- RESEARCH prior sales and pull proper comps in the building and in the area of like kind properties (similar finishes, size, condition, amenities). Compute price per square foot as a good starting point
- HIGHLIGHT any advantages of this Unit (views, high floors, outdoor space, ceiling height, washer/dryers. etc)
- MANAGE Seller expectations – list sale price conservatively to attract a lot of attention and showings which may turn into a multiple bidding war opportunity. Also argue that interest rates are rising so prices will naturally drop, and if you list too high you reduce the chances of making a deal especially in a Buyers’ market. Then Seller will have to pay more out of pocket in carrying costs the longer it sits on the market.
- COMMISSIONNegotiate 6% commission for co-broke purposes, however offer a discount of 5% if it’s a direct buyer (meaning you represent both the buyer and the seller) – “dual agency”
- MARKETING – discuss your various marketing platforms and your willingness to hold open houses every weekend and by appointment to gain exposure for the listing . Make sure you learn all the building amenities so that you effectively represent the building’s pluses
- ARTIST RENDERINGS – excellent to produce and give to potential buyers so they have a visual as to the potential a property can have if you are listing an older or outdated apartment or house.
- COMPUTE ALL of Seller’s liens and payoffs in order to reach their net bottom line (you never want to under price the unit so that the seller has to bring money to the table ) Typical closing costs include: mortgage payoffs, HELOCS, NYS & NYC Transfer tax , Flip Tax (condo or coop), broker commission, legal fees. Request copy of maintenance invoice in order to confirm amount of monthly maintenance and if any assessments.
- TIMING : List at the proper time, you never want a listing to go stale or sit on the market too long. Do NOT list in dead months like August or December or right before a holiday weekend . Listing right after a holiday weekend is good practice or at the beginning of any season
- BE PREPARED : Once an offer is accepted, be prepared with OP & Financials to speed up the contract signing process so that Buyers atty can complete due diligence quickly
- BUILDING REQUIREMENTS: Research the building to make sure Buyer meets those requirements: financing percentage , pets, subletting rules, etc.
Tab Law Firm P.C.
