Gramercy Park
3 bdrm for $3,600
 
Upper West Side
1 bdrm for $450,000
 
Clinton
2 bdrm for $3,775
 
Murray Hill
2 bdrm for $1,150,000
 
Midtown East
3 bdrm for $7,550

Selling

  1. Get it ready to Show
    1. Clean out as much as possible besides large furniture piece. Clean out all your personal effects, photos, magazines, etc. While we want the apartment to feel comfortable, we want to create a blank canvass so people can imagine themselves and their stuff in there
  2. Clean it up but don�t go overboard
    1. What does that mean?
      1. Basically this � spend some time and money on fixing up the minor details, but don�t go investing in an entire remodeling
      2. The small stuff will be cheap to do and really make a difference
      3. The big stuff, like putting in a new kitchen, is costly, time consuming, and there no guaranty that the new buyer will have the same taste as you. And in New York, anyway, you wont really see a net profit here
    2. So ok � the little stuff � here�s what you can do
    3. Make it clean � like eat of the ground clean -
      1. Fix an holes in the walls or ceiling
      2. Put on a fresh coat of paint � using a neutral color like white or off white
      3. Fix any floor cracks
      4. Remove any signs of mildew water damage etc
      5. Regroute bathroom tiles
      6. Scrub everything
      7. Wash all windows
      8. Repair or replace any kitchen cabinets that don�t work
      9. Put in a new shower curtain Maki it bright
      10. Replace any broken window panes or mirrors
    4. Make it bright � bright apartments sell � so clean your windows, switch bulbs to higher wattage ones, and put in some new lighting if needed
    5. Make it smell nice � yes, viewing an apartment is a sensory experience, and a stinky apartment wont sell.
      1. So clean out any garbage, empty kitty litter, and buy some scented candles
      2. But Jeff, I smoke or cook a lot, or whatever really. � That�s ok, just scrub down the apartment and buy some �
    6. Make it sound nice, - whenever you have an openhouse �try to have some soft music playing, I personally find classical and Jazz both work very well to help create an atmosphere � really contextual � a downtown loft might hhave something modern will a 5th ave coop should probably have classical
  3. Market your Apartment
    1. Ok, this is where which broker you choose to use is going to matter a lot.
    2. But why can�t I just market it myself? Sure you can, but statistically you will get about 13% less, meaning you really lost yourself 7%. There�s a lot of reasons why this is the case
    3. The first is exposure, and really this is the fundamental point in this section � namely, maximum exposure equals maximum price. Its really that simple. Because brokers are connected into various multiple listing systems and they spend all day marketing properties, just by listing with them you immediately have dramatically more people looking at your property. And a good broker will get your property listed on various websites and print mediums, taking full advantage of new and traditional mediums
    4. The second is stigma. There is a widespread perception that people who sell without brokers are cheap and that they are overcharging. Even if this is not the case at all, it will still be the perception and buyers will always haggle more in these situations.
    5. The third is comfort � when a broker is running an open house, buyers can be open about their opinions, and makes the proicess easier
    6. The fourth is convenience, a brokers job is to show people your apartment as often as possible
    7. The fifth is qualifying � a good broker can cvery quickly determine if a buyer is capable of purchasing the apartment. They can also identify which potential buyers are most likely to get through board applications
    8. And finally, we come back to buyers. Since buyers don�t have to pay to use brokers in new York, almost all do, and if you do not involve the brokerage community you immediately eliminate the chance of all these buyers to see your listings
  4. All brokers are not created equal, so now time to choose a broker
    1. Here you should look for 3 things � marketing ability, work ethic, trustworthiness.
    2. As Always, I�ll be happy to work with you to market your property � just call 917 576-0776
    3.  
    4. Otherwise, as I�ve said before � your friends, family and coworkers are the best resource you have in finding a good broker. Ask around and see who has had positive experiences with a broker in your market �
    5. If you do speak to more than one broker, don�t necessarily go with the one who tells you they can get the highest price � in all likelihood they are just promising you anything to get your business. Assuming enough traffic, the market will determine price. Instead, go with the one you believe will be most able to market and negotiate for you. Also, now they we are in the age of the internet, make sure they are intimately familiar with web marketing
  5. Price your apartment � this is a sensitive one . People think if they ask a higher price � it will frame the negotiations; generally, the opposite is true. The lower you price your apartment, the more traffic you will receive, and the market will bid the price up. I know it may sound counterintuitive, but ask anyone who has worked in Real Estate, we have all experienced this over and over again. For instance, this past year, an apartment in Grenwich village come on the market. The fair market value was a bout 700-750 thousand. The seller prices it at 599 and within a week there wer over 30 bids. It closed at 830. If they had priced at 750 that would never have happened. One caveat though, this doesn�t always apply to all situations so peak to me, or your broker, about your apartment in relation to the current market availabilities.
  6. Showings �
    1. the greater access you give your broker to you apartment the quicker they will be able to sell it � again, we are trying to get the maximum number of potential buyers into the apartment. So if possible, give them a key and create a system for showings
    2. Keep it clean and smelling nice. �even if takes a little bit of time to market your apartment, don�t let yourself fall into old habits like leaving laundry or children�s toys lying around.
  7. Open houses
    1. Again, make sure apartment is clean, smells nice, and has some soft music playing. Also, turn on all light and open blinds if the apartment has a good view.
    2. Leave - It is essential that the owner of the apartment is not there for the open house. This allows buyers to be comfortable in discussing their true opinions about an apartment. There are many aspects of an apartment that buyers may object to. If the owners there, they will rarely say these, if the owner isn�t there they will usually tell the broker. I have found that many times, these can be overcome or addressed, as long as the buyer feels comfortable in discussing it
  8. Take an offer
    1. Your broker is required to present you with all offers. Usually these will be on what�s called an offer sheet- a simple document that outlines the buyers financials
    2. If there�s one offer, present a counteroffer. IT is important to keep 2 goals in mind here -1. getting the highest possible price and 2. keeping them engaged. � this is a very nuanced process, and I or your broker will help you determine what is appropriate. One general rule though, is to respond in a timely fashion, while the potential buyers are still excited
    3. If there are multiple offers, then there will be a bidding process. I find that you can usually achieve the highest price by going into what�s called �best and final� At this stage, a deadline will be set and every buyer will submit, through there broker, there best offer. You will then choose which one offers the best terms for you. Keep in mind that price is only one aspect here. Sometimes a lower price offer is much stronger, particularly if there is no mortgage contingency and the buyer is more likely to pass the board. As brokers, our job is to help you valuate the merits of each
    4. Accept an offer � At this point, the brokers on both side, connect both your and the buyers attorneys. The buyers� attorney will go over the buildings paperwork and financials and also the terms of the contract. The attornies will go back and forth a little bit and then, when all sides agree on the terms, the buyer will put 10% of the funds into an escrow account and return a signed copy of the contract to you attorney. You then will sign
  9. Closing
    1. At the closing, there will b both sets of attornies, both brokers, someone from the title company, and someone from each bank. You will sign some paperwork, the brokers get paid, the bank gets paid if there is any mortgage on the property and then you get paid.
    2. then you go out and celebrate � if you are going to do a 1031 exchange make sure you have me prepped for this

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