211 East 43rd Street, 24th Floor
New York, NY 10017
Email [email protected]
Email [email protected]
- Buyer Info
- Seller Info
- Renter Info
- Closing Costs
- Real Estate Glossary
- Neighborhood Guide
Important Points for Sellers
Everyone has their own reasons for selling property – a new job, relocating to a new city, the kids have moved, or a new child is on the way. When you are ready to sell, the agents of Level Group are skilled and ready to accept the challenge of marketing your property and representing you every step of the way.
Regardless of who is chosen for the job, there are several important points you should consider first:
- Season – spring is the most active period for sales and winter is the least active. A home that hits the market in April would be expected to sell more quickly than one starting in December.
- Price – if not properly priced, your property will either sell too quickly (if priced below market) or else languish on its way to being a “stale” listing, overlooked by everyone (if priced too high).
- Market – the general trends of supply and demand can greatly affect the timing of a sale. Interest rate movements are the most significant factor for fueling or dampening sales.
- Clean and Freshen
- Scrub and clean bathrooms and kitchens until they sparkle!
- Wash all windows – open blinds and let the light in
- Target bad smells – smoking, pets and trash especially
- Add fresh flowers for a special touch
- The aim is to create visual space everywhere you can
- Get rid of all clutter and toys – Clear off countertops and tables
- Clean and organize closets making them appear larger
- Dispose or store all unnecessary furniture
- Repair and Paint
- Fix leaky faucets and squeaky or sticky doors
- Replace missing door or cabinet handles
- Fix or replace broken appliances
- Paint if possible, using neutral colors – Nothing helps more than a freshly painted look and smell!
- How much is your property worth? – Of course everyone wants the highest possible price for their property. However, establishing a proper initial price for your home is essential to a timely sale. Priced too high, you will be overlooked in favor of other options. Too low, you will be leaving money on the table. Ultimately, the value will be determined by a number of factors including property characteristics, market conditions, and skillful negotiation. Your Level Group agent can prepare a comparative market analysis for you to help pinpoint the right initial asking price.
- When do you want or need to sell? Timing is a critical element to the sales process. From the time your property hits the market, a sale could take anywhere between 2 and 8 months to happen. Make sure that arrangements for a new home purchase or rental are mostly secured prior to putting your current home on the market. In order for your sales timing to coincide with when you need to move, you must have a strategic marketing plan which accounts for a number of different factors including:
- Is your home buyer ready? An essential part of any sale is staging the property to show it in the best possible light. In most cases, a buyer will make up their mind within 5 minutes of entering your home. Cleaning, painting and small repairs can make a HUGE difference in creating that critical first impression. Try asking a friend or a neutral third party to act as a “buyer” and preview your home – tell them to be harsh with their opinions because that’s exactly what a buyer will be doing! Included on your list of buyer ready staging might be:
- Have you created a strategic marketing plan? Work with your agent to create a detailed list of your property’s selling points. You may also legally be required to disclose certain major issues or problems with your property to potential buyers. Plan to discuss this with your agent as well. Ask your agent about strategies for marketing and advertising. Level Group agents have an unmatched ability to advertise your property to the brokerage community and directly to potential buyers via our linked network of advertising distribution. For a list of where we will advertise your property, CLICK HERE.
- What about the listing agreement? – When you hire an agent, you'll sign a listing agreement. Initially you should commit to no more than three months. If the agent is doing a good job for you and you're happy with how things are going, you can always renew. If not, you're free to pursue another agent.
- Who pays the commission? The seller is almost always responsible for paying the commission to the real estate brokerage company handling the sale of the property. That company will then be responsible for paying the individual agent and any “co-brokers” involved in the sale. (For a detailed list of CLOSING COSTS payable by sellers and buyers – CLICK HERE.) Most, but not all, sales in NYC involve more than one brokerage company – the broker representing the seller (also called the “Listing Broker”), and the broker representing the buyer (the “Buyer’s Broker”). The seller pays only ONE commission which is typically split between the Listing and Buyer’s Brokers.
- How much is the commission? A brokerage commission is always negotiable however in New York City, 6% of the total property selling price is a typical amount. Keep in mind that out of the total commission amount numerous parties are being paid including the listing brokerage company, the listing agent, the buyer’s brokerage company, and the buyer’s agent.
- Do you have an attorney? You should have the name and contact info of your attorney ready to give to your agent. The seller’s attorney will be responsible for preparing the sales contract. You definitely do not want to delay the process of getting the contract prepared once a buyer has made an offer that you are willing to accept. Your agent will do their best to represent your interests throughout the course of the sales process, however, NO agent is allowed under law to provide you with either legal or accounting advice. If you need an attorney, our Level Group agents will be happy to provide you with several recommendations for you to consider.