i have a co-op in murray hill. i want to sell without a broker. what should i do first, second third etc?

This forum is populated by brokers so don't take it personally that your question was ignored.

Check this out:

http://money.cnn.com/2007/10/18/real_estate/home_sale_broker.moneymag/index.htm?postversion=2007101814

I'd love to know how it turns out for you. Check back and give an update.

Best regards.

Im looking in murray hill......can you send me information @ east30s@msn.com. Thanks Michael

This answer is in two parts.

Part One:

1. Do a thorough cleaning and staging of your apartment. This means fixing any small detail(s) that would detract a buyer, as well as removing any overtly personal pictures or items. In addition, try to de-clutter the space as much as possible and put into storage those items which you can live without (be tough with yourself - less is more!), including paring down your closets and storage areas and reorganizing them. If necessary, repaint, repair, and/or replace anything in your unit that you can. The idea is that a unit with a minimum of 'stuff' in it that is well ordered and neatly arranged looks cleaner, larger, and more inviting to prospective purchasers.

2. Have a photographer come in for an hour or so and shoot digital images of your fabulous, clean, and well staged unit at a time of day when it looks its best.

3. Create a webpage that shows off your unit to its best advantage, using the pictures taken in step 2. Be clear about as many details as possible (the kitchen, baths, bedrooms, living areas, etc.), as well about the building you are located in, the area the building is located in, and anything else that you can think of. Create and include a clear, handsome, and easy to understand floor plan. Be sure to include contact information, price, as whether you will sell to prospective purchasers with brokers, or whether you're going the 'no brokers, please' route.

4. Take out an ad on the NY Times real estate website page (a paper ad is not necessary), and be sure to have your pics, floorplan, and unit's information detailed, as well as having contact info and a direct link to your website created in step 3. above for further information. Include open house information, or if 'by appointment only.'

5. Have a good real estate lawyer ready and prepared for the situation, so that when an offer comes in at your open house, you're ready to go and know what to do.

Part Two:

This is done concurrently while putting together everything in Part One above. I would visit as many open houses in your area that offer comparable prices and units to yours so that you can really get to see, feel, and touch what else is out there in the market as competition. Also, by going to other open houses, and overhearing what other prospective buyers say to each other, you will learn a great deal regarding strategies for your own open house. You'll see what staging techniques are worth the effort and which aren't, how neatness and organization at an open house matter, and in general what really matters to prospective buyers and what doesn't. By putting yourself in the shoes of a prospective buyer and going in person to endless open houses, you'll learn more than you ever could just reading data on a site like this (though I certainly suggest doing that as well - streeteasy is a terrific resource). It's not only about comps in prices - it's also about what you can do to maximize your results, and what you can do to avoid hindering your results that is important.

I've FSBO'd with a sharp attorney on numerous occasions before, and also used wonderful reale state agents when the situation warrented it as well. Both situations can work equally well for the prepared, informed, and well researched seller, particulalrly with the amount of data available nowadays on the various sites. But as I said, this data is no substitute for gettimng out and going to a dozen open houses every weekend in your area for 4-8 weeks to see in person what is on the market, how long its been there, and how the place(s) look and feel in actual reality.

http://www.urbandigs.com/2006/12/fsbo_tips.html

http://www.urbandigs.com/2006/02/fsbo_checklist.html

Use olr.com for pics! Like $160 for 8 digital pics that come out great! Get the print/online package with ny times! Look at my template for how to write ad..

good luck

nice answer malraux. This discussion is actually worth flagging now.

Malraux well done. Bravo

thanks for all the responses...very helpful.....anybody know any great real estate lawyers?

Richard N. Cohen 444 Madison Avenue Suite 805 NYC. The firm name is too big for me to remember (he's a named partner), but Richard is really terrific.

malraux,

Thanks for the reference. I was none too happy with mine the last go around. Very high level, but treated me like a moron (even if I am, I am a client, and I'm not that demanding).

You're so right about visiting properties. It's stunning how different most present from their photos online. Many real estate brokers have become near pros at taking photos, and often homes return to their slovenly state post-photo op.

When I was selling (albeit with a broker) I always provided a plate of Whole Foods cookies, the oatmeal raisin and the chocolate chip. I was an early (2004) utilizer of this cheap trick, but my broker said that a very high percentage of visitors mentioned them. Whatever can set you apart. Nice floral arrangement(s) (NOT overly fussy) don't hurt either (unless your potential buyer is allergic, but they'll come back if interested).

Also, remember that your taste is not the issue here. Malraux is entirely right. Less is definitely more. I'd go so far as to say that if you have flouncy, fancy drapes you may want to remove them. Simple, spare, get rid of the magnets on the refrigerator and I totally agree, STRAIGHTEN UP THE CLOSETS. Few people think that an apartment has enough closet space, the last thing you want to do is reiterate that by having messy, cluttered closets.

Painting is cheap and can really make an apartment shine (and smell fresh).

Best of luck.

All excellent suggestions that should really help you.

When I look at apartments I like it when the owner and/or broker has info about board requirements for purchasers (percent down, what the buyer has to show in liquid assets after closing, "easy" or "hard" board, etc..)

And, perhaps too simple, "For-Sale-By-Owner" flyers in the laundry room or mail room or wherever such things are posted in your building.

