With the current NYC real estate market moving more towards a balanced market in all price points, what must a seller do to sell their apartment right now and for the most money? Follow through on these 5 musts and you will be well on your way to a successful sale.
1-Price right from the beginning. If you are going to sell your Manhattan apartment now, you need to look at the latest sales and with an unbiased eye come up with the right price and perhaps be a little aggressive. When you move past the initial marketing period it becomes harder to sell an apartment and listings can go stall. In order to price right from the beginning, look at the similar apartments preferably in your building and adjust the values. Typically appraisers will adjust 1% per floor. So if you own 10F and 15F was sold then it was worth at least 5% move. Appraisers will also adjust for view sometimes 5-10% of value. Apartments that are renovated versus not renovated often carry a premium of cost of renovations plus cost of the inconvenience. So, a buyer might need an additional 100k to renovate an apartment but what about the time and hassle? That factors in as well. So consult with your broker to arrive at a market price.
2- Consider staging or at least organizing. Apartments that are staged sell for more and quicker than vacant apartments. Two years ago I sold a loft that was basically a large one room (1000sqft-93m2)studio. By staging it, we were able to define for the buyers where the living room, bedroom, and dining rooms should be. To stage an apartment of around 1100 sqft, will typically cost around $10k but worth every penny. There are less expensive alternatives around as well which range from virtual staging to systems that cost in between. If you can not stage then at least remove the excess clutter, put away the dirty dishes, and family photos. You really want a buyer to be able to visualize themselves in your home. If they can not do that, they will not buy.
3- Make sure to have professional photos and a video done of the space. Your broker will handle this but only a small percentage will do a professional video that can be shared on social media and used as a tool to qualify buyers. If there is a professional video available, a buyer can see it before the showing/open house.
4- Choose your broker carefully. Some simple questions that you can ask to distinguish one broker from another:
a- How long have you been in real estate in Manhattan?
b- What is your marketing plan for my property?
c- Who will handle the showings? Yourself personally or someone on your team?
d- Will you follow up with the attorneys, bank and help to coordinate closing?
e- Have you sold other properties like mine?
f- Do you live in this neighborhood?
g- How many listings do you have right now? This is a key question because if the agent has too many then you are just going to be one of many of their clients.
5- Once you have selected your broker, and chose an appropriate price, you will want to make showings as easy as possible. By giving your broker a key and allowing showings even on short notice, you can make your property one of the favorite listings for buyer brokers to show because they know that they can get in easily. You never know who will be the buyer. It only takes one.
Uses these basic steps to position your Manhattan co-op, condo or townhouse appropriately in the market and you will maximize your chances of selling. Good luck!
