartments when sellers are showing them. They often feel like they’re trespassing or judging the seller’s personal choices.

“As opposed to if it’s just the seller’s broker and us, they know that they can speak freely, and they can open the windows and closets without thinking about how they’re in someone else’s apartment,” he says.

Hershkowitz agreed, noting that hearing sellers’ qualms about the home can make the transaction feel personal rather than professional.

“You’re going to be emotional about it no matter what. It’s your biggest asset. You created this home,” Hershkowitz says. “If somebody offers you a small number, or if they don’t like it, or say something negative about it, you’re going to be emotional in your response instead of measured like a professional real estate broker would be.”

Con: FSBO is time-consuming

There’s a reason why being a real estate agent is a full-time job. It takes a lot of time to sell a home, between staging, taking photos, writing the listing description, listing it online, marketing, showing it to buyers, hosting open houses, and much more.

“A lot of people think it’s just opening a door and showing an apartment,” Galdos said. “But it’s more than that.”

If you have a full-time job, coordinating tours, calls, and negotiations can be challenging. Plus, agents have connections to other real estate professionals who can help with the heavy lifting, like stagers and photographers. Hershkowitz always pays for the photographer himself. In his eyes, the commission is very reasonable.

Other professionals to consider
In addition to hiring a real estate agent, sellers will need a real estate lawyer to execute a contract to sell their property. Sellers can also benefit from a professional stager to help declutter, rearrange furniture, decorate, and get the home ready to be photographed. In vacant properties, stagers can add value by filling the space with furniture and decor to make it presentable to buyers. Professional cleaning services can also go a long way. For FSBOs who won’t get the benefit of professional photographers or videographers that come with using a real estate agent, a good home photographer is also crucial to attracting interest online.

Deciding whether to sell your NYC home with the help of a real estate agent depends on your individual circumstances and comfort level with the complexities of the market. While a real estate agent brings invaluable expertise, market knowledge, and negotiation skills that can streamline the process and potentially yield a higher sale price, FSBO offers the advantage of saving on commission fees. Ultimately, the best approach is one that aligns with your personal preferences, financial goals, and willingness to navigate the intricacies of the NYC market. Whether you choose to hire a listing agent or take on the challenge yourself, StreetEasy’s seller tools and Concierge service can provide valuable resources and support to help you make a successful sale.

StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy Concierge team members are real estate licensees, however they are not your agents or providing real estate brokerage services on your behalf. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property. StreetEasy Experts are third-party real estate agents (licensees/professionals, etc.) who are not licensed with Zillow, Inc.