SELLING PROCESS
Marketing your apartment:
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There are a lot of factors that going into marketing your apartment. The first step is to assess the apartment and to understand what will appeal to a buyer. There are many factors that attract a buyer to come view your apartment this includes location, size (sq.ft and bedrooms), prewar details, modern building, doorman, and the list goes on.
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The next step is to create a 360 marketing plan on how to best advertise and present your apartment in order to have the most visibility. Visibility will bring your buyer and get the highest price for your apartment. We create advertising campaign for the local and international markets as well as reaching out to international brokerages we have relations with.
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When is the best time to put my home on the market?
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The best season for selling is the Spring season. The weather is good and people want to be outside looking. Also keep in mind that this is also the busiest season, with the most inventory and your property will be competing with other properties. The other popular season is the Fall season (September and October). Many people are looking to purchase an apartment that will close right before or after the new year. When figuring out when you would like to put your apartment up for sale, speak with your broker to create the best strategy.
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What is a listing agreement?
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When you hire an agent to sell your apartment you will be asked to sign a listing agreement. This agreement will give permission to the broker to advertise and show your apartment, work with other brokers who have clients, and the commission that will be paid to the broker once the apartment is sold. The agent you hired will manage the entire process of selling the apartment, negotiations, board package to closing. Terms of the agreement vary, but generally include things like duties of the realtor, the amount of commission (6% is a standard), length of the exclusive right, asking price and other selling terms.
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How do I improve the outcome / add value to my apartment?
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When putting your apartment on the market it is important to have your apartment be open and inviting. Your apartment make the potential buyer feel that they would be happy living in the apartment. Below are a number of suggestions of upgrades that will help sell your home:
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Upgrade lighting to make sure that the home is bright and cheery
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Organize your closets to make them feel spacious
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If old, purchase up-to-date appliances that will make the kitchen look new
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Refinish floors and paint walls where needed
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Have all windows washed to maximize light and views
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Closing Costs:
When selling a Coop or Condominium, it is important to be aware of closing costs associated with the sale. These are typical closing cost associated with selling in New York: Broker: Typically 6%, Own Attorney: Consult your attorney, Processing Fee: $450+NYC Transfer Tax:,Residential:Up to $500,000 = 1%
$500,000+ = 1.425%, Admin. Fee: Non-Deed Transfers (i.e., Co-ops) = $50, Residential Deed Transfers= $75, NY State Transfer Tax: $4 per $1,000 of price, NYS Equalization Fee: $75, Pick-up/Payoff Fee: $250-$500, UCC-3 Filing Fee: $100, Miscellaneous Condominium Charges: Vary by building