And, really losing value as a tool for me, a Craigslist.org posting in the 'real estate for sale" section. You have to get SALE BY OWNER right out front in your listing. Agents ruined this part of Craigslist with repetitive, non-informative, teaser listings that waste our time.

Good luck with your sale.

What if you find a buyer who has a 'buyer's broker'? In this situation do you have to pay this person?

up to you - if you invite brokers you can offer 2.5% and say BROKERS WELCOME in ads, but beware the aggressive salesmen taht will come knocking down your door to get your listing! I would invite the brokerage community if you try to sell on your own. It opens the door to a lot more potential buyers.

In my opinion, I suggest the following:

For the first 60 days of your FSBO, take a strict 'no brokers, please' stance at your open houses, as well as clearly identifying this on your website and your NYT real estate listing page.

If, after 60 days, you have not received an offer that you feel you are willing to accept, than change this to a 'buyers welcome with their broker' stance, and be quite clear with any broker that they will receive a 3% commission - no negotiations allowed.

If, after 120 days, you still do not have an accepted offer, I would then consider hiring a broker for yourself as well and paying the 6%, knowing that you gave it a good effort.

This timed strategy has worked very well for me on multiple occasions in the past. I should also note that many, many brokers may contact you when they initially see your FSBO and try to suggest that you allow them to market your unit. Always be polite, and take their information, saying that should things change you will be sure to contact them, but for know you are a strictly 'no brokers, please' FSBO. That way, if after the first 60 days you have no accepted offers and you decide to allow clients to bring brokers, you can contact these people and suggest they bring their apporpriate clients knowing they'll get their 3%.

The forgoing is based on the assumption that during this period you yourself are still continuing to spend one day of your weekend to visit as many comparable open houses in your area as possible so that you continue to be as informed as possible regarding how your unit compares to others currently for sale in your area and at your pricepoint.

In addition, brokers may very well troll through your open houses - be aware, and have your ears OPEN! Some less-than-scrupulous brokers go to FSBO open houses, nonchelantly strike up conversations with prospective buyers, tell them what's wrong with YOUR place and why they should ALWAYS have a broker, and then try and steer prospective buyers to visit one of their listings. It doesn't happen often, but it does happen so you must be aware of who is coming to your open houses at all times.

I also forgot to add that at your open houses you should have full color, handsome handouts prepared that show the pictures and a floorplan of your place, have all the pertinant info about your unit, building, and area, and your contact info - basically a take-away version of your website in print form. Make sure everybody takes one on the way in/out.

On a seperate point that was already discussed by myself and others, I'd like to review my issue regarding organization in your unit when you have it on the market. You must understand that prospective buyers will open EVERY door and cabinet in your unit. You must make sure that not only are the closets all well cleaned, and have all your clothing/linens/storage lined up and arranged in an incredibly neat and aesthetically pleasing manner, but this goes as well for your bathroom cabinets, kitchen cabinets, refrigerator/freezer - EVERY CABINET!. I can't tell you how many homes I've walked into where the clothhes closets look gorgeous, but the under-sink bathroom cabinets are foul. Or the cabinets under the kitchen sink smell terrible and are disorganized. Or the refrigerator/freezer has been neither cleaned nor organized. Really clean out those bathroom cabinets, buy some cheap white towels at Bed, Bath, and Beyond along with some handsome soaps, and make that undercounter cabinet area in your bathroom look like spa storage. In the kitchen, organize each and every cabinet so that when the drawers are opened, people feel like they're looking at equipment in a gourmet restaurant. Clean out the fridge aand freezer completely, go to a fancy joint like Dean and DeLuca or Citarella, and buy alot of colorful and interesting fruits, vegetables, and pacakaged goods to put in your fridge and freezer as well as pantry cabinets so people think that you cook gourmet meals in your gorgeous kitchen. The idea here is to make prospective buyers feel that they want the lifestyle your unit offers them. Anything that detracts from that fantasy - any weak link in the chain - is what they'll remember most. It's stupid, but true. You need not only to stage the unit, but every drawer, and every cabinet as well.

It's a lot of effort, and sounds all a bit obsessive, but hey - that's why you're trying to keep that 6% in YOUR pocket and not a couple of brokers'!

great feedback

your friend bought it in 04/08/2005 #21H $460,126 ..........i smell a flip.....good luck getting that price................

Ugh - I'm sorry tylersill, nothing personal, but I know the Crescent well - it's really an ugly building, and compared to other MH properties (due to its interior layouts with many odd angled rooms, low ceilings with randomly placed soffits, and the general location of the building close to the tunnel and tunnel traffic) always trades at a low price point compared to other properties located in nicer MH areas along Madison and Park between 35th and 40th.

I would also like to add apropos of my earlier comments on this thread regarding staging and depersonalizing a space and the pictures you take - before these pictures were taken, the place should have been staged MUCH better. It looks way too busy and over personalized with crap. Half of the stuff in those pictures should have been packed and taken away. Everything should be off the kitchen counters and tucked away neatly, all the pictures on the shelf behind the bed should be removed along with the cheap 'clip-on' lamp over the bed, the living room has way too much stuff in the cabinets and the red throw pillows and lampshade are not exactly terrific looking, the whole bar-thing by the front door closet is taking up precious room and making the room feel smaller, and the dining table should be pulled AWAY from the wall (stuff jammed into corners always looks poorly and emphasizes the fact to prospective buyers that YOU think the room is too small to accomodate it!).