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Why You Should Hire a Broker When Selling a New York City Apartment

Written by Posted On Thursday, 10 December 2015 20:27
Why You Should Hire a Broker When Selling a New York City Apartment

 

When selling an apartment in New York City, it can be tempting to handle it on your own to save money. After all, the NYC real estate is one of the most expensive in the country. So a standard 6% commission can add up to a significant sum of money. On the other hand, a broker can do a lot for you when selling your apartment. The services you receive from an experienced real estate broker could be worth more than the commission you pay. The point is, there are pros and cons on both sides of the fence. As a seller, you must carefully consider them before making a decision.

Here are some of the advantages of using a broker when selling your apartment:

Getting More Exposure for Your Listing

New York City is one of the biggest and fastest-moving real estate markets in the country. If you want to sell your apartment as quickly as possible, you need to put it in front of as many buyers as possible. This is one of the areas where a broker can help. In some cases, FSBO properties do not show up within the internal listing systems used by real estate professionals. By using a broker, you can rest assured that your listing will be seen by a higher number of real estate agents -- and the buyers they represent.

Determining What Your Apartment Is Really Worth

If you've lived in your apartment for any length of time, you probably have some kind of emotional attachment to it. Even if it's not the ideal place, it's still home. Because of this connection, it can be hard for sellers to price their apartments objectively. A good broker can help you develop a pricing strategy based on (A) his or her knowledge of the market and (B) recent sales activity in the neighborhood. And when it comes to selling an apartment in New York City, proper pricing is crucial to your success.

Navigating Co-Op Hurdles

If you live in a co-op, you'll have some additional hurdles when finding a buyer. These are the same hurdles you probably encountered when you first purchased the apartment. Yes, we're talking about co-op boards. This is another area where a broker can assist you. An experienced New York City real estate broker will know the ins and outs of co-op board packages. They can help you select the best possible buyer based on your co-op (or condo) board requirements. They can even help coach potential buyers for the interview.

Saving Time and Getting It Done 

Without a broker, you'll have to field all of the phone calls and emails from buyers, schedule all of the showings, and (in some cases) attend the showings to answer questions from potential buyers. In other words, you'll have a side job you didn't have before. Sellers who work with brokers typically reach the finish line faster, and with less time and effort. 

 

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