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When I sold my parent's Manhattan co-op, the broker's fee was well worth it because
A. It sold in under 3 months
B. I underestimated what the market was. I envisioned a lower price, but the broker was well aware of what the asking price should be, considerably higher. This alone more than paid for his commission. Other sellers may overestimate the price (this may be more usual) and find it a hard sell.
C. His blurb for the apartment (in the listing) was brilliant, and I think really aided in getting the place sold.
D. He organized a few open house viewings, and I believe it is conventional wisdom that it is an easier sell when a potential buyer can view the property when the owner is not there.
E. Between the broker and the lawyer I did no work except clearing the place out when it sold.
I sold a house and thought I might have been railroaded into too low a price (common seller complaint, right?) Some time later I found out that my broker was also working for the buyer. That amplified my feeling of having been screwed over.
(Yeah, he got the full 6% from me.)
Completely agree that brokers only add value in NYC through advertising exposure to buyers (especially buyers represented by other agents). That 6% adds up, keep in mind there about 2% in transfer taxes and another 2% in flip tax for co-ops. 10% total fees to sell essentially a AAA rated asset? Ludicrous.
If you're looking to save money look for an agent managed FSBO option. Essentially listing broker advertises you everywhere so you get full exposure, forwards you all inquiry, but charges you a small flat fee and you manage the inquiries yourself. Good guys for this in NYC at least are the guys at hauseit.com - let me know if you have questions
I want to put my one-bedroom Brooklyn co-op on the market, but I'd prefer not to pay the 6% broker's fee.
Would love advice from anyone else on the forum who has tried - successfully or otherwise - to sell a NYC apartment on their own (i.e. "by owner" sale).
It seems to me that brokers add value primarily by advertising the apartment and bringing in potential buyers to see it. So if there's some way to do that on my own, maybe I don't need a broker.
Do brokers help in other ways? I thought maybe they vetted potential buyers, but after talking to a couple of brokers, it sounds like they don't do too much in that regard.
I think using a real estate broker makes good sense if you don't want to put in any effort to selling your home, but in this market, that 6% could be the difference between me coming out a little bit ahead in the sale and just breaking even...
This is my first apartment sale, so all advice is welcome. And since this is my first Forum post, I hope that I am within forum etiquette here. Thanks in advance for any suggestions!
I sold my Queens coop myself.
First Coops are very easy to figure out price if building is larger. My building was 86 units. The managing agent if you ask will give you a list of all recent sales in your building. Since you are a shareholders are transactions are available upon request. Redfin, MLS and Street easy also gives recent sales.
You can list on Zillow for free as an owner, you can list on craigs list. You can also list on Redfin which is a commission but gives back a big portion. Or you can do a flat fee listing on MLS They charge like 1%. Catch is you do the showings yourself.
I also find folks who live in building are best buyers, I put an ad up in laundry rooms with permission and at nearby LIRR, Subway and bus stops announcing my open house.
Brokers actually, cant vet buyers as much as you think. Lots of strict rules on what they can and cant ask buyers. My worry was my coop board would turn down buyer.
In my case I had two buyers. One I rejected as it turned out she wanted to put her elderly mother in unit, but keep it in her name as some type of medicare scam/estate planning thing. So techincally she was renting and not planning to live there.
The second was a clean cut single male who worked at a big four accounting firm who was paying cash!!! I sold it to him for $1,000 less. He breezed through the coop board.
If you cant sell it on your own at a good price in 90 days then hire a broker. In my case my guy actually stopped in the realtor across from my coop a few weeks before as he was looking in area. He saw my ad for an open house on the telephone pole in front of building! So if I used the realtor across the street I would have ended up with same buyer. Maybe she could have got me more with her skills, but I doubt 5% more as he knew what units were selling for too.
Read through this gal's posts. She's done it and has a lot of good insight. Personally, I'm not a FSBO type -- I would just go through an agent and suck it up.
It's definitely possible to sell your home FSBO in Brooklyn or Manhattan. It just depends on how much work and BS you're willing to put up with.
The hard way: do FSBO on your own. That means purchasing a fsbo listing ad on streeteasy, posting it on zillow as FSBO and Trulia at the very least. It's hard because international buyers and other represented buyers will miss your listing (because their agents won't show your listing). The other very tough part is you'll get cold called and harassed like no other since there are 30k licensed agents in NYC, many with nothing better to do. Be prepared to throw away your email address and phone number after it's been indexed on Google and broker cold call lists.
The easy way: do an agent assisted FSBO - i.e. agent managed listing. Go with a fsbo company like Hauseit.com to get paired up with a real local full service broker who will get you on RLS (it's the NYC MLS essentially), StreetEasy and other sites as if you were their normal client. You'll get all the inquiries, no harassment and no one will be the wiser as to how much you actually paid!!
It's definitely possible to sell your home FSBO in Brooklyn or Manhattan. It just depends on how much work and BS you're willing to put up with.
The hard way: do FSBO on your own. That means purchasing a fsbo listing ad on streeteasy, posting it on zillow as FSBO and Trulia at the very least. It's hard because international buyers and other represented buyers will miss your listing (because their agents won't show your listing). The other very tough part is you'll get cold called and harassed like no other since there are 30k licensed agents in NYC, many with nothing better to do. Be prepared to throw away your email address and phone number after it's been indexed on Google and broker cold call lists.
The easy way: do an agent assisted FSBO - i.e. agent managed listing. Go with a fsbo company like Hauseit.com to get paired up with a real local full service broker who will get you on RLS (it's the NYC MLS essentially), StreetEasy and other sites as if you were their normal client. You'll get all the inquiries, no harassment and no one will be the wiser as to how much you actually paid!!
Good luck and would love to hear how it goes!
Do they have reviews somewhere you can send ? Or do you speak from personal experience?
Last edited by tfysher112; 04-05-2016 at 10:18 AM..
Reason: found new information
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Agent Managed FSBO is the way to go in NYC
