Best Marketing Plan?

You should interview 3 different agents, because hearing different pitches is going to give you the best idea of different brokers' styles.

My theory on marketing is that nearly any channel "works" if there is follow-through. You're just trying to reach a target buyer, so to do that, you can sell an apartment in print; you can sell an apartment on the Internet; you can sell an apartment by shooting a video; you can sell an apartment by word-of-mouth. {I used to be the real estate editor of the Post, so I spent a lot of time talking to brokers' about print's effectiveness.}

Since different marketing strategies can work, I'd say you want each agent to do is to tell you how they measure whether their marketing is effective. One can, for example, build a destination website for the property and then use metrics to see who's visiting it, and then what percentage of people who have seen the website show up. I often use ratios to watch buyers move through the pipeline -- i.e., I'd want to hear one offer from every 15 visitors to the unit.

However, honestly, the market is awful right now. It took me nine months to get a seller his price on a 2-BR in SoHo, because no one can get financing, so you're limited to a small pool of cash buyers.

So I would pay special attention to hearing who's going to show your place, how available they are for appointment buyers, and how long they're going to stick around for. Also, just pick someone you "click" with, because you might be in for a long haul.

I'd certainly love to come see the condo if that's possible.

ali r.
{downtown broker}

You will list it with a broker and the listing will go into a database and will be available to all brokers. Aside from correct pricing this is the most important feature of listing with a broker. Everyone will list it in the Times, send out e blasts, do open houses etc...But all buyers spending $3-$4 Million will be working with a broker.

Correct price is priority #1. I am trying to wean people off this traditional 6% model, feel free to contact me to discuss what I can offer. I would list your property for 3% with 2.5% going to buyers broker so we exclude no one. If I sell to a direct buyer my commission drops to 1%- You do not have to sign an exclusive and I attend all open houses not an assistant.

wonderingmum - does it have river views and outdoor space? I have a buyer...

Wow, brokers are quick to jump, good luck to you all on getting the listing!

As a potential downtown buyer, can you be more specific as to location, maybe we can reach a deal and cut out the brokers! LOL.

If Tribeca or FiDi, no good for me.

In this market, I'd say forget print ads, have the broker hire a PROFESSIONAL photographer to take the photos (at least 10). I'm not sure it matters much where you list, as I use Steeteasy to find new listings, but the only 2 broker web sites I tend to look at are Elliman and Corcoran, so I suspect they get the most hits.

Make sure you ask them their plan to get BUYERS to look at it, not just BROKERS. If they tell you it is more important to focus on marketing to brokers, I think they are wrong in this market.

If you are in that 3-4 mil range, I would get its own site. Dont go through a broker to do this since they charge on top. That goes same for a photographer. Only reason I say that is because most brokers dont have taste in presentation (sorry to say) unless its a new building presentation.

If you get a lead on your own through website, i would ask for discount on fee from broker.

I used to work in advertising and there are few other tricks that you can do to make it stand out.

I think it is important to try to spend some of the allocated budget on a wider reach, other the local, e.i. NYtimes, e-blasts, local sites like wired - perhaps some $$$ in an international publication, given the data that demonstrates that we have had some international buyers. I would also think that some funds should also be allocated for a stager to make the place look very ready and also I would think that a creative campaign, something out of the box, something that is going to be "wow" creative - to get people's attention in this market. Sending flyers of a building is no longer than eye catching, that's my point. Also make sure that the property is going to be handled by someone with a license, not just someone paying a shower that knows nothing about the building, show the prospective buyers! good luck :)

If I were you, I would 100% hire a broker, either with Elliman or Corcoran and a broker that has done higher end condos. You don't want to use a broker that typically only sells 1 bedroom co-ops, as that is their speciality. Use a broker with other similarly priced condos as yours. This way, you know they've already got a built in pool of prospective buyers.

While I am not a broker, anyone you tells you do try to sell it yourself is fooling themself and more importantly you. There are fewer buyers out there than ever and especially in your price range. You need to pay that 6% or whatever it is and make sure you get your home exposed to the maximum number of possible buyers.

I know that the Chelsea Office/17th street of Elliman is one of the most successful in their brokerage, especially downtown. I suggest you look at the brokers that work there and see if any of them are a fit. Call around 3 for interviews and see which one impresses you. Do not go with the one that would list your apartment at the highest...my friends have made that mistake and it always ends the same. 6 months later, they reduce it to a more realistic price and have lost valuable market time.

Everyone is using the same sources to market a property (print, internet, word of mouth). Everyone has access to the same database.

You should look at how your broker will separate your property from the pack (and I don't mean photoshopped pictures). It’s all about numbers.
Your broker should do inventory analysis and absorption rate in your price segment. She should account for seasonal interruptions and extraordinary interruptions (like Wall Street collapse). How competitive as a seller you would like to be is a very important question. Cause what was sold 6 month ago is not what you would anchor today. It is about how much less can you achieve and then details.

elena
(broker)

modern I would disagree. 99% of buyers are with a broker especially at this price point. As far as attracting buyers directly just like you they look at the times online and streeteasy...not rocket science to figure that out and all broker listings get there.

I am amazed that somehow sellers think there is some magic formula that big firms have, there isn't. We all do the same thing, I am just suggesting a less expensive way to achieve the same goal, and with a deep discounted fee schedule a seller has more power.

I worked for Citi-Habitats for 10 years(in the biz for 17) I stayed because my particular deal was very good and they offered an unlimited ad budget for my sales listings and a flexible exclusive agreement. I worked twice as hard to convince sellers, offen friends of friends that Elliman or Citi it didn't matter. Ask any broker and they will tell you the vast majority of deals are co-brokered and those looking without a broker look in the NY times and sites such as streeteasy.

If I sell your home to modern directly I charge 1%, on a co-brokered deal I charge 3-3.5% this is the model for 2009, otherwise you are just throwing money out the window. after 17 years in this biz I have some understanding how and why deals get done.If I am not making sense hear please explain?

Price it correctly and expose it to as many people as possible. We can all tell you how to "stage" your home and hire someone to take a good photo.

jifjif, I don't charge my clients to build sites for their property -- I treat that as part of my marketing costs.

I didn't even realize that was a differentiator, but I guess that's one reason why it makes sense to interview agents.

You can see different approaches even on this board -- burkhardt is arguing he's lower-cost, elena is arguing she does extensive numbers analysis, etc.

In general, the top two firms (Corcoran and Elliman) are going to argue that they have a wider reach because of their proprietary web sites while brokers from smaller firms are going to argue that they're more agile and offer more personal service.

Statistically, the majority of apartments sold in Manhattan do indeed involve two brokers, but it is possible to find direct buyers, too. I think we all believe in streeteasy or we wouldn't be here.

The last apartment I sold I sold by getting direct buyers through nytimes.com, so somebody's still reading that.

In sum, many roads lead to Rome, and the OP has to decide what works for her.

ali r.
{downtown broker}

This is good shit, only thing missing are the wet t-shirts and the hot oil

Where is the OP?! I don't want the listing, I want to find a condo for my buyer!

patient09 h ha ha haha. I will post an ad for it on the moon, and by 2010, only agents who speak alien can have the listings :) Everyone here has a point, I work for a big company, the reach is helpful, but the agent matters too :) The bottom line is that it has to be priced well, and that a healthy and creative and innovative marketing strategy will be helpful.

This is rufus. No way someone of that magnitude will ask a question like that on streeteasy.

where is this apartment, can we have some more info, i may be interested. im a buyer, not a broker