1. Determine the price – these are the means taken into account;
- Location – This is the most important factor, in New York City is all about location. Prices on one block can be significantly more or less expensive than the very next block.
- What else is out there? – Your competition will be compared to your property, their value will have a great influence on the your price.
- Timing – Market conditions change quickly and cannot be manipulated. An effective marketing plan and pricing strategy must take these conditions into account.
- Condition – The condition of your property affects its price directly, you should make any essential repairs before putting it in the market, it will be to your benefit and it will speed up the process.
2. Give your property exposure
It is ideal that as many potential buyers as possible get to see your property, the more people see it, the more offers you will get and better chances you will have of selling it at a higher price. As a broker I commit to sharing your listing with other real estate agents in Manhattan, that way you have better chances of selling faster and for the best possible price.
There are also a number of ways to market your property, there are many publications in New York City targeted to Manhattan property-buyers. The New York Times Real Estate section is one of the best options; there is also the New York Times Homes magazine and the Saturday New York Post Real Estate Section. Together we can assign an advertising budget that will help expose your property to potential buyers. The ultimate goal is to get the highest possible price in the least amount of time.
3. Marketing strategy
The moment you hire me to represent you for the sale of your apartment I am committed to do everything in my power to obtain the highest possible price, these are some of the activities I will be conducting
- Open House advertisements on Sunday New York Times
- If you don’t already have, I will help you obtain the best quality images of your property. The photos are extremely important, as people like to see what the property looks like before they even read about the features. These photos need to be colorful and catchy.
- New York Times online real estate listings
- Feature your property on the David Francis New York Website
- Host open houses for potential buyers and brokers
- Distribute the listing to other brokers in Manhattan
You will get an activity report every week with details on the people that are interested in your property. During the process we will be in touch very often.
Online presence is very important as the majority of people looking to buy apartments begin their search online. Newspaper advertisement is also a key player. A perfect combination of both is ideal.
Get The Best Possible Value For Your Home
Basic furniture re-arrangements, fresh paint and other minimal cosmetic changes can go a long way. When buyers look at properties they will be comparing, you want to be as competitive as you can. Here are a few tips on standing out from the rest and getting the best possible price
- Organize – If you have any clutter this will be the perfect opportunity to get rid of it or to re-arrange your space. The less items you have, the more spacious and brighter the apartment will look. This will also allow potential buyers to look at the space comfortably.
- Fix – In order to get the maximum value is important that everything is fully functional like water faucets, windows, doors etc. Making repairs will make your property more presentable; you don’t want to give buyers reasons to pay you any less.
- Clean – When buyers see a clean home they will know that this property have been cared for and valued.
- Add a natural touch – Something as simple as fresh flowers can completely change the ambiance and make the potential buyers feel welcomed. Before each showing place flowers, open the windows and allow plenty of natural light in. The place should look as bright as possible, the kitchen and bathrooms should look spotless.
- The seller should not be present during the showing, this way buyers will feel more comfortable to talk about prices with the broker.
Closing Costs
Co-ops
Seller’s Attorney
Consult your attorney
Co-op Attorney / Managing Agent
$400 +
Flip Tax
Typically 1% to 3% of price (if applicable)
Stock Transfer Tax
$0.05 per share
Move-out deposit
Varies by building
NYC Transfer Tax
Residential:
Up to $500,000 = 1%
$500,000+ = 1.425%
NYS Transfer Tax
Commercial:
Up to $500,000 = 1.425%
$500,000+ = 2.625%
Admin Fee:
Non-Deed Transfers (i.e., Co-ops) = $50
Residential Deed Transfers= $75
Commercial Deed Transfers = $165
Pick-up / Payoff Fee:
$250-$500
Miscellaneous Coop Charges:
Vary by building
Condominiums
Seller’s Attorney
Consult your attorney
NYC Transfer Tax
Residential:
Up to $500,000 = 1%
$500,000+ = 1.425%
NYC Transfer Tax
Commercial:
Up to $500,000 = 1.425%
$500,000+ = 2.625%
Admin Fee
Non-Deed Transfers (i.e., Co-ops) = $50
Residential Deed Transfers= $75
Commercial Deed Transfers = $165
NY State Transfer Tax
$4 per $1,000 of price
Pick-up/Payoff Fee
$250-$500
Miscellaneous Condominium Charges
Vary by building
Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes.
Townhouses and Single Family Homes
Seller’s Attorney
Consult your attorney
NYC Transfer Tax
Residential:
Up to $500,000 = 1%
$500,000+ = 1.425%
NYS Transfer Tax
Commercial:
Up to $500,000 = 1.425%
$500,000+ = 2.625%
Admin Fee:
Non-Deed Transfers (i.e., Co-ops) = $50
Residential Deed Transfers= $75
Commercial Deed Transfers = $165
NY State Transfer Tax
$4 per $1,000 of price
Miscellaneous Title Fees
$200-$500
Pick-up / Payoff Fee to Title Close
$100-$300