Selling coop -- need advice about hiring a broker

My advice is make several phone calls and "shop around" with different brokers to compare commission rates. I generally feel that real estate will sell itself depending on market conditions and how attractive the co-op is. For my wife and I, when we listed our co-op, we went with the broker that offered the lowest commission, and we spoke with 3 different brokers before deciding. That being said, ultimately and most importantly, go with the broker whom you trust because this is one of those things that you want to have peace of mind and sleep well at night!

6 months is standard, though everything is negotiable. Just Google, sure you'll find lots of examples.

This is a good article which goes over listing agreements:
https://www.hauseit.com/sample-new-york-exclusive-right-to-sell-listing-agreement/

Not common to include open houses, that's way too specific.

What kind of commission structure did she offer? I recall you were interested in selling FSBO or through a flat fee RLS listing through Hauseit or something?

Thank you, RiddhiB

Yes, we were interested in using Hauseit but then we are opting to go for a full service realtor because we will not be around to do showings etc.

If you're in New York City, the first the thing is to make sure you are using a rebny member broker. Regardless of which member firm you use, your listing goes to the same place, where all buy-side agents will be able to find it. (Consumers find it on streeteasy).

Remember it's the buyer's agent who does 90% of the 'selling'. The listing agent's job is very important, but it's more akin to that of a conductor. Price it right, make sure it's in the RLS and on streeteasy ,properly presented and staged.... It will sell. There is no secret sauce or Magic Bullet.

Most importantly you need to find a broker you'll be comfortable working with and whom you trust explicitly.

Best of luck!

Keith Burkhardt
www.theburkhardtgroup.com

I work both sides of the transaction, and I respectfully disagree with Keith's view that buyer's representation does 90% of the selling. In a hot market, maybe. However, in a choppy market like this one, the ability to listen to potential buyers' concerns and change the apartment, or the marketing of the apartment, based on that feedback is fairly important.

As far as the listing agreement, I think if you're comfortable with her and your communication is good, that's great. So then think of the listing agreement like a prenup ... what points would you want to be contractual if the relationship soured? Maybe a minimum marketing floor, either in terms of $ her firm is going to spend or in terms of places they'll distribute the listing. (Because there are actually more marketing channels out there than StreetEasy and the REBNY Listing Service, although I agree that those catch "most" potential buyers.)

happy sale.

ali r.
{upstairs realty}

Just to be clear, what I mean by selling, I'm talking about the interaction with the buyer. The listing agent has very little direct interaction with the buyer, it's the buy-side agent that will be 'selling him'.

And certainly making adjustments to the apartment based on either the lack of offers, or feedback from listing agents/buyers, is part of that orchestration that the listing agent is responsible for.

Keith

remorsefulbuyer, thanks for the feedback. Yes, if you can't get out of work to show or are on vacation then it's definitely a better idea to do full service rather than self service.

Have you considered the 1% for full service listing option (https://www.hauseit.com/agent-managed-listing/)?

And I also respectfully agree with Ali, a full service listing agent does do a lot more than just handling the online marketing: https://www.hauseit.com/listing-agent-duties-nyc/

And it is most important to find someone who you are comfortable speaking with on a daily basis, and who you obviously trust.

@riddhi both Ali and I are obviously brokers. Just curious who you are? Are you a broker or principal at hauseit? Just curious.

Keith Burkhardt
www.theburkhardtgroup.